Ayala Land airs confidence real estate boom will continue

Ayala Land is confident the boom in the real estate market will continue in spite of the slowdown in the US economy given the strong demand of domestic buyers for housing and dwellings.

Jaime I. Ayala, president of Ayala Land said the local fundamentals are conducive for property development.

“We are confident in the property market in the Philippines,” Ayala told reporters. He cited favorable interest rates and the high gross domestic product (GDP) growth as the main drivers of the industry.

“Our GDP growth last quarter was the highest in the last 18 years,” Ayala said. “The domestic market is quite good,” he stressed.

Ayala said his group will be targeting the domestic and the Overseas Filipino Workers (OFW) market.

In fact, 40 percent of the residential sales of Ayala Land came from Filipinos residing overseas. Of the 40 percent, majority or 60 percent is from Filipinos in the US.

Ayala said the buying pattern of OFWs have already matured. Years back, OFWs and their families purchase necessities like food, clothes and education. However, as the disposable income of the workers rises, their buying behavior also changes.

He said Filipinos working abroad are now looking at investing in the formal real estate sector.

In the same press conference, Ayala Land launched its newest project in the south called NUVALI.

“For NUVALI, we will in fact, have three residential communities from Ayala Land Premier, Community Innovations and Avida, all launching at about the same time,” Ayala explained.

Abrio, the project of Ayala Land Premier is expected to introduce a new level of privacy, security and sustainability that will set the standard for the future projects of the company.

The Treveia from Community Innovations on the other hand, offers a healthful, family nurturing and eco friendly life within a progressive development.

Lastly, the Avida Settings is for the medium income families which will build houses that is affordable to most Filipinos.