MANILA and Philippines Property




Search  

ORIGINAL POST

Posted by OffThePeak 5 yrs ago
MANILA and PHILIPPINES Property Thread

I am seeing prices in the region of HKD 1,500 - 2,500 per sf for new condos in "nice" parts of Manila, such as Makati and Bonifacio Global City.

By comparison with HK, this looks cheap.
Something like 1/7th the cost of Average HK Prices

COMPARE
Price Levels ------- USD/per SM : HKD/per SF /
=============
+ H.K. /Midlevels- : US $27,771* HKD$15,000 /.75= HKD$20,000, Net
+ H.K. /Average-- : US $20,660* HKD$11,159 /.75= HKD$14,879
+ H.K. /NT areas- : US $13,885* HKD$ 7,500 /.75= HKD$10,000
=============

+ Phil. /Makati----- : US $ 2,903 : HKD $ 2,090
: HK-ave./ Makati : RATIO: 7.12 - HK is 7-TIMES more expensive !

+ London, PrimeC: US $32,745 : HKD$23,576
+ London ---------- : US $20,660 : HKD$14,875
+ US / Manhattan : US $22,927 : HKD$16,507
+ US / NY-Metro-- : US $15,284 : HKD$11,004
+ US / Average--- : US $07,033 : HKD$ 5,064
+ Singapore------- : US $17,709 : HKD$12,750
+ Malaysia / K.L.- : US $ 3,980 : HKD $ 2,866
+ Malaysia-------- : US $ 2,629 : HKD $ 1,893
==============
> source : http://tinyurl.com/PHP-Makati

But what is it like to live in Manila, or the Philippines?
BTW, The rate of Price appreciation has been only HALF of what was seen in HK over the last decade.
================

Comparative Price growth
OVER 10 Years
============
+ Hong Kong +160.3%
+ Taiwan---- : + 87.8%
+ Singapore : + 77.7%
+ Philippines: + 75.4%
+ Malaysia-- : + 54.0%
+ SouthKorea + 53.4%
+ Thailand--- : + 24.2%
===================
Price Changes, 10 years:
http://www.globalpropertyguide.com/Asia/Philippines/price-change-10-years

Manila Map : http://www.destination360.com/asia/philippines/manila/mandarin-oriental-manila-map.gif

Ayala Land chart (bellwether?): http://tinyurl.com/ali-land

MAPS / Photos : http://tinyurl.com/PHP-Makati

COMMENTS

OffThePeak 5 yrs ago
House price rises accelerating in the Philippines

Philippines house prices
The Philippine property market remains vibrant, with strong economic, growth boosted by robust domestic consumption and increases in government spending.

During the year to end-Q2 2013, the average price of a luxury 3-bedroom condominium in Makati CBD soared by 12.92% (9.98% inflation-adjusted) to PHP128,730 (US$2,938) per square metre (sq. m.), higher than the annual rises of 5.6% in Q1 2013, 8% in Q4 and 8.3% in Q3 2012, according to Colliers International.

During the latest quarter, high-end residential property prices in Makati CBD increased 6.92% (6.25% inflation-adjusted) in Q2 2013, the highest increase since Q4 1995.

In other main districts:

In Bonifacio Global City, the average price of a premium 3-bedroom condominium rose by 12.4% y-o-y to PHP127,575 (US$2,911) per sq. m. in Q2 2013, or a quarterly increase of 5%.

In Rockwell Center, secondary residential property prices also increased by 10.6% y-o-y and 3.6% q-o-q, to an average of PHP132,770 (US$3,030) per sq. m. in Q2 2013
===
>more: http://www.globalpropertyguide.com/Asia/Philippines/Price-History

/charts : http://www.globalpropertyguide.com/real-estate-house-prices/P#philippines

This article supports the prices estimated in post #1: Philippine Pesos per Sq. Meter, converted
===
3 BR Condo
Area ====== : -- PHP - : - USD- / HKDpsf (x $7.75/10.76 = x72%)
Rockwell Ctr : 132,770 : $3,030 / HK$2,181
Makati CBD- : 128,730 : $2,938 / HK$2,116
Bonifacio GC: 127,757 : $2,911 / HK$2,096

punter 5 yrs ago
Feedback I got from friends is: supply is abundant and difficult to re-sell. As a foreigner, you can own a "condo" unit but not a detached home.


I won't touch this market if you have a short term window for investment.

OffThePeak 5 yrs ago
How about as a place to retire?

Any thoughts on that.

It is considerably cheaper than Hong Kong, so selling in HK and buying in Manila, might make some sense. I also heard that yields are much better, and so investing for a long term yield may makes sense too.


I intend to go for a visit in the near future. I was last in Manila about 25 years ago. I am sure there have been big changes.

=====

Advice for someone retiring in the Philippines:

http://tinyurl.com/ph-xp-advice

traineeinvestor 5 yrs ago
While I have no views on the Philippines as a place to retire, unless I was extremely confident either that I would definitely be there for several years or that it was a great investment which would not be hard to re-sell a few years later on a stand alone basis, I would rather rent than buy at first.

punter 5 yrs ago
If home price is the only consideration, then I would think that Philippines has cheap homes.


But things like (1) am I going to like it there long term?, (2) how's the healthcare?, (3) how's security?, (4) resell value?


