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As one of the fastest emerging property markets in Asia, the Philippines has been tipped as "one to watch", not only domestically, but and also in terms of its international appeal as a growing tourism and investment destination.
On a recent trip to Manila — more specifically the glittering downtown area of Makati — I was given a clear indication as to why the third largest English speaking country in the world has been attracting so much attention in the last few years.
The airport may be nothing to write home about (and convenient flights from Bangkok were pretty hard to come by compared with say routes to Hong Kong or Singapore) but the 20-minute drive to the shining CBD came as a pleasant surprise in a city known for its traffic choked arteries.
On arrival at the Peninsular Hotel (having survived some rather disconcerting security checks at the door) the overall experience was one of top class hospitality and a refined sense of old world comfort, while outside, the streets were clean, the smiles genuine and the global brands ubiquitous.
Of course, this island nation's somewhat unique economic advantage lies in the wallets of the 12 plus million Overseas Filipino Workers (OFWs) whose bi-monthly remittances help drive the economy. According to figures released by Bangko Sentral Pilipinas (BSP), these remittances hit U$20.117 billion last year, up 7.2 percent with a further a five percent growth projection for this year.
Such increases in returning wealth are not only reflected in the overall standard of living in Manila, but also in the amount of overseas money being invested in the country's booming property sector, which many OFW's now see as the best way to ensure a return on their hard earned foreign cash.
Responding to this demand and also the affects of growing domestic wealth, Manila's top developers have been pushing forward with a bullish approach that has seen ambitious new projects emerge across all sectors of the property market. Business areas like Makati and the recently revived new urban zone of Bonifacio Global City are already shining testaments to international modernity, and with tourism figures growing, resort developments are also now rising in sand-fringed detonations like Boracay, Cebu and Palawan.
New concept "live,work, play" developments feature sprawling shopping malls, carefully crafted outdoor recreation areas and multifarious entertainment offerings, and the cosmopolitan buzz is set to reach even greater heights with the scheduled 2016 completion of the PAGCOR's (Philippine Amusement and Gaming Corporation) Entertainment City, an integrated entertainment and leisure destination being built on a 100-hectare complex along a reclaimed portion of the Manila Bay area.
We were in Manila to launch the inaugural Philippines Property Awards, which will take place in August at another of Manila's new polished landmarks, Raffles Fairmont Makati. Driving around the surrounding business district, a large portion of it named after the omnipresent family company that built it — Ayala — it certainly seems that there is no better time than to recognise and reward what is already clearly far more than just a "market to watch".
Nominate your favourite Manila property or company for an award here:
http://philippinespropertyawards.com
Article source: http://www.thethailandlinks.com/2013/05/02/spotlight-on-manila/
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