Philippines property market still on the upsurge

CEBU, Philippines — Regardless of threats and pressures, the Philippines’ real estate industry is still starting in its boom trail, property analyst forecasted.

“The Philippines is in a tremendous boom in real estate,” said Leechiu Property Consultants chief executive officer (CEO) David Leechiu in his recent visit to Cebu.

Leechiu said this boom trail will be experienced by the Philippines in the next 20 years especially that Chinese investors (from mainland China) are now zooming in their investment interests on the Philippines.

Aside from the improving per capita of Filipinos, he said Chinese entry to the Philippines—either as tourists or investors will push up the sales of real estate products here across segments.

He believes that the 1.4 billion China market will play a crucial role in the Philippines’ property boom in the next two decades.

“The Philippines is in a tremendous beginning of what could be another 15 to 20 year boom,” Leechiu said expressing strong optimism that the boom will be led by real estate sector and this will have significant positive effects on the country’s over-all economic posture.

Just like what China did in other economies like Middle East and Africa, and other countries in Asia, Philippines will take its center stage now as China’s new “playground.”

“China will single-handedly bring the Philippine property market to 20 years of boom,” Leechiu reiterated.

Already, property developers in Cebu, especially for residential condominium projects, reported high sales performance from Chinese buyers.

Big developers such as Ayala-led Cebu Holdings Inc., Megaworld Corporation, HT Land Inc., confirmed the surge of Chinese buying condominium units. Some of them buy in spot-cash.

The Philippine Retirement Authority (PRA-Cebu) reported recently that Chinese nationals top the foreign retirees staying in Cebu and availing of special resident retirees Visa (SRRV) from the agency.

PRA-Cebu Satellite office, officer-in-charge Elma Corbeta said these active Chinese retirees are buying properties and putting investments in Cebu.