Makati, Philippines (PressExposure) May 04, 2009 -- Buyers from foreign countries such as Australia and the US are keeping the property market flowing here in Manila, as compared to the few local people purchasing real estate. This simply means that there are good prices and prospects, all according to those working in the industry.
According to Philipe Bromederie of Manila Consultants Fresh Start, property investors from the United Kingdom and Australia are leading the way. He also added that âit is a buyers market in Manila right now, and a large proportion of condo sales were from expat Filipinos living in the US, but that stream has stopped because of the downturn of the US economy.â He further explained that there is a lot of interest coming from Australia, largely because of the number of Australian companies being established in the Philippines.
The breach in the market has been provided by decreasing expat Filipinos investing, especially in the US. Surgeon Rosali Gomez, who is a real estate investor, said that most of the Filipinos she knows in the US (where she lives) are very wary when it comes to buying properties at the moment.
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