I don't think it's a very nice investment area unless you've been there before and you already liked it...(I stayed there in the early '90s and I liked the place. But I don't think I'm going to retire there due to the questions I raised above.)

OffThePeak 5 yrs ago
One of the four questions from Punter was:

How's Security?
We had that concern too.

So while we were looking at some opportunities, we wanted to be sure:

+ There are many other Expats living in the same area,
+ The specific development is a Gated community, or project

We have been told that areas like Makati where there are modern high rises, security guards, and cameras are much safer than older areas of the city.

OffThePeak 5 yrs ago
Another Data source

Property Prices in Metro Manila, Philippines
Gross Yields are 8% or so - more DOUBLE those in HK !

INDEX
=====
Price to Income Ratio--------------------- : 16.70
Mortgage as Percentange of Income- : 180.25%
Loan Affordability Index------------------ : 0.55
Price to Rent Ratio - City Centre------ : 12.88
Price to Rent Ratio- Outside of Centre : 12.35
Gross Rental Yield (City Centre)------- : 7.76%
Gross Rental Yield (Outside of Centre): 8.10%
=====

RENT Per Month : -------------------Median : === Range =====

Apartment (1 BR) in City Centre : 18,000. : PHP 8,000. - 25,000.
Apartment (1 BR) Outside Centre : 9,000. : PHP 7,000. - 15,000.
Apartment (3 BR) in City Centre : 60,000. : PHP 35,000 - 80,000.
Apartment (3 BR) Outside Centre: 25,000. : PHP 10,000 - 40,000.

BUY Apartment Price :
Price per Square Meter ------------Median : === Range =====
Buy Apartment in City Centre-- : 70,000. : PHP 50,000.- 125,000.
Buy Apartment Outside Centre- : 30,172. : PHP 20,000. - 40,000.
===
> source: http://www.numbeo.com/property-investment/city_result.jsp?country=Philippines&city=Manila

(Note: Makati prices are on the high-end of these ranges.)

OffThePeak 5 yrs ago
Here's an example of a New Property
====
Avida Towers Global City offers 1 and 2 bedroom units (with or without a balcony) having floor areas of 37.42 sqm.-56.17 sqm. or 402.64 sq. ft.-604.39 sq.ft. with prices ranging from Php 2.9M to Php 5.4M or USD 60,500 to USD 112,500 (with VAT).

1-Bedroom Unit: 403 sf
Good for couples or those who have a small family.
Price Range:
Php 2,999,900 to Php 3,700,000 or USD 62,500 to USD 77,100*

(*conversion depends on the rate that will be given by the developer)
Area:
37.42 sqm. or 402.64 sq. ft.

Let's Use the Mid-point:

====: PHP--- : 37.42m / 402.64ft : USD*-- : 37.42m / 402.64 : HKD------- : 37.42 / 402.64
Prices : 3.35m : 89,524 / 8,320psf : $77,011 :$2,058 / $191psf : $598,214 / $16.0K / $1,485
====
*USD= 43.5PHP / HKD= 5.60PHP

(note: the practice in the Philippines is to deliver flats without white goods, etc.
So buyers will have additional expenses before moving in.)
====
> source: http://www.condohousephilippines.com/listing/avida-towers-global-city-bgc-9th-avenue/


OffThePeak 5 yrs ago
thanks for the comment, beancurd

Funnily enough we arrived in the philippines today, for a brief stay.

There are some huge changes since I was last here about 25 years ago. Makati now has several new malls with high end and mid-range shops and restaurants...

It reminds me a bit of Hong Kong.
Makati's is a nice CBD with many new skyscapers and hotels - such as the Peninsula, where we are staying (thanks to a special promotional price.)

The place is very different from what I remember from 25 years ago. Especially Makati, which is now a true 21st century city. But the traffic is highly congested, and the pollution is evident. Worse than all those years ago.

MAPS / Photos : http://tinyurl.com/PHP-Makati

OffThePeak 5 yrs ago
Having look around for two days, we are most comfortable with modern city areas of Makati and Bonifacio Global City - both are areas mostly owned by Ayala Land, which is clearly the top developer in the Philippines.

Historically prices have moved up by at least 50% since the dip in 2008-9, but if you adjust for inflation, they do not look excessive:

http://www.globalpropertyguide.com/template/assets/img/philippines-luxury-condominiums.gif

We are told that Gross Yields are in the region of 8-10%, which is way above Hong kong.

The price range for new properties bought off plan is in the region of PHP 120-130k per Square meter. And that is a bit lower than new secondhand properties of the same quality. The reason for the discounts for new properties, is the payment terms, where you are expected to pay about 20 percent within 3 months, and the rest in installments over the period of construction - over the next 3-5 years. So you are paying for something you cannot use or rent out until completion. The loss of income on those early payments, justifies a discount.

This very conservative payment structure may help prevent a bubble in new property prices. Since it cuts down on geared speculative purchases. Also the mortgage market is not well developed, and interest rates on mortgages are generally 5-6% per annum - so low US dollar interest rates are not having much impact on the Philippines property market.

