the next big thing

the next big thing that will happen to the Philippines for the next years is the real estate.

according to the Manila Times, "Philippine industries’ income grew more than a tenth in the first quarter of the year, boosted by the real-estate sector, the National Statistical Coordination Board (NSCB) said. In a statement, the NSCB said, the country’s total gross revenue rose by 12.8 percent in the first quarter from 15.1 percent in the same period last year.

the statistics agency attributed the increase to the real estate sector, which continued to post the fastest growth at 29.9 percent, boosted by higher income from rental and leasing operations from the country’s newly opened super malls and the sustained demand for office spaces from the business processing outsourcing (BPO) industry."

the industry is just now recovering from the effects of the 1997 Asian financial crisis that brought the Philippine Real Estate sector into a long swoon. the current property boom indicates that the industry has awakened from the slumber and is now on a steady climb.

the residential and commercial/office and segments of the Philippine Real Estate industry have shown remarkable year-on-year growth in terms of the number of development projects, as well as sales.

the promising outlook for the residential sector of the Philippine Real Estate industry is fuelled by rising incomes due to the steady rise in the Philippine economy for the past several years, as well as massive interest among overseas Filipinos wanting to establish permanent or temporary residence in the country of their birth or ancestry. the increasing number of expatriates in the country likewise contribute to the demand for such residential facilities.

at least $1 billion in remittances from Filipinos alone, living or working abroad flow in every month goes into buying new houses for their families, high-end condos or resort homes for their own use and in other high rise structures as income earning properties.

the similarly rosy outlook for the commercial/office sector of the Philippine Real Estate industry is driven by the upsurge in the number of Business Process Outsourcing (BPO) companies that are setting-up shop in the Philippines. the employment and income boom generated by these companies in turn fuel a consumer boom that has resulted in the take-up of more commercial spaces.

these developments indicate that the Philippine Real Estate industry is now on a growth trajectory that is expected to be sustained in the short to medium-term.

better prepare for the next big thing or you will be left behind.

source: The Manila Times and the Philippine Real Estate