A new study conducted by real estate services firm Leechiu Property Consultants showed that buyers from mainland China now dominate the sales of residential property in the Philippines.
Assuming a constant aggregate take-up of 7,757 units, LPC Chief Executive Officer David Leechiu said that the remaining inventory of residential units preferred by buyers connected to Filipino-Chinese communities will be sold out by June this year – with sharp take-ups of 12 units per month.
Mainland Chinese prefer to stay in areas such as Makati, Ortigas, Manila and Quezon City, as well as locations near Philippine Offshore Gaming Operations (POGO). In the Bay Area alone, rentals have climbed by 80 percent in the past three years.
They also prefer to stay in areas with existing Filipino-Chinese communities.
In a related development, Leechiu said that demand for office space for IT and business process firms have already increased significantly and expected to increase faster before year end.
As of March, office space demand for the sectors hit 102,000 square meters, with take-ups for the rest of the year expected to hit another 450,000 sqm.
