How Real Estate Rose with a BOOM
All we’ve known is that the real estate industry has gained the spotlight starting last year. But many are still unaware of the factors how it has risen with a great boom on the world market. This is to acknowledge and recognize other industries which helped developed real estate so that these too can be strengthened to maintain a stronger and better connection between these factors.
First let us tackle what happened to East Asia for the past 8 months of the last month where it was said that the manufacturing and other sectors from countries like Japan and China were among the drivers. These countries are among the major investors of billions on the Philippines’ infrastructure sector where the government also focuses. Up to this year, more and more projects are being finalized and partnered by these countries causing a major upturn to the economy as well as the real estate industry.
Thousands of square meters were also occupied by china-funded business offices around the Manila area alone boosting construction and development along the place. This also drove up residential prices in different areas of the metro, which now holds the highest average selling price per square meter in Metro Manila.
BPO and Other Sectors Demanding Office Spaces
Location is very important in real estate. This affects infrastructure along with the population of the place, tax and other institutions. But one of the most active industries which really pushed real estate to the top is the BPO. Aside from BPO, other sectors also required bigger and wider office spaces thus, motivated more building and development.
Co-habitation from workers and students
Boarding houses and Dormitories are considered traditional in the Philippines. But more than ever, for some reason, more and more employees tend to find settlement near their work. That is why it is expected that areas which are more developed and urbanized are more likely to drive the real estate forward. This has been shown to be caused by the higher demand for BPO. Also, because of the Free Tertiary Education, more and more students are being sent to universities which also trigger higher demand for living spaces. This collaboration among the people is what also caused more residential and commercial living spaces to be built to satisfy their needs.
On top of all this, Foreign Tourist Arrivals also grew big time because the Philippines has become more and more well known. The result of this is a major increase to the demand and supply of hotel operations around the country especially on key cities. Due to this, an increase with the infrastructure and tourism industry is being observed.
Lastly, the e-commerce industry and continued growth of traditional retail which are considered as the smallest yet the widest sector in the country have also shown a boom in its activities. In fact, more and more warehouses are being built within cities to sustain large distribution of products to meet the needs of many customers around highly urbanized areas.
Real Estate Industry started well this year and it is expected to flourish even more on the next few months and years. So, as long as the other factors continue to connect, cooperate and contribute, we will see a continuous prosperity and success with Real Estate.