OffThePeak 5 yrs ago
TERRITORIAL DISPUTE: BGC

We heard something about this in our investigations - a bizarre territorial dispute about some land on the edge of the Bonifacio Global City, which is where Ayala Land's project, Serendra is located - here's more about it:

6 Aug. 2013) Already the wealthiest city in the Philippines, Makati just got even richer.

The Court of Appeals has declared portions of Fort Bonifacio, including the upscale locale of Bonifacio Global City, as being part of Makati City and not Taguig City.

At stake in the decision were huge local tax revenues and the prestige that emanates from one of the trendiest places in the country.

Residents of The Fort's luxury condos, including the ill-fated Serendra complex, can now call themselves residents of Makati and no longer of the less chic Taguig, unless of course the decision is overturned by the Supreme Court.

On Tuesday, Taguig Mayor Lani Cayetano said they will appeal the CA decision.

"The CA decision, with due respect, is erroneous. We will flight to make sure that the disputed land remains with Taguig," Cayetano said in a statement. "We are confident that we will ultimately win this fight."

For its part, Fort Bonifacio Development Corporation (FBDC), the main developer of the 240-hectare Bonifacio Global City, said the CA decision seemed more directed to the local government of Taguig and Makati and not the locators.

"We still have to thoroughly review the decision. It appears the decision is directed to the cities of Makati and Taguig, and not to the locators of Bonifacio Global City. We will fully comply with and support a final decision on this matter," Manny A. Blas II, FBDC's Head of Commercial Operations, said in an e-mail.
---
>more: http://www.gmanetwork.com/news/story/320707/news/nation/rich-get-richer-makati-gains-while-taguig-loses-fort-boni-in-court-decision

OffThePeak 5 yrs ago
SOME POINTS in favor of BGC
Bonifacio Global City (BGC/aka Fort Boni) is a 240 hectare world-class development. Take note of the following features of BGC:

An Orderly, Density-controlled Development
========

* The design Standards and Guidelines (DSG) and Declaration of Covenants, Conditions and Restrictions (CCR) standardized the developments and protect the value and attractiveness of Bonifacio Global City.
* Density is controlled to support a well-planned community and ensure that utilities are adequate to service the developments. The measure of density used is the Floor Area Ratio (FAR).
* FAR's range from 6-18
* Retail components are allowed only up to a maximum of FAR 3 for Mixed-Use lots.
* Buildings with Residential components must have a minimum of FAR 4.

World-class Utilities
========

* An underground drainage detention structure is in place to prevent floods in Bonifacio Global City. The structure can hold 22 million liters of water and release it under controlled conditions.
* The fiber optic cabling network supports a wide range of telephone, video and data applications.
* Electric power is supplied through underground lines. Meralco will construct power substations to ensure continuous supply in Bonifacio Global City.
* Liquefied Petroleum Gas (for cooking and/or conditioning systems) is distributed through an underground piping system by Bonifacio Gas Corporation, which is managed by Pilipinas Shell.
* The water and sewage systems managed by Bonifacio Water Corporation, a subsidiary of Veolia (formerly Vivendi) Philippines. Large water reservoirs assure strong water pressure 24 hours a day, 7 days a week.

Bonifacio Global City - Simply World-Class!
> http://triontowers.weebly.com/9-reason-why-fort-bonifacio-global-city.html

OffThePeak 5 yrs ago
I'm back in HK now...

Overall, we liked what we saw in Manila. And have "soft reserved" a unit in one of the new projects in Makati. I will say more about the reasons we are interested in buying in a subsequent post. (There are mostly positive factors, but there are a few negatives too. So we are not yet 100% sure we will go ahead with a purchase.)

The most compelling thing for us the relative lower cost is Makati. The proposed purchase price is about PHP 122,000 per square meter. At US$1.00 = 44 PHP, that's $2,773 /sm (x $7.75/10.76 = x72%) = HKD 1,996, which is something like 1/8 the cost of buying something similar in Hong Kong.

Surprisingly, food in Makati-arearestaurants is a similar cost to Hong Kong (after the Philippines imposed a 12% VAT tax), and management fess are property are possibly only 25-30% cheaper.

We have spotted a specific property-related opportunity which I will explain in more detail, if people reading here show any interest.

OffThePeak 5 yrs ago
Growth of the City, as viewed thru skyscrapers

http://static.panoramio.com/photos/large/1534816.jpg
TALLEST BUILDINGS - LIST of Title Holders
Year : Stories : Height : Building Name

1967 : 018 st.: 070 m. : Ramon Magsaysay Center : Malate
1968 : 022 st.: 090 m. : Manila Pavilion Hotel------ : Ermita
1989 : 029 st.: 100 m. : Pacific Star Building ------ : Makati
1991 : 038 st.: 138 m. : The Peak Tower ----------- : Makati
1992 : 044 st.: 150 m. : Pacific Plaza Condo ------ : Makati
1994 : 041 st.: 162 m. : Rufino Pacific Tower ----- : Makati
1997 : 045 st.: 175 m. : Robinsons Equit. Tower- : Pasig
1998 : 045 st.: 210 m. : Petron Megaplaza -------- : Makati
2000 : 052 st.: 259 m. : PBCom Tower ------------- : Makati
=====
Has 88 Skyscapers of 140 meters or higher
Plus 40 or more of 140 m.+ under construction .
=====
> source: http://en.wikipedia.org/wiki/List_of_tallest_buildings_in_Metro_Manila

OffThePeak 5 yrs ago
"Pocket Living" ? / Discussion from elsewhere :
(A):
The people are warm and friendly and family oriented, and there are decent shopping malls and some small pockets of wealth. But I must say Manila is one of the world's least liveable cities. There's not much to see or do. There's a truly incredible "world-class" level of street poverty/chaos, very very crowded and dirty. Read Alex Garlands "the Tesseract"

(B):
I just returned from a short trip there. I had not been there for about 25 years. The changes are enormous.

