Hartlepool, United Kingdom (PressExposure) July 02, 2009 -- The Philippines property market is one of the best in Asia for property investment, according to industry experts. Citing economic strength, and low property prices among the reasons, the portal forecast Philippines property prices to double or possibly even treble in the next 5 years.
"The Philippines economy is showing strong growth this year, even as the world falls into recession. This is because its economy is primarily fuelled by recession beating industries and revenue inflows. A growing economy means rising demand for housing both to rent and to buy, which translates to upward pressure on property prices," said Les Calvert, director of overseas property portal Property Abroad.com.
The Philippines economy is expected to grow by over 4% this year according to the International Monetary Fund, on the back of worker remittances from the millions of Filipinos working abroad, which continue to grow, and also on continued growth in the services sector, especially outsourcing which is also growing not only during, but because of the recession.
The Philippines was worst affected by the Asian economic crisis a decade ago, and it took a while for it to get back onto its feet. While Bangkok property prices were doubling, trebling and even quadrupling in value between 2002 and 2006, the Philippines was still trying to find its feet.
Philippines property developments started being mass marketed on the international scene in 2006/07 and showed massive growth potential. Sales have been dented by the international downturn, but the growth potential remains pent-up. Philippines property prices will do what Bangkok prices did in the 4 years mentioned above between 2010 and 2014, after which growth will level out and remain at an established market average of 10% per year.