Philippines Luxury Housing Still Going Strong

  • 16 years ago
  • Uncategorized
Despite the world wide financial crisis, luxury housing in the Philippines remains a strong market. According to real estate analyst Jones Lang LaSalle, demand for high-end property in the island nation is strong and resilient.
Jones Lang LaSalle recently released its Asia Pacific Property Digest for the third quarter, and there is strong demand for local high end properties. Claro Cordero, head of research and consulting for the company, notes that “Property values in the luxury segment have consistently increased in the past due to limited supply, although there were new projects launched to take advantage of this pent-up demand.”
One new project in Manila is the Raffles Residences Makati. This US $153 million development by Kingdom Hotel Investments will include a 30 suite Raffles Hotel, a 300 room Fairmont Hotel as well as some 200 apartments. The Raffles Residences has already set records for sales in its pre-construction phase, and interest is still very high.
“It is a good time to invest in the Philippines now because property values will probably bottom out earlier or mid-next year. This is to consider the fact that property transactions normally take time to materialize and would be prudent for an investor to start looking for good buys in the market,” Cordero says.
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