The Philippines Real Estate Industry: A Great Asset to the Economy

The Philippines Real Estate Industry: A Great Asset to the Economy

The Philippines has weathered the economic storm of 2008 and 2009 quite well. With the country's economic system steadily on the rise in 2010, the Philippines real estate industry has experienced a boom, too. These days, real estate property developers have been busy building houses and apartments. There has also been an increase of high-rise condos and commercial properties.

Developers are aware of the importance of location, so they would probably develop these houses and apartments near stores and transport areas. Houses in Manila are more expensive than houses in the adjoining areas and increase in value through the years if well-maintained. However, these houses and apartments are usually not restricted to Metro Manila only, but are also in adjacent areas like Bulacan, Rizal, and Cavite. A lot of houses are now in place instead of fields of rice.

The lure of Manila is that it is one of the cosmopolitan places in Asia and there are areas still needing to be developed. The real estate sector has targeted OFWs and expatriates residing in the Philippines. The OFWs, using their remittances and savings, fuel this country's economy and in addition they make up the bulk of consumers purchasing houses in the city. A likely picture among OFWs; they would return home and buy a new house for investment then lease it out to other people. The end result will be extra income for them and their loved ones.

Real estate developers are proud of the level of quality of the houses in Manila. They follow strict construction polices set by the government, and would-be buyers cantake advantage of loan packages from the government. Real estate developers have flexible payment terms and low prices for these properties. Most of the great houses and apartments in Manila are typically in subdivisions. Most of these villages have round-the-clock guards for the basic safety of home owners.

The cost of living in Manila is comparatively cheaper than in other leading Asian cities such as Tokyo and Hong Kong. In Manila, possible homeowners can get a house that costs a million pesos while leasing apartments in Manila costs even less. People are usually drawn to renting an apartment simply because it is more affordable than owning a house. It can be as low as 65,000 pesos per month or more.

Renting is usually more flexible when compared with owning a house. Renters can also choose if they would want to rent a studio-type apartment, orchoose from one-, two-, or even three-bedroom apartments. Some even have the advantage of being fully-furnished and parking space for tenants who have their own cars.

The Philippines real estate development has made the purchase of a house cheaper and easier. People wanting to settle in the metropolis can have their selection of homes or apartments in Manila. The year 2010 is a very good year for real estate developers and also for home buyers. Many people are excited for the approaching years to be much better for property development.

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