There is certainly now a thriving middle class, living in pocket "cities" there, like Makati, BGC, and Rockwell.

More are planned (like Ayala's Circuit City). I think these islands are livable for foreigners. And we met local people who rarely leave the pocket communities they live in.

Travel back and forth is limited by very congested traffic, and the "unpleasantness" of the public transport, which is heavily used by poor people, but mostly avoided by the middle class and professional classes, who prefer cabs and private cars.

(NOTES):

MANILA Property : May not be what you think it is
=====

+ Manila is said to have once been "the richest city in Asia", maybe 100 years ago
+ The Philippines was the 2nd richest country (after Japan) in about 1965
+ PH Was left behind by rapid growth in much of Asia during the late 1960's-1980's
+ Since 2000 the growth rates for PH has averaged 5.0% p.a. (vs. 4.2% for HK, )
+ Growth in 2013 estimated at 7%, similar to China
+ Rental Yields are more than double HK's
+ Prices held back by higher mortgage rates (5-6%), and a poorly developed mortgage market
+ There is now much room for improvement

OffThePeak 5 yrs ago
TRUMP Tower, Manila (will be "trumped" too)
= http://www.youtube.com/watch?v=-M9mspTJ-A4 =

At 250m (280m with the spire), Trump Tower will be the tallest building
in the Philippines in 2015 when it is completed, but only briefly.
One year later, Movenpick Hotel and Stratford Residences will
be completed at 312 meters height.

===
> source: http://skyscraperpage.com/diagrams/?cityID=817

OffThePeak 5 yrs ago
(I have received an email from a friend who saw this thread. He lives in Manila sometimes, and so I value his comments, and though people reading the thread my be interested.)

EXCERPT:
This morning I saw your thread about Philippines on hongkong.asiaxpat forum

Regarding your question “How about as a place to retire?” I am not sure Makati or even Global City are places where many foreigners would like to retire. The market is mainly made by top local employees of large companies, expatriates, and Filipinos working overseas who want to buy a place in their home country as an investment.

Personally I do not really like Makati as a place to live. I only stay here few days per month. I find it too polluted and noisy, and knowing a bit your taste I do not think you would like it as a place where to live permanently.

I guess you will prefer Global City, which is more organized. A flat owner in Global city told me that it’s much more difficult to find a tenant there if you do not have a parking space to offer. Most parts of people living there have a car because public transportation in Metro Manila is inconvenient.

The district of Rockwell is also popular among expats. Prices are high in Rockwell because there is no space anymore to build additional buildings so offer is limited.

(my response will follow)

OffThePeak 5 yrs ago
(my response):

I think your comments about Makati are spot on. We met an Irish guy who said the same thing - he lives at the Columns, a 10 year old building, which has two busy streets with much traffic flowing by it, and quite a lot of pollution from the roads that run past it. He also says he tries to get away on the weekends, but it takes him "two hours to get out of the city."

We probably prefer Makati as a place to invest, since it will be easier to rent out a flat there (given the number of offices with high-paid professionals.)

But we think if we are going to live there, we will need to find a place which provides a sort of "oasis." A place which seems to fit that description is XXX:

It is on Del La Rosa street, which has less traffic on it. But it has connectivity by connecting to the walkway that goes through to the Green belt Malls. We also like the proximity to the Medical Center.

We have reserved at XXth floor flat facing SW (afternoon sun), so it should have a nice open view outside the crowded area. There is also an Executive Club at the Top which is open to residents. And there's a pool on the podium floor.

I am hopeful that these features will help to provide an Oasis feeling... Your comments are welcome.

OffThePeak 5 yrs ago
Why Manila?

The international airports are there, jobs are there, and many social and cultural institutions are there.

Friends who live in the Philippines maintain a base there, while living much of their time elsewhere

clavier83 5 yrs ago
I spend most of my time in the Philippines since 2009. My initial plan was to avoid Metro Manila and stay in the province, but after one year I decided to also buy a flat in Makati.


I enjoy living in the province even more since I have the option to go back to Makati once in a while. Makati is not perfect but after a month or two in a remote province of Philippines you will enjoy a break with things like reliable electricity & internet, nice restaurants, and products & goods you cannot find in the province.

And as an investment Metro Manila offers more opportunities than the province I think. The increase of expats & businesses in Metro Manila is noticeable, but I do not see real changes in the province, probably because of the lack of infrastructures.

Property prices went up already in Metro Manila but seems still reasonable compared to other Asian capitals.


OffThePeak 5 yrs ago
Manila among top Asian property investment spots

The Philippine capital placed fourth among 23 investment prospects in 2014, according to the Emerging Trends in Real Estate Asia Pacific report released on Thursday night. Manila ranked 12th last year.

