HOUSING demand in Metro Manila will continue to rise, as foreign investors from Southeast Asia, China and the Middle East infuse more capital into the Philippines, according to real-estate service provider Santos Knight Frank (SKF).
SKF Chairman and CEO Rick Santos said investors from Japan, China and South Korea particularly expressed their interest in the local condominium projects.
“Investor-driven demand continues to bolster the local condominium sales market, as average monthly take-up rates continue to exhibit double-digit figures,” he noted. “The residential market is dominated by middle income and high-end projects.”
Based on SKF’s research on the inventory of actively marketed vertical housing projects in the metropolis, residential condominium units have aggregated to 176,731 as of the second quarter of 2017.
SKF Senior Director for Research and Consultancy Jan Custodio said Quezon City accounted for 51,150 units, followed by Makati at 43,724; Ortigas, which includes parts of Mandaluyong, Pasig and San Juan, at 26,980; Bay Area in Pasay City, 25,771; Taguig City, 25,178; and Alabang in Muntinlupa, 3,928.
During the period, he bared that 6,248 units have been turned over to the buyers. Around 4,005 condo units have been launched across Metro Manila in the first half of the year.
As to the indicative average monthly take-up rates as of the second quarter, the Bay Area sold around 70 units; Makati, 16 units; Quezon City, 14 units; Taguig, 14 units; Ortigas, 13 units; and Alabang, 10 units, Custodio shared.
Selling prices, he added, have also improved, with Taguig City having the highest asking cost of P85,000 to P350,000 per square meter for each condo unit across all categories, followed by Makati City, from P82,000 to P342,000; Ortigas, from P57,900 to P190,000; Alabang, from P65,600 to P183,200; Bay Area, from P117,200 to P175,200; and Quezon City, from P56,200 to P160,000.
Custodio sees the growing investor base, countrywide portfolio expansions and strong growth potential of emerging business centers as the trends in the residential market today.
These are all evident now in Metro Manila, which, according to Santos, is a rapidly rising megacity.
“The level of development in Metro Manila over the last decade has been unprecedented and reflects on the accelerated expansion of the property market,” the Chairman and CEO of SKF said.
He likened the Philippines’s capital city today to Hong Kong or Singapore 30 years ago.
“With a population of more than 25 million, the Greater Manila Area has more people than Hong Kong [7.3 million] and Singapore [5.6 million] combined,” he stressed.
Looking forward, he said the Philippine real-estate market will sustain its momentum, with about 2 million sq m of residential space that will come online by 2019, when population reaches 13.2 million and per-capita income increases to P500,000, or $10,000.
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Fairview/Greater Lagro in Novaliches Quezon City is currently on a construction mania for condominium projects by known developer such as Trees by SMDC, Avida by Ayala, Neopolitan condominiums and sotogrande by Sta LuciaLand, Milan Residenze by Eurotowers and Red woods by DMCI.
Fairview/Greater Lagro in Novaliches Quezon City is currently on a construction mania for condominium projects by known developers such as Trees by SMDC, Avida by Ayala, Neopolitan Condominiums and Sotogrande by Sta Lucia Land, Milan Residenze by Eurotowers and Red woods by DMCI. https://uploads.disquscdn.com/images/3d756ff1c07ba8eabd58551701df932e4297a5c4cdca7cbae717be80af86172a.jpg