The continuous rise of condominium buildings in Metro Manila gives us an idea of the present demand for this type of investment. Real estate developers are still maximizing the available area in Quezon City, Makati City and lately in Taguig because of the appreciation in real estate prices in those parts of the Philippines. Learn more about Real Estate business from Best Real Estate Player.
The confidence in the real estate industry in the Philippines is reflected in the 5.9% year-on-year growth rate from 2006-2007 of ownership dwellings and property, which contribute to the gross domestic product of the country. The growth in the industry is largely attributed to the demand which comes from overseas Filipino workers all around the world.
The real estate industry is driven by the need of the OFWs, who continue to invest their hard-earned money overseas to this industry. On the average, about 30 percent of the income of OFWs is allocated on housing, whether to purchase a new house, renovate present homes or pay the rent. With OFW remittances reaching the $15 billion mark, just imagine how much could be spent in the sector.