Keeping up with the momentum of President Duterte’s ‘Build build build’ program is the real estate sector which, as per PropertyGuru Philippines Property Awards will be boosted even further as they months pass by this 2018.
In a report from Business Mirror, said that the Duterte administration’s ambitious plan to disburse more than P8 trillion on consignments of ambitious projects targeted from 2017 to 2022 will be a great boost to economic development. These accelerated groundwork initiatives are envisioned to increase the productive capacity of the economy and, likewise, create jobs, increase incomes and fortify the investment climate leading to sustained inclusive growth.
As demand for condominium units continue to grow in major cities, such as Metro Manila, the group said developers carry on venturing into infrastructure projects in residential spaces across the country.
For the longest time, the business-process outsourcing (BPO) sector has consistently driven the demand for residential condominiums and office spaces in the country. However, a shift geared toward the growth of offshore gambling may eventually steer such trend this 2018.
Citing a recent study by Colliers Philippines, the group said offshore gambling was revealed to have filled the gap left by the BPO sector, which reduced its pace last year due to the US’s protectionism stance. Likewise, gambling investments and activities has, in fact, boosted condominium sales and office occupancies in some cities in Metro Manila and even Cebu.
The groups said there will be more demand for office space. In Metro Manila alone the office inventory counts for a gigantic 9.7 million square meters, and is even expected to increase at a doubling rate in the coming years. Factors, such as growth in population and increasing urbanization demand for better and more flexible working spaces are some of the factors that continue to drive the growth.
