2015 is upon us. What does the forthcoming year herald for the property industry? According to experts, the market for real estate is poised for further growth, thanks to several key factors.
To start with, take a look at the following economic policy, a landmark to look forward to in 2015:
1. The ASEAN Integration
In 2007, the Association of Southeast Asian Nations (ASEAN) agreed to integrate the economies of its member-nations into the ASEAN Economic Community (AEC), "a single market and production base." Poised to take effect in 2015, the initiative allows businesses from ASEAN nations to have freer access and growth opportunity in fellow ASEAN members, among them the Philippines.
The Chamber of Real Estate and Builders Association (CREBA), the umbrella organization of real estate developers in the Philippines, issued that the integration will change the economic landscape of the whole region, particularly the real estate market. source
Given the projected influx of foreign companies, office and retail spaces for various businesses will be in demand. Likewise, residential units will be needed for foreign entrepreneurs coming to set up shop in the Philippines.
“Residential, commercial, and retail developers, which will be exposed to the international market, will expand their operations and acquire properties inside and outside the country, while foreign investors and corporate executives with local operations in the country will look for residential spaces for a place to stay,” stated CREBA president, Noel Cariño.
Counted as a landmark in economic policy, the impending ASEAN integration is expected to give way to economic growth and business opportunities, phenomena that go hand in hand with -- that, indeed, feed into -- the upsurge of the property sector.
Several other factors are crucial this growth In Part 2, take a look at how outsourcing has contributed to the thriving office sector, a welcome trend that should keep these spaces in demand throughout the new year.