Understanding The Present Philippine Real Estate Market
The Philippines have had an interesting history over the past 125 years, one which has often, if unexpectedly, positioned them at the forefront of world history. The early 1900s saw some of the first rumblings against imperialism and for home rule. With first the Spanish and then, following the Spanish-American War, the United States owning the Philippines, that feeling became all the more pronounced on those proud islands. Decades of that struggle, eventual independence, and the kind of difficulties which faced many newly-freed nations across the world have made the Philippines into a land of its own making while still intimately connected to the global community as well as its own historicized past.
One example of this is in the present real estate market. There have been many ups and downs over the years, and life in the Philippines over the past 30 years has been a political and economic roller coaster. This kind of climate has produced an equally unpredictable real estate market, one this article can help you navigate.
The Real Estate Situation :
The past 30 years in the Philippines have been eventful, to say the least. Previous to 1986, the Philippines had seen year after year of military rule. The 1960s and 70s were periods of social repression and economic struggle in the Philippines, which in turn led to an increased focus on the real estate. One’s home has nearly always been their greatest fixed asset, and this has been especially true in times of economic or military uncertainty. That legacy has held true through today, with the real estate in the Philippines largely characterized by a largely conservative attitude towards the housing market. In times of military and economic uncertainty, you don’t want to lose what you already have. With the Philippines facing new political turmoil in the past decade, the housing market has been characterized in part by a cautious incline in terms of value. Homes are worth more, but prevailing uncertainty has left families somewhat hesitant to buy and sell. However, the first quarter of 2016 has seen the real estate price index rise by 1.9%, so there’s hope that the value of Philippine homes might be on the rise long-term.
Houses, Condos, and Apartments in the Philippines :
As stated, the value of Philippine homes looks good at the moment, with indications pointing to a distinct possibility of incremental growth to come. As a result, if you’re looking to buy a home in the region with the intent of capitalizing on growing value over time, you can do far worse than those in the Philippines. That said, if you’re just looking to live in the region or want a place to stay without a full-time commitment, an apartment or condo may be a better option. Condos and townhouses, on average, rose in price 12.9% and 8.5% respectively, meaning that while they’re not nearly as expensive as homes, they’re also options that are likely to be costly.
Those looking to settle down in the Philippines will, therefore, want to find a realtor who can help them explore these different solutions to find the real estate answer that’s right for them.