Metro Manila Outranks Bigger Competitors Coming Closer As Most Attractive Hub for Developers
The Philippines has been very competitive ever since when it comes to a lot of aspects. May it be with our economy, sports, politics but most specially when it comes to infrastructural project developments.
Metro Manila as the Philippines' capital, has been recognized among Asia-Pacific’s most attractive urban hubs for developers and yield-seeking real estate investors this 2017, especially in the office and shopping mall space, based on the latest research on emerging trends in real estate commissioned by global advisory firms and other institutes.
This has opened a lot of opportunities and possibilities not only for Metro Manila but also for other provinces and potential development sites here in the country. Making a more promising change in the numbers and statistics of the real estate industry. Here are some evidence:
On the city investment prospects, Metro Manila stood ranking third next to Bangalore and Mumbai among 22 cities surveyed in the region. Together with Ho Chi Minh, these four are the only cities with scores deemed “generally good” while the rest only received “fair” ratings.
While on the city development prospects, the Philippine capital ranked fourth next to Bangalore, Ho Chi Minh and Mumbai. Again, these four cities received “generally good” scores compared to “fair” ratings obtained by the rest. These showed how they outranked cities like Shenzhen, Shanghai, Jakarta, Bangkok, Sydney, Guangzhou, Beijing and Tokyo.
From the year 2007 to year 2012, Metro Manila was a bottom-dweller on all the annual lists, ranking between 18 to 20 in terms of investment prospects. While in 2013, it improved its ranking to 12th place, and then rising to fourth place in 2014 and staying at 8th place in the last two years.
In terms of property types, Metro Manila has stopped the office and shopping mall categories, with 85.7 percent and 66.7 percent respectively, recommending a “buy” on these assets. The capital region also ranked highly in hotels, where 71.4 percent of respondents recommended a “buy." While In industrial/ distribution property, majority of respondents (57.1 percent) recommended a “buy.”
This just showed that there is indeed a greater interest when it comes to the real estate sector here in our country. These numbers are evidence and manifestation of development and improvement when it comes to commercial infrastructures.
Even though Metro Manila scored lowest in the for-rent residential property category, with 71.4 percent of respondents recommending “sell” versus 28.6 percent who said “buy.” still, the research noted some risks on the horizon for the Philippines, due to global economic woes particularly in the Middle East possibly gnawing on overseas remittances.
So, even though there are continuous projects around the country, there is still a need to keep a watchful eye of the changes especially outside the country or abroad. Metro Manila might have given us progressive and good implications but the challenge is in the way it will be managed and sustained. It is also good that even though we are able not just to keep up but to outrank other competitive countries in many ways.