"Manila has risen through the ranks this year, the result of a fast-growing economy, increasing popularity of the city as a destination for multinationals seeking outsourced services (both business process outsourcing [BPO] and back office), and a growing awareness that the problems long associated with lack of transparency and governance issues have improved," the report stated.

The BPO industry’s head count grew by 21% to 776,794 in 2012, according to the Information Technology and Business Processing Association of the Philippines (IT-BPAP). That figure was expected to have grown by 20% last year, based on industry projections.

IT-BPAP, meanwhile, aims for revenues to reach $25 billion by 2016 with an estimated 1.3 million in labor force. Industry revenues reached $13.2 billion in 2012.

"The country also benefits from a young demographic, strong capital inflows from local citizens working overseas, and a workforce with a cultural affinity with the West," the report said.

According to the report, prime office rents are still well below pre-global financial crisis rates but are growing at 5-8% per year.

Office take-up hit 400,000 square meters last year, "with demand remaining high," it added.

The report also noted the constitutional restriction on land ownership.

"As with the other emerging markets, Manila can be a hard place in which to invest, partly because of laws that prevent foreigners from majority ownership of land and partly because there is already plenty of domestic liquidity," it said.

"Core product is therefore difficult to find, but on the opportunistic level a yield spread of 350 to 400 basis points can provide operating cash flow returns in the mid-teens," it added.

Meanwhile, Tokyo emerged as the top real estate investment destination for this year, displacing Jakarta, which slipped to third place after Shanghai.

Completing the list were Sydney, which placed fifth, Guangzhou (6th); Singapore (7th); Beijing (8th); Osaka (9th); Shenzhen (10th); Bangkok (11th); China’s secondary cities (12th); Melbourne (13th); Kuala Lumpur (14th); Seoul (15th); Taipei (16th); Auckland (17th); Hong Kong (18th); Ho Chi Minh (19th); Bangalore (20th); New Delhi (21st); Chennai (22nd) and Mumbai (23rd).

ULI and PwC researchers personally interviewed 120 individuals, while survey responses were received from 130 individuals who were affiliated in property, financial and investment companies
==
> http://www.bworldonline.com/content.php?section=Economy&title=Manila-among-top-Asian-property-investment-spots&id=81839

OffThePeak 5 yrs ago
HK = 18th !

OffThePeak 5 yrs ago
PHILIPPINES Real Estate market - Summary of 4Q 2012 - Market Overview

+ Full year economic growth of 6.8%, exceeding market expectations of 5.0-6.0%.
Strong sectors included Real Estate (+18.9%) and Renting and Business Activities (+8.4%)

+ Office: Overall vacancy rate dropped to the sub-3% level driven by strong demand for Outsourcing and Offshoring. New Supply for 2013 and 2014 was expected to reach new records of over 500,000 sqm / year.

+ In Makati, three new condo projects were completed in Q4-2012, totalling 792 units. But demand was strong in the premium sector, and vacancy rates were pushed below 5%. Rents were expected to improve, up 6% in Makati.
=== ===

Demand
In 4Q 2012, residential vacancy in the Makati CBD dropped by a marginal 0.3% QoQ to 10.01%. It has been tracking downwards over the last three quarters but is expected to flatten at these levels by 1Q 2013. Subsequently it will increase at most to 12% by 4Q 2013 due to the new supply to be introduced in the coming months, most of which are lower grade condominiums. On the other hand, demand for premium condominiums remained high, pushing vacancy levels below

5% over the last three quarters.

FORECAST
RESIDENTIAL NEW SUPPLY
========== end-2012 : -2013 : -2014 : 2015 : 2016 : Total

MAKATI CBD - : 16,288 : 2,825 : 0,875 : 2,169 : 0,779 : 22,936
ROCKWELL-- : 03,718 : ------ : 0,441 : ------ : ------ : 04,159
FORT BONIF.- : 15,491 : 3,726 : 3,450 : 1,276 : 2,721 : 26,664
ORTIGAS ----- : 10,987 : 0,934 : 0,792 : 1,560 : 0,405 : 14,678
EASTWOOD - : 06,830 : 0,440 : 0,278 : 0,988 : ------- : 08,536

==== TOTAL : 53,314 : 7,925 : 5,836 : 5,993 : 3,905 : 76,973

MAKATI CBD
COMPARATIVE RESIDENTIAL VACANCY RATES (%)
=======4Q 2012F : 3Q'12 : 4Q 2013F
LUXURY------ : 04.8 % : 04.6 % :
OTHERS ---- : 10.7 % : 11.1 % :
ALL GRADES : 10.0 % : 10.3 % : 11.8 %

Source: Colliers International Philippines Research

Rents

In 4Q 2012, the average rent for luxury 3-BR units in the Makati CBD further increased by 1.6% QoQ to average PHP720 per sq m per month. This translates to a monthly rent of Php180,000 for a 250-sq m unit. Average rents in both the Makati CBD and BGC were virtually at parity since 2Q 2012. Meanwhile, Rockwell remains the most expensive area on a per sq m basis, at PHP800 monthly. As vacancies remain low across premium residences, rents are seen to further improve by more than 6% in BGC and the Makati CBD, and by over 7% in Rockwell Center by the end of 2013.

