Manila condo demand soars as foreign investors discover Philippines

Published:  1 Feb at 6 PM
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The expanding expat community in Manila and other popular Philippine immigrant destinations has lead to a boom in real estate and the construction of huge numbers of condo blocks.

In Manila, the call for expat-style condo blocks is transforming the city’s skyline, with property investors jumping on the bandwagon and a surge in foreign company start-ups and expansion. Gerry Lane, CEO of Lane Archive Technologies, says his company is investing in industrial as well as residential property as the country’s recent economic performance bodes well.

Increased numbers of foreign companies including those outsourcing business processes have resulted in the growth of expat communities in the capital and other major cities. Also fuelling the demand for upscale condos are Filipino expats at present working abroad in well-paid jobs.

Now seen as one of Asia’s most resilient economies, the Philippines has been transformed since the election of President Aquino, with its economic growth last year a notable 7.1 per cent. . International property company Century reports high-end condo units being sold at US$2 million, and Filipinos working in London, New York and other world cities now believe that investing in a property in their home country is less hassle and more rewarding.
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