Global real estate broker RE/MAX Philippines have shared pointers about creating good resale values for condominium units, pointing out that buying from a good developer and buying a unit in a good location will reap dividends in the end. Manila Standard reported that country manager Kenneth Stern shared these pointers and more before the end of 2018.
Stern also pointed out that the Philippines is one of the fastest-growing real estate markets in the region. Based on their experience, the real estate brokers listed Makati and Taguig, BGC among some of the most popular real estate markets for foreigners. In particular, RE/MAX attributed 30 percent of their property sales to foreigners.
Stern said that of the real estate developers in the Philippines that have made high resale value properties, there are a few that stands out. Ayala Land has three locations that have excellent resale value, while Rockwell Land has also managed to emerge as second runner-up to Ayala Land in terms of the increased value of these properties in the secondary market.
Residential condos are not the only properties in the Philippines that have a substantial first sale or resale values. Business Mirror PH pointed out the office space segment as another particularly strong performer. Actual transactions have risen to 22 percent, making it the highest-recorded take up so far in Philippine real estate history.
Pronove Tai International Property Consultants CEO Monique Pronove said that there was no surprise to how the market was performing. She cited the 6.4 percent gross domestic product (GDP) growth of the country as a key distributor. It was notable that this value was lower than the projected amount of 6.7 percent, but it was still good to vault the Philippines as third among the fastest-growing economies in Asia.
The biggest spenders in renting out office spaces were as follows: the information technology and business process management (IT-BPM) sectors of the country remained on top with a take-up of 490,000 sqm. Traditional offices looking for spaces were a close second at 312,000 sqm, followed by Philippine Offshore Gaming Operators (Pogo), which took up 229,000 sqm of space.
RE/MAX cited the lack of spaces for a new house and lots in the Philippines as another major factor in the growth of condo spaces as a profitable business. Spaces for villages and supply have been lacking, and there isn't any more room for building.
