Philippine real estate industry didn't recuperate from the 1997 Asian Financial Crisis until 2004. Since then, the industry has been slowly gaining momentum and is now steam rolling towards success. Condominiums are popping up all over, the demand for houses and office spaces have been on the rise and the cost of realty in the Philippines, particularly in Metro Manila have also been rising. The demand for properties was a result of several things, one of them being the increased number of Overseas Filipino Workers.
OFWs wish to spend their hard earned cash in their home country in order to make a foothold in the nation when they return. It is said that around a quarter or more of the total income of OFWs is used on housing and other real estate properties which is great news for realty developers.
Another important reason for the growth in the development of Philippine real estate, especially in Manila is the success of the Business Process Outsourcing (BPO) industry. Foreign companies have begun to come to the Philippines searching for cost cutting processes since labor here is affordable and high quality. In addition, office space rentals and other Philippine real estate properties are sold at low prices with popular amenities. Because of this, various parts of Metro Manila have seen a huge growth in development such as Fort Bonifacio in Taguig City, Quezon City, Ortigas, Makati City.
Businesses can find nicely built office spaces in the Philippine's many business areas. They can also find homes, luxury apartments and condominiums at bargain prices. These residential properties are often offered with furnishings, modern appliances and other comforting features. Those who plan on staying in the Philippines for an extended period of time can choose from the many condos available for rent in Manila. Philippine Real estate brokers usually offer a wide range of choices such as studio type condos, one bedroom, two bedroom and even three bedroom condominiums.
Another tempting reason to invest in Philippine real estate right now is because the government is continuously investing large portions of their budget in enhancing the country's infrastructure. This makes it easier to travel around the Philippines, from Manila to the nearby provinces and even further provinces.
Foreign investors would also enjoy the fact that many Filipino people are good in speaking English. Also, some of them even know how to speak third languages as well which include Chinese, Japanese, German and Spanish among many others.
With the steady growth in the Philippine real estate industry, there is no question that these properties will become very valuable in the long run. Even though foreigners are not permitted to actually own land in the country, this doesn't mean there is no way for them to invest their money here. Owning Philippines condominiums is a popular choice for foreigners. All it takes is a knowledgeable and trustworthy Philippine real estate broker. There are many brokers that can be found all over the internet. One celebrated example is Nabong Property Specialists.
About NPS Realty
Nabong Property Specialists is a Philippine real estate firm that offers excellent leasing and property evaluation as well as selling services to local and international clients. The company boasts of a team of licensed real estate agents and brokers that are equipped with knowledge on the current real estate trends.
