The real estate market in the Philippines currently enjoys continuous growth as apart from the residential units sold, there’s a notable increase in interest particularly for the Philippine Offshore Gaming Operations (POGO) industry.
In a media roundtable hosted by Lamudi Philippines, Ortigas & Co.’s Chief Operating Officer Thomas Mirasol shared that individuals and companies overseas have realized the potential of the Philippine real estate market: “A lot of the overseas buyers that we are seeing right now are users, and many of these are coming from the POGO industry. They’re looking for places here to live. That’s sort of growth opportunity for many developers.”
Most of the buyers in the POGO industry are reportedly Chinese nationals.
“In residential developments, the POGO market probably represents one of the newest and most significant changes in the real estate industry,” Mirasol furthers.
KMC Savills, Inc Managing Director Michael McCullough added that most of the buyers prefer the locations at the Bay Area and Makati central business districts.
Primehomes Vice President for Sales and Marketing Greg Ignacio then stated that more users are now taking advantage of checking homes that they seek to buy through digital platforms. The report from PNA adds that this makes it easy not only for the buyers looking to purchase homes, it’s also an interesting opportunity for developers as a means to offer their homes and units directly to the market.
“Digital really gives a lot of mileage,” Ignacio stressed. “One advertisement can give you a thousand or more talking points to more people or buyers,” added Ignacio.
