by Mitzi Ilagan | PropertyFindsAsia.com |
A lot of businesses of different markets have been emerging today, especially now that more and more ways of marketing and promotion are being invented and developed. Thanks to the modernized world, it has been easier for business people to sell and inform the people about their products and services.
In the real estate business, sellers or brokers are who people go to whenever they need someone to sell their properties or if they are looking for a house to buy. You can try reading through ads of newspapers or even go for a door-to-door visit in your prospective areas. There are also showrooms of real estate developers that you could visit, so as to get first hand information about a property. But the most convenient way is going online.
From a recently held conference last July 1, 2016 at the Megatrade Hall, Jacqueline Van den Ende, Founder and CEO of Lamudi Philippines and MyProperty.ph gave out essential information on real estate, with the theme Philippine Real Estate Investment Outlook 2016-2017. She explained why the Philippines is one of the places where you could get the best out of the real estate business.
From the data gathered from Lamudi PH, Jacqueline mentioned that the Philippines has a particularly young demographics which makes it a demographic sweet spot, that means a maximum participation in the workforce. When there are more people working, that means more people contributing taxes and spending which improves the economy. But despite this, unemployment and poverty growth rate have been increasing also.
Another key driver for pushing a real estate business is remittances, which is an important contributor to the economy because it is expected to grow.
Lastly, the BPO sector is considered one of drivers as it catches up with the contributions of the remittances. It is now one of the biggest employers in the Philippines which means improvement in the economy. One should not be too afraid that only the foreign investors would get rich on this because as we know, the Philippines are restrictive when it comes to foreign investments. This is reflected in real estate because for example, if you are to buy a property, you are only allowed to buy 40% of it. This helps the economy because if less foreign investors would come in, that means less competition with the foreigners and more competition with other Filipinos. More growth drivers include large infrastructure spending, lower fuel prices, election spend, reconstruction in disaster areas and effective implementation of the current administration.
When it comes to numbers, the Philippines possess a positive one regarding residential real estate. Recently, there has been surge in “condo for rent” searches in Muntinlupa and Cebu. There also has been a record new condo inventory completed in 2016 driving increased vacancy rates. Higher vacancies would mean lower rental prices, making rental market more attractive to buyers, sellers and developers. The most searched condo locations are still in Quezon City and Makati (for sale and for rent). Paranaque and Quezon City are the most searched areas for “house for sale”, the interest is growing strongest in Taguig, Baguio and Muntinlupa and “condo for sale” experienced increased search interest in Paranaque. With all these said, the interest in residential real estate has been significantly increasing, therefore, giving more opportunities to the people in the business.