By: Liezel Tuason-Magpoc - Daily Inquirer / 12:39 AM January 07, 2017
Philippine real estate is seen to continuously soar this 2017.
The real estate needs of Filipinos are changing as they have become more meticulous. This is also why developers are ensuring that their plans and project concepts are attuned to their customers’ demands, by offering them world-class real estate developments.
For instance, every Filipino who works abroad aims to save for the future home of his or her family. With this, a greater demand for middle-income house-and-lot packages are foreseen especially in the areas of Central Luzon, Calabarzon, Western and Central Visayas where 48 percent of our overseas Filipino workers (OFWs) come from.
However, not even 10 percent of the estimated 10.2 million Filipinos currently working and living abroad has been tapped. What’s more, the number of potential clients continues to rise with at least 2 million Filipinos leaving the country every year.
Affordability
Real estate is truly about location, location, and location.
But considering the number of players in the market, affordability will be a major consideration for buyers. Thus, house-and-lot packages ranging anywhere from P2.5 million to P3.5 million will move because their monthly amortization for their investment will still allow them to allocate their finances for their other family needs.
Of course, residential demand in the National Capital Region (NCR) still remains. More people still want to be in the big and busy Metro Manila. Despite the scarcity of land in the metro, there is still a great demand for residential condominiums and townhouses.
Residential condominiums intended as an investment for the rental market will continue to have a strong demand because to date, concentration of business is still in Metro Manila.
The heavy and worsening traffic that people face everyday has encouraged employees to live in areas near their offices. They rent condominium units especially within the central business districts (CBDs) for their ease and convenience. Their private homes are now their private respite.
Practical investment
Several financial literacy programs abroad are conducted to help our OFWs in their investment choices. These programs enlighten and encourage them to invest on assets where they can enjoy having passive income. And one favorite investment instrument of OFWs is real estate, which is considered a hotshot among OFWs during forums.
Aside from residential condominium investments, OFWs are now investing in condotels. These are condominium units pooled together and operated as a hotel. Since its introduction, condotels have become more popular especially among OFWs because they see this option as a truly hassle-free investment.
While one’s unit is under the condo-hotel program, the owner need not worry about its maintenance because the property management will ensure that it will be well maintained. This is a major consideration for investors especially if they are working or living abroad and cannot oversee repairs and maintenance of their units when needed.
Tourism-driven demand
The growing number of tourists in the Philippines boosted the interest of OFWs to invest in the tourism industry by investing in condotel developments. Whenever there are tourists, there is also a great demand for accommodations.
Local tourism alone is growing especially with budget fares now offered by various airline companies. Meetings, family vacations, company incentives and conventions also contribute to the strong demand for accommodation needs.
More places are also becoming highly accessible. Baguio, for instance, has become a three-and-a-half hour drive from Manila and has remained a favorite vacation spot for Filipinos. More accommodations are needed and as such, investing in a condotel project in Baguio will be a perfect income source for investors on the back of the regained vibrancy of the city due to tourists, both local and foreign.
No comments:
Post a Comment