Colli Real Estate

Promising Developments In The Philippine Real Estate Industry

The Philippine real estate is a vibrant industry offering Philippines properties to Filipinos and foreigners alike.

Philippines properties are viewed as prime investments in the market. Amidst the global financial crisis, prices remain competitive. That is why more foreign property investors in the country are buying properties here like houses and condominiums.

Various reports in newspapers point out that the “property boom” in the Philippines is very much alive. This boom is brought about by several factors.

• The boom in the tourism industry

Tourist arrival in the first quarter of 2009 totaled to 1.3 million. The continuing surge of tourists is creating a demand for hotels and condominium. Construction and refurbishing of buildings are on the way to accommodate the influx. Also, it opened up investment opportunities for labor-intensive industries.

• Offshoring and outsourcing boom

The Philippine real estate industry is benefiting as more companies continue to search for ways to cut cost and transfer their business operations here. These created a demand for offices and residential buildings.

• Overseas Filipino Workers investing in Philippines properties

OFWs especially those in Europe are investing for properties because the value of properties abroad is much more expensive compared here.

• The retirement industry

The Philippines through the Philippine Retirement Agency program has been attracting retirees in other countries to spend the rest of their lives here. In fact prospective investors are already eying to put up retirement villages in Pampanga, Zambales and Bataan.

Those factors only show that there is a good market for Philippines properties nowadays. However, any buyer must know the legal underpinnings on how to acquire properties.

In the 1987 Philippine Constitution, it states that foreigners cannot own land in Philippines. But owning a house, building or condominium is legal as long as the land is not owned by a foreigner. Always negotiate within the bounds of law.

As a rule of thumb, it is always best to confer with the trusted real estate companies in the Philippines when considering buying a Philippines property. Many people became victims of scams and traps and lost huge amounts of money. For more information visit to our site at http://www.atayala.com

About the Author

Deirdre Gonzales is a business entrepreneur from Cebu City Philippines. She’s now based in Florida and writes in her spare time for various websites including Atayala.com

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