MANILA: Some 42,000 pre-sale condos were sold in the first months of the year in what, experts said, speaks so much about how advantageous it is to units yet to be completely done than finished ones.
“Local professionals and Chinese offshore gaming employees continue to drive demand in the secondary market. In the pre-sales market, about 42,000 units were taken up in the first nine months of the year,” said real estate thinktank Colliers International in its 3rd quarter 2018 report.
The report added that a mix of demand from offshore gaming employees and local professionals is helping sustain the Metro Manila residential market.
To seize opportunities in the sector, Colliers recommended that developers:
• Pursue more projects in the peripheries of established business districts.
• Tap the rising demand for worker housing.
• Tie up with the government for the skills upgrading of construction workers and push for the entry of 100% foreign-owned contractors.
• Be more flexible to the residential demand of offshore gaming operators.
Meantime, Hoppler.com, a real property portal, said it is better to buy pre-selling units because they are more affordable compared to the regular ready-for-occupancy homes. OFWs can save money because of the low introductory price. Pre-selling properties are usually 30 to 50% cheaper than a finished one.
Another reason is property value appreciation, meaning the price tag goes up over time.
Still another reason is that OFWs can potentially generate income even when they are not in the country once the property is already finished. They can opt to rent it out. That way, there would be a constant source of income that would help them save more money.
“OFWs and pre-selling properties match perfectly. The important thing that they need to find out now is where the ideal location for their investment is,” said Hoppler.com.
It’s back. the longest-running, most trusted and biggest Philippine investment event in the Middle East region, Philippine Property and Investment Exhibition (PPIE), which has helped thousands of OFWs own their very own home, will be held on April 26-27 at the JW Marriott, Deira, Dubai to reach your aspired home. Like @ppieuae on facebook to get tips and alerts on unbeatable deals.