METRO MANILA RESIDENTIAL CONDOMINIUMS

COMPARATIVE LUXURY 3BR CAPITAL VALUES (PESOS / SQ M)
============ : 4Q 2012--------- : 3Q'12 - %Chg (QOQ) : 4Q'13F - %Chg (YOY)

MAKATI CBD : 80,050 - 155,850 : 78,950 - 153,150 / 1.6 : 087,782 - 162,710 / 6.2
ROCKWELL : 101,000 - 150,440 : 99,900 - 147,490 / 1.6 : 107,225 - 161,100 / 6.7
BONIFACIO- : 091,750 - 145,630 : 91,290 - 141,390 / 2.0 : 093,540 - 158,610 / 6.2

Source: Colliers International Philippines Research
===
> from: http://manilainvestmentproperty.com/MLAINVPROPERTY001/ColliersInternational.pdf

liebster 5 yrs ago
that report is for 4Q 2012, not 2013. the 2013 figures are projections only.

OffThePeak 5 yrs ago
Sorry -
I have mixed up TWO reports there.

I will unravel them shortly

OffThePeak 5 yrs ago
PHILIPPINES Real Estate market - Summary of 4Q 2013 - Market Overview

+ Economy: continues to surge, posting growth of 7.0% at 3Q-2013, yr-to-date: 7.4%
And strong real estate has been a good part of that. Approved foreign investment continues to pour in

+ Office: 400,000 sqm of new office space was completed in 2013, 50% of that in Fort Bonifacio

+ More than 4,400 high-rise residential units were completed in the five major CBD's,
while 19,700 units will be turned over to owners in the next three years.

75% of those units will be in Fort Bonifacii and Makati, and 85% will be classed Grade-A
=== ===

Land Values
Land Values in the Makati CBD appreciated by 5.9% in 4Q-2103, with an average price of PHP341,505 /sqm.

Fort Bonifacio land values increased by 2.3% QoQ. Colliers estimates appreciation of 8.0% and 9.7%, respectively next year (2014.)

RESIDENTIAL

Demand
Residential vacancy in the Makati CBD increased by 90 basis points to 11.0% from 10.1% in the previous quarter. Vacancies of premium condos was slightly higher than the previous qtr. at 4.4%. Similarly, Grade A and B vacancies ticked upwards to 11.8%. In the next 12 months, vacancies in Makati are expected to decrease to 9.0%. In Ft.B. the vacancy rate fell to 5.0% thsi quarter, but is expected to increase to 7 to 8% level next year due to the influx of new supply, amounting to 2,800 units.

FORECAST
RESIDENTIAL NEW SUPPLY

========== end-2012 : -2013 : -2014 : 2015 : 2016 : Total
MAKATI CBD - : 16,288 : 1,366 : 1,596 : 2,812 : 0,779 : 22,841
ROCKWELL--- : 03,718 : -------- : 0,441 : ------ : -------- : 04,159
FORT BONIF. - : 15,491 : 2,094 : 2,799 : 3,158 : 3,741 : 27,283
ORTIGAS ------ : 10,987 : 0,934 : 0,792 : 1,560 : 0,405 : 14,678
EASTWOOD -- : 06,830 : -------- : 0,718 : ------- : 0,988 : 08,536

==== TOTAL : 53,314 : 4,394 : 6,346 : 7,530 : 5,913 : 78,212

MAKATI CBD
COMPARATIVE RESIDENTIAL VACANCY RATES (%)

========== 3Q 2013 : 4Q'13 : 4Q 2014F
LUXURY------ : 03.5 % : 04.4 % :
OTHERS ----- : 10.9 % : 11.8 % :
ALL GRADES : 10.1 % : 11.0 % : 09.0 %

Source: Colliers International Philippines Research

Rents
Premium 3BR rental rates grew by a modest 0.4% QoQ, with an average monthly rent of PHP805 /sqm. This translates to a monthly rent of Php201,250 for a 250-sq m unit. Ft.B rentals increased by 1.7% QoQ with an average of PHP808 /sqm. Rents in Makati are expected to accelerate by +6.8% in the next 12 months. Average rents in both the Makati CBD and BGC are expected to remain near parity +/- a PHP5-10 difference.

COMPARATIVE LUXURY 3BR RENTAL RATES (PESOS / SQ M)

============: 3Q 2013-- : 4Q'13 % - %-Chg. : 4Q'14F - %Chg (YOY)
MAKATI CBD: 0,550-1,050 : 0,550 -1,060 / 0.36 : 0,590 -1,130 / +6.83%
ROCKWELL- : 0,720-1,005 : 0,750 -1,020 / 1.20 : 0,760 -1,080 / +5.37%
BONIFACIO - : 0,600-0,990 : 0,610 -1,010 / 1.73 : 0,640 -1,070 / +5.94%

METRO MANILA RESIDENTIAL CONDOMINIUMS

COMPARATIVE LUXURY 3BR CAPITAL VALUES (PESOS / SQ M)

===========: 3Q 2013 ---------- : 4Q'13 % - %Chg (QOQ) : 4Q'14F - %Chg (YOY)
MAKATI CBD: 88,895 - 175,200 : 090,675 -179,140 / 2.17 : 095,660 - 189,285 / 5.70
ROCKWELL : 107,175 -162,300 : 109,315 -168,220 / 2.99 : 114,195 - 177,220 / 5.00
BONIFACIO : 100,720 - 159,240 : 102,230 -161,290 / 1.37 : 107,675 - 169,160 / 5.05

Source: Colliers International Philippines Research

Capital Values
Average secondary capital values in the Makati CBD were approx. PHP3,000 /sqm higher than in Ft.B. Premium 3BR units in MK. grew by 2.2% QoQ, while Ft.B grew by 1.4% QoQ to an average of PHP131,760 /sqm.
======
> from: RealEstateMarketReport_4Q13.pdf

traineeinvestor 5 yrs ago
11% is quite a high vacancy rate. Does it suggest a state of oversupply?

