by: Sarah Joson
Tuesday, March 24, 2015 |
Real estate agency KMC MAG Group expects that the real estate market of the Philippines will keep its bullish streak, backed by its growing service sector, rising foreign investments, and economic growth rate at 6.1 percent which is one spot behind China.
Michael McCullough, Managing Director at KMC MAG Group, said the country’s property market will remain active throughout 2015, thanks to several factors such as low interest rates, quantitative easing from the central bank, as well as positive response from investors, which then created a stable and favorable environment for local and foreign businesses.
For office properties, demand is particularly driven by the business process outsourcing sector. In fact, almost 560,000 square meters of new office space are seen to sprawl throughout major central business districts - majority of which are set to be developed at Bonifacio Global City.
Local developers such as Ayala Land, SM Prime, and Robinsons Land, and other large players like Cosco Capital and DoubleDragon are said to be looking at new developments outside of Metro Manila, as BPOs expand operations in Next Wave Cities such as Cebu and Davao.
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