MANILA, Philippines - Property consultancy Santos Knight Frank Inc. remains upbeat on prospects for the Philippine real estate market this year on the back of the country’s robust economy and newly-forged international alliances.
Santos Knight Frank chairman and CEO Rick Santos said the Philippine real estate industry will continue its expansion in 2017 following a stellar performance the previous year from across various sectors such as office, commercial, residential, industrial and retail.
“We’re very optimistic about the growth of the real estate industry in the Philippines, which has been driven by favorable demographics, continuing foreign direct investment, BPO expansion, strong overseas remittances, and continued infrastructure development,” Santos said.
The property consultancy firm believes the strong economic performance of the Philippines in recent years is showing no signs of slowing down.
With the Philippines also forging new international alliances and attracting a wide net of investors, Santos Knight Frank said new sources of funds such as China will also accelerate the growth of the industry especially in the residential and industrial side.
“The economic fundamentals that have positioned the country on a prime spot in global investments remain extremely strong. We believe that the government’s socio-economic agenda and infrastructure program will further propel gross domestic product (GDP) in the years to come,” Santos said.
The firm said the Philippines would likely see Metro Manila continue to grow as the urbanization trend continues.
With the strength of the US currency, Santos Knight Frank also expects the outsourcing industry to continuously expand across the country and generate new jobs specifically in new wave cities such as Clark, Cebu and Davao.
“With 1.6 million square meters of office space underway in the Philippines this year, the need for a professional and efficient service provider of facilities management, project management, property management, and technical services is of utmost importance.