Houses Inside The Philippines: Real Estate And Just How It Can Benefit The Overall Economy

The Philippines has weathered the economic disaster of 2008 and 2009 relatively well

. With the nations economy continuously rising in 2010, the Philippines real estate industry is booming, too. Right now, property developers have been busy building houses and apartments. There has also been an increase of high-rise condo properties and commercial buildings.

Developers understand the importance of location, so they would probably construct these houses and apartments close to stores and transport areas. Houses in Manila are more expensive than houses in the surrounding areas and increase in value over the years if well-kept. However, these properties and apartments are not restricted to Metro Manila only, but they are also in surrounding areas such as Bulacan, Rizal, and Cavite. Rows upon rows of houses are now in place other than rice fields.

The attraction of Manila is that it is one of the most cosmopolitan cities in Asia and there are areas still needing to be developed. The real estate sector has set their eyes on OFWs and expatriates living in the Philippines. The OFWs, making use of their remittances and savings, fuel this countrys economy plus they make up the bulk of people buying houses in the metro. A likely picture among OFWs; they would go back home and buy a new house for investment then lease it out to other people. The result will be additional earnings for them and their families.

Real estate developers pride themselves with the level of quality of the houses in Manila. They follow tough construction polices set by the government, and possible buyers cantake advantage of loan opportunities from the government. Real estate developers have variable repayment terms and affordable prices for these houses. Most of the great houses and apartments in Manila are in subdivisions. These kinds of villages have round-the-clock security for the safety of home owners.

The cost of living in Manila is actually less expensive compared with other important Asian cities such as Tokyo and Hong Kong. In Manila, prospective homeowners can purchase a house which costs a million pesos while renting apartments in Manila costs even less. Consumers are commonly drawn to renting an apartment because it is more affordable than owning a house. It would be as low as 65,000 pesos per month or more.

Renting can be more flexible than owning a house. Renters can also determine if they would want to rent a studio-type apartment, orchoose from one-, two-, or even three-bedroom apartments. A few even have the benefit of being fully-furnished and parking space for tenants who have their own cars.

The Philippines real estate expansion has made buying a house less expensive and easier. People wanting to settle in the metropolis can have their selection of houses or apartments in Manila. The year 2010 has been a great year for real estate developers and for home buyers. Many people are excited for the approaching years to be far better for property development.

by: Mary Osawa

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