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Real Property Growth Within the Philippines: Real Estate Rising



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By : Michelle Morales    99 or more times read
The Philippines has weathered the economic storm of 2008 and 2009 fairly well. With the region's economic climate gradually rising in 2010, the Philippines real estate industry is booming, too. Today, real-estate builders have been busy developing houses and apartments. We are seeing an increase of high-rise condominiums and commercial properties.

Developers understand the value of location, so they would probably construct these houses and apartments near shopping malls and transport areas. Houses in Manila could cost more than houses in the adjoining areas and accumulate in value over time if well-kept. However, these properties and apartments are not limited to Metro Manila only, but they are also in surrounding areas like Bulacan, Rizal, and Cavite. A lot of houses are now in place rather than rice fields.

The lure of Manila is that it is one of the most cosmopolitan destinations in Asia and there are places still needing to be developed. The real estate sector has targeted OFWs and expatriates residing in the Philippines. The OFWs, using their remittances and savings, sustain this country's economic system and they make up the bulk of people buying houses in the city. A likely scenario among OFWs; they would come home and buy a new house for investment then lease to other people. The outcome will be added income for them and their families.

Real estate developers pride themselves with the good quality of the houses in Manila. They adhere to rigid construction polices set in place by the government, and prospective buyers can take advantage of loan programs from the government. Property builders have variable repayment terms and affordable prices for these houses. Most of the great houses and apartments in Manila are typically in subdivisions. These types of subdivisions have 24-hour security for the safety of property owners.

The cost of living in Manila is actually cheaper compared to other key Asian cities just like Tokyo and Hong Kong. In Manila, would-be homeowners can find a house which costs a million pesos while leasing apartments in Manila costs even less. Folks are generally drawn to renting an apartment because it is cheaper than owning a house. It can be as low as 65,000 pesos per month or more.

Renting is usually more flexible compared to owning a house. Renters can also decide if they would want to rent a studio-type apartment, or choose from one-, two-, or even three-bedroom apartments. A few even have the advantage of being fully-furnished and parking space for tenants who have their own cars.

The Philippines real estate development has made the purchase of a home inexpensive and easier. People hoping to settle in the metropolis can have their selection of houses or apartments in Manila. This year has been a good year for real estate developers as well as home buyers. Most people are looking forward for the approaching years to be much better for property improvement.
The author is a real-estate specialist who knows a whole lot about Philippines real estate. To find out more, and to find your household or work place options, go to ManilaEstates.com today.

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