In a recent news briefing, Jones Lang LaSalle (JLL) Philippines issued that the residential sector of property development had a "banner year" in 2014, with roughly 204,300 completed in Metro Manila within the year.
A property advisory firm, JLL pointed to the growth in OFW remittances as a primary driving factor in the market.
Head of research and consulting of the firm, Claro Cordero issued that OFW remittances grew 6.1 percent year-on-year as of September 2014.
"By the year-end of 2014, remittances will reach $24 billion," said Cordero. Furthermore, he stated that "OFW remittances are expected to grow at around 7 percent from 2014 to 2017."
Megaworld Corp., led by Andrew Tan, took the lion's share of the market with 34,000 units. SM Prime Holdings Inc. ranked second with 28,600 units; meanwhile, DMCI came in at third with 21,700 units.
Ayala Land Inc., however, had the biggest sales take-up in horizontal and vertical developments, raking in P80 billion. Megaworld followed with P70 billion, while Vista Land came in at third with P39 billion.
Cordero noted a spike in the number of residential condominiums in the capital, stating that 2014 saw as much as 41,819 new units, whereas 2013 had 21,540.
This growth in the residential sector is expected to continue well into 2015 and beyond, with a take-up rate of 73 percent, on average, from 2015 to 2020. JLL issued that among the major property developers, 81 percent of units from mid-range to high-end condominiums has been sold for 2015; likewise, 83 percent has been sold for 2016.