D_S 5 yrs ago
What are the tax rates on foreigners buying and then renting said property in Philippines? Capital Gains Tax?

OffThePeak 5 yrs ago
It is complex - ANd the rates are high.

But it is still possible to make a decent profit in Manila Real Estate


Basically, there is a 6% Flat tax on the Gross Sales Price,

and there are some further taxes too


==

> More: http://www.globalpropertyguide.com/Asia/Philippines/Taxes-and-Costs

OffThePeak 5 yrs ago
FOR THOSE WHO WANT TO KNOW MORE about Property in the Philippines,

there may be a free seminar soon.


I will tell more, if people are interested.

traineeinvestor 5 yrs ago
I'd be interested in having a look but a combination of high vacancy rates and high taxes makes the idea sound very unattractive.

OffThePeak 5 yrs ago
The vacancy rates of around 4% for Luxury 3BR flats are not high.


The overall ones are near 10%, and that would be high. It is worth studying the reasons for that

OffThePeak 5 yrs ago
Some friends from one of the Top Property Agents in Manila are in town for a few days.


I have organized a few meetings for them.


If you would like to learn more, or even meet them, send me a PM

OffThePeak 5 yrs ago
(Will add this to the Original Post):


COMPARE



Price Levels------- USD/per SM : HKD/per SF /

============

+ H.K. /Midlevels- : US $27,771* HKD$15,000 /.75= HKD$20,000, Net

+ H.K. /Average-- : US $20,660* HKD$11,159 /.75= HKD$14,879

+ H.K. /NT areas - : US $13,885* HKD$ 7,500 /.75= HKD$10,000

============

+ Phil. /Makati---- : US $ 2,903 : HKD $ 2,090

: HK-ave./ Makati : Ratio : 7.12

+ London, PrimeC: US $32,745 : HKD$23,576

+ London --------- : US $20,660 : HKD$14,875

+ US / Manhattan : US $22,927 : HKD$16,507

+ US / NY-Metro-- : US $15,284 : HKD$11,004

+ US / Average--- : US $07,033 : HKD$ 5,064

+ Singapore------- : US $17,709 : HKD$12,750

+ Malaysia / K.L. - : US $ 3,980 : HKD $ 2,866

+ Malaysia--------- : US $ 2,629 : HKD $ 1,893

============


> main source : http://www.globalpropertyguide.com/Asia/Singapore/square-meter-prices

> other source : http://tinyurl.com/PHP-Makati

punter 5 yrs ago
My main concern if I will invest in Mnl is still liquidity. It looks like it's difficult to re-sell properties at the price you "prefer".

Lucane01 5 yrs ago
"+ US / Average--- : US $07,033 : HKD$ 5,064"


You've changed this number from yesterday but it still looks outrageously incorrect. Is this number suggesting that your average US home costs about $700 USD per squarefoot ??? It is more like $100-150 for an average home.

Conte_Riccardo_III 5 yrs ago
I think it was US$ per square meter, and HK$ per square foot?

Conte_Riccardo_III 5 yrs ago
What would be interesting is a comparison where one adds income tax to expenses for housing. Before you do this (if you do it) we should discuss whether it should be the "average" income tax, the "uppest quartile", or what.

Ed 5 yrs ago
Ayala Land Inc. (ALI), the real estate unit of the Ayala Corporation, opened its second international Asia-Pacific office in Hong Kong in a bid to attract high net worth (HNW) investors to the growing Philippine market.


http://www.theasset.com/article/26063.html#axzz2tY33BMtk

Lucane01 5 yrs ago
"I think it was US$ per square meter, and HK$ per square foot?"


Yes, I know, so I did a rough 10:1 conversion into sqft and according to OTP's post he is indicating that your average US home costs $700 USD per sqft, which is nonsense. Either I'm reading his chart wrong or he has a typo in there somewhere.

Conte_Riccardo_III 5 yrs ago
I guess US-average doesn't really mean much. I would assume there is a huge difference between cities, and say, a house in the middle of nowhere, five hours drive from the neerest source of water (or than in Detroit. Haha). Maybe his number is for cities?

Lucane01 5 yrs ago
No, that number exists almost no where in the USA. You can buy prime Miami mansions for under 300 USD per sqft. $1,000+ only exists in a tiny tiny tiny part of the US like Upper East Side Manhattan. Most all of USA, including top cities is under $250 USD per sqft - in bad cities / bad parts of town it is $150 or less.

Conte_Riccardo_III 5 yrs ago
That's pretty cool. I could almost retired if I lived there :)

OffThePeak 5 yrs ago
Lucane, your comment:

"I think it was US$ per square meter, and HK$ per square foot?"

