Home prices in the Philippines have increased in the second quarter of 2018 because of the continued demand from online gaming companies.
According to a Bangko Sentral ng Pilipinas (BSP) report, the demand for condos and townhouses mainly drove higher average prices for residential real estate. In Makati, Philippines, a condo for sale remains one of the best property investments because of city’s status as the country’s business and financial center.
Most of the demand from the online gambling industry in the country comes from China, which outlaws gambling in any form. As a result, many companies there have sought alternative places to serve their clients. This includes setting up offices in nearby countries.
In the Bay Area, for instance, several developers have catered to these companies and their employees who look for residential properties. Makati has been one of their favored places due to its people’s lifestyle. The advent of online search platforms also made it easier for developers to connect with potential buyers.
The demand for homes in Metro Manila has led many to consider an investment. If you bought a condo in the second quarter of 2017, its selling price has increased by 9.1%, according to the BSP. Costs in key central business districts can even surpass that growth rate given the keen interest of foreign nationals.
More people have also taken out loans to pay for condominium unit transactions, which accounted for 46.1% of all home financing deals.
Even if Chinese online gaming companies decline in the future, other factors influence the demand for residences in Metro Manila, such as the type of property you choose and its location.