MANILA, Philippines — What’s going to keep driving the growth of the Philippine property sector this year?
Leading commercial real estate services firm CBRE Philippines is confident the Philippine property sector will continue to remain buoyant in 2014, as it says more foreign investors are finally recognizing the country as a top investment spot in Asia Pacific.
CBRE Philippines chairman Rick Santos said the property sector will continue to accelerate, driven by the demand for office space from the business process outsourcing industry.
“No longer is the Philippines an underestimated market, investors now see the sweet spot that it is in all property fronts – office, residential, industrial, retail and leisure… We think 2014 will be the best market we’ve seen in 20 years in the Philippines, especially in the BPO outsourcing side,” he said in a press briefing on Thursday.
Santos cited the Urban Land Institute’s 2014 survey which showed the Philippines ranked 4th in investment prospects in Asia Pacific, behind Tokyo, Shanghai and Jakarta.
With its strong economy and young demographic, the Philippines was considered the best bet market for office, residential and retail sectors.