Countless property builders and owners who tender rental apartments and condominiums are still having a crucial time to fill vacancies. It is certain that the industry is not up till now, in good state. And because of this, a lot of establishments are being implicated with the disintegration of economy - either large or small. But in terms of the leasing services in the Philippine real estate setting, reports say that it has increased a great deal.?
As what Global Property Guide stated,?Property prices in the Philippines may have yet to go back to the pre-crisis levels, but due to the growth experienced by the industry, these would regain lost ground.?? The Philippines leasing services has kept the local property markets competitive with the recent interest rate cuts initiated by the central bank. The benchmark rates, according to property consultant Colliers International-Manila, will be beneficial to the property markets currently driven by local demand because of the affordable payment schemes and low-interest rates offered by banks and other home financing firms. With this account, how did then the Philippine real estate market renting services managed to survive? ?this derogatory economic condition? Let us dig deeper.
Possible Reasons
1.? ?Restructured Amenities and Facilities. In a local administered analysis, it was discovered that almost 80 percent of home buyers are searching for relaxing abode. Home builders in the Philippines had focused on providing comforting amenities in their communities. This way, residents would not need to travel away from the urban just to unwind. House developers have brought resort-like theme environment to their properties. The state of the cityscape is often a reliable determinant of progress, especially in developing countries such as the Philippines.? Vibrant activity in the property sector manifested through construction of new infrastructure confirms the flow of investment throughout the industry as well as the local economy.??
2.???Providing Lease Investment Plans. This is a convincing advertising method that the Philippine property builders did to acquire more consumers. This plan involves the resident paying a choice fee to obtain the right to purchase the condo at an agreed price at some point of time in future. Most of the time, this type of advertising method is being availed by couples who want to have a property but cannot avail on their present financial situation. Usually the rent contract is up to two years, depending on what the landlord and the tenant have agreed.??
3.???? Security and Safety. The planet we live in is unsurprisingly full of worries. As criminal rate heightens, more and more people are influenced to buy or rent on gated residential communities. A residential community that has 24 hour security protection, equipped with guards and surveillance cameras, is preferred by many as it offers more security and safety.??
Also, as the country is located along the Pacific Ring of Fire, it is crucial that people are ready for sudden natural upheavals. Over the recent years, neighboring countries have been shaken by earthquakes that brought appalling effects to their infrastructures as well as their people.?With such adversity knocking at the doorstep, home builders had ensured that the structures and edifices on their developments are ready for this - designed to strictly adhere to global standards in order to endure different environmental challenges, in turn of giving its residents the peace of mind in knowing that their homes are reliable.??
4.? ??Larger Apartments. The need to bigger room is in demand especially that an average family household in the Philippines counts to 5- 6 members. The role of the extended family in the country has aggravated and the stress of acculturation has compelled people to either buy or rent a larger area. The Philippine property rental market deserves a second look these days as it is now one of the top assets to hold as investment in the country; besides being bullish on the Philippine main index stocks, peso and fixed income-related investments, property holdings in both residential and commercial space are good to buy and keep. Author Bio: Jona Jone is a Mortgage originator in Philadelphia, Pennsylvania. Now an accomplished author, Jona is sharing her real estate expertise by freelance writing to www.dmcihomes.com, a real estate developer engaged in condos for sale.The views and opinions expressed herein are?the author's own, and do not necessarily reflect those of?EconMatters.
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Source: http://www.econmatters.com/2012/09/real-estate-market-outlook-in.html
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