Overall, Philippines’ real estate market looks bright for 2019, especially if we look at places like Metro Manila, said the real estate portal, Asia Property HQ.
“The demand,” it said in a report, “is outpacing the supply in almost all major cities, while the office vacancy rate is less than 5%.”
Based on recent figures, many believe that Manila might be one of the best locations to invest in real estate in Southeast Asia, said the report.
“There are few countries in the world that had a growth rate of 6-7% in the last decade. The rapidly growing economy is driving the real estate sector, with increasingly more Chinese investors and companies operating in the Philippines,” Asia Property HQ said, adding that increased purchasing power among locals is also seen.
The report noted that offshore gaming industry is one of the key drivers of the real estate market, both in the office and residential sector. “In 2018, the gross gaming revenue increased by 9.4%, which represents a flourishing industry backed by Chinese investors and gaming companies,” it said.
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