Tuesday, June 05, 2007

Philippine Real Estate Boom

The property market in the Philippines is booming. Thanks to the money sent by our OFWs to their relatives, which in turn is being used to buy what every Filipino dreams of having, a place they can call their own. Because of this boom in the real estate market, developers are now attracting a lot of potential buyers from families of OFWs who suddenly find themselves with lots of cash to spend. Properties located in Metro Manila are expensive; especially in Makati, Quezon City and Manila are usually out of reach for most of us. The hottest city right now where property giants of our country are currently developing is the Bonifacio Global City located in Taguig. Located just a stone throw away from Makati. Taguig is steadily transforming itself into a modern cosmopolitan city with malls, condominiums and commercial establishments, but it also comes with a hefty price tag. Properties, which are located outside Metro Manila, do generate more interest because they are priced much lower compared to properties within the Metro, although transportation could
be a problem due to the distance. But the good news is that the LRT and MRT planned expansion projects will make travel more convenient and further integrating the cities outside Metro Manila.

The property boom is good for the country since it encourages people to spend. Also adding to the property boom is low interest rates offered by banks these days. They are trying to out do each other by offering the best deals with the lowest rates to attract more clients to loan from them. Consumers are now in the position to demand the best package available so its best to shop around to see which banks are offering their loan service that is best suited for our needs. With the current state of our economy where the GNP, peso exchange rate and the stock market are at it’s highest in years, if not record breaking is a clear indication that our country is headed the right way, unless politics side tracks it again.

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