Dragon dance, a prominent event for the Chinese community in ManilaHome prices in Manila have become more expensive due to the influx of migrants from China, with around 100,000 people coming to the Philippines since September 2016.

While this is good news for property developers, Filipinos who want to buy houses may find it more challenging to look for affordable properties. Others have turned to nearby provinces such as Cavite, where there are urban-centric projects such as Lancaster New City. Reviews online such as those on propertysurvey.com.ph may help buyers and agents alike in comparing prices for a more informed decision.

Chinese Influence

It’s no secret that Chinese investors have been actively buying offshore properties to park their money in a different place like Hong Kong or London. Their recent move in Manila, however, stems from the thriving online gaming industry. At least 50 offshore gambling companies from China received a license to become a Philippine online gaming operator (POGO) since almost two years ago.

As a result, home prices in Manila, particularly along the Bay Area, rose 27% in the last quarter of 2017, according to Santos Knight Frank. Condo sales in the city also reach a record-high of 52,600 units in the previous year.

Commercial Investments

The rise of POGO activity in the capital then stimulated not only prices for housing, but also for commercial properties as well. Chinese gaming companies’ leased office space in the country rose to 30%, which helped in countering a declining office take-up among business process outsourcing (BPO) companies.

BPO firms’ office absorption in the previous year fell to 46%. Some industry experts said that the real estate market would have crashed in 2017, if not for the arrival of offshore gaming companies.

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Conclusion

Real estate agents and buyers should be updated on market trends in housing since the flow of Chinese capital shows no signs of slowing down any time soon.