In a recent study released by Urban Land Institute (ULI), Manila took the fourth spot in the list of most preferred cities for real estate investments in the Asia-Pacific region, primarily due to its robust business process outsourcing (BPO) sector. Other factors are the young demographic, capital inflows from remittances of overseas Filipino workers, and improving political environment.
Manila’s real estate industry is in the top five property investment destinations in the Asia-Pacific, with Tokyo, Shanghai, and Jakarta taking the first three spots.
The report also found that demand is rapidly rising and has surpassed the supply due to strong interest in properties located in Manila. Property rates began to increase and just last year, a 12.92 percent (9.95 percent as per inflation adjustments) increase in rates for a three-bedroom condominium was posted in the Makati CBD area. High-end residential properties in the area also increased by 6.92 percent (6.25 percent inflation-adjusted).
Meanwhile, Bonifacio Global City (BGC) posted a 12.4 percent increase for the average price of a first-rate three-bedroom condominium. Prices were also seen increasing an average of five percent every quarter.