Will 2018 finish as a record year for the Philippine property market?
As 2018 begins to wind down, some experts believe this could finish as a historic year for the Philippine property market. Research from Colliers International found new highs in both real estate supply and demand could be seen in the country before the end of the year.These potentially record-setting marks come despite rising interest rates and inflation in the Philippines. The domestic economy grew slower in the second quarter of 2018, hitting a three-year low of six percent. However, the country is still the third fastest growing economy in the region, behind only Vietnam and China.
“Amid the slower growth, the property sector remains resilient with major segments such as office, residential and leisure poised for record-high demand and supply in 2018,” a recent report from Colliers International noted.
One reason the Philippine property market, and the residential segment in particular, is predicted to remain stout is due to improved relations between the Philippines and China. Colliers International revealed that rental rates were 30 to 50 percent higher in some residential condo properties in the Bay Area and Makati due to an influx of mainland buyers. International developers could soon join them.
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