"Yes, I know, so I did a rough 10:1 conversion into sqft and according to OTP's post he is indicating that your average US home costs $700 USD per sqft, which is nonsense. Either I'm reading his chart wrong or he has a typo in there somewhere."

=== ===


America is a big place, it is not just NYC and San Francisco. And the places in between are far cheaper than the properties that get marketed in HK. I did not pull the number out of the air, but neither was it possible to find the figure I was looking for - The average price of US property per Square Foot or per Square Meter.


So here's what I was working with: // will fill in exact no's when I find them again)


Average US Home price : $169,000 (approx - as per Trulia?)

Average NY Home price : $367,000 (approx - as per Trulia?)

RATIO : US to NY home : 46.0%


Average price of NY property per Sq.M : $15,284 /sm - as per XXX


Calculation x 46.015% x $15,284 = $7,033 per sq meter = $653 per sf


(( checking numbers now ))



Lucane01 5 yrs ago
https://www.census.gov/construction/chars/highlights.html


"The average price per square foot for new single-family homes sold was $86.30. Regionally, the Northeast had the highest average price at $122.60 per square foot."


There you go, the average price of a new construction home in the Northeast (the wealthiest US region) is only $122 USD (950 HKD) per square foot. Compare that to decrepit 30+ year old salt water concrete HK housing that costs $10,000 HKD per squarefoot or even higher. Furthermore, US construction has these amazing futuristic technologies like AC that does hot as well as cold (I know I know, its so cutting edge that it has not yet made its way to HK) and windows with two panes as to insulate your house from the temperature outside. If you want "luxuries" like those in HK you gotta be in the 20k per squarefoot price level.


US-HK Comparison:


Top neighborhood of a top US city, mini mansion for $230 USD per sqft http://www.trulia.com/property/4101789-36-Columbia-Dr-Tampa-FL-33606#photo-1


Dried seafood district of HK at about $1,500 USD per squarefoot

http://www.squarefoot.com.hk/property/10438401/


Historic style mansion with garden, pool, rooftop, garage, hardwood floors and luxury interior finishing as well as central AC, insulation and double-pane windows or decrepit shoebox with "luxurious" kitchen and a "full seaview" hidden behind those warehouse buildings. Oh, and you can get the mansion for 85% cheaper than the other. HK property speculators, only the most discerning of speculators.


Anyways, jokes aside, your figure as to the cost of US housing is grossly incorrect, it is off by a magnitude of anywhere from 3x-10x. The hottest area in the entire USA right now is Brooklyn and a beautiful Brooklyn brownstone (the mansions built by the uber wealth in the early 20th century) only costs you $300 USD per sqft today [unless you are looking at places like park slope or fort green]. The rest of America only pays $50-$200 USD per sqft for housing.


This is why I so frequently comment how insanely stupid HK housing prices are - they are 10-30x more expensive than US housing and of lower quality in all ways.

OffThePeak 5 yrs ago
" the average price of a new construction home in the Northeast (the wealthiest US region) is only $122 USD (950 HKD) per square foot."

That's CONSTRUCTION COST, Not Valuation.

The Land Cost must be added on. And some other costs too

Even in HK, the Building cost can be under HKD $2,000 per sf, depending on WHAT is built. 7-8 years ago, when I first moved here, some builders were using build cost figures close to $1,000. BTW, the kitchens are usually the most expensive rooms to build per SF. And I think bathrooms come next. So a sprawling American house with one kitchen, and rec rooms, and family rooms and a garage may be much cheaper to build per sf.

OffThePeak 5 yrs ago
L., here's a short UPDATE on NY Prices


Summary for New York


"The median sales price for homes in New York NY for Nov 13 to Feb 14 was $1,200,000. This represents an increase of 20.1%, or $200,500, compared to the prior quarter and an increase of 20.6% compared to the prior year. Sales prices have appreciated 15.5% over the last 5 years in New York. The average listing price for New York homes for sale on Trulia was $2,942,821 for the week ending Feb 12, which represents an increase of 1.3%, or $38,077, compared to the prior week and a decline of 2.4%, or $73,563, compared to the week ending Jan 22. Average price per square foot for New York NY was $1,362, an increase of 14.9% compared to the same period last year. Popular neighborhoods in New York include Upper East Side, Upper West Side, Harlem, Chelsea, Greenwich Village, and East Village."


> http://www.trulia.com/real_estate/New_York-New_York/market-trends/


$1,362 psf = $14,660 per sq.m.


That's a touch lower than the previous figure I had ($15,284) which came from a different source. The small difference is no real concern, I think


But US real estate CAN get much cheaper than that - as this google entry shows:


"The average price per square foot for housing in Lawrence, KS has increased recently to around $115 per square foot."


> http://business.financialpost.com/2013/01/12/stubborn-sellers-killing-canada-real-estate-crash/

Lucane01 5 yrs ago
"That's CONSTRUCTION COST, Not Valuation."


No, it says: "The average price per square foot for new single-family homes sold was $86.30."


Under the category titled: "Of the 368,000 single-family homes sold in 2012:"


It does not say the average construction cost per square foot, it says the average price sold, meaning final transaction price which means it includes all the land and everything. You can buy a brand new home in the US on a 15k sqft lot for under $100 USD per sqft.


"The average new single-family home sold was built on a lot of 15,634 square feet."


And this is just the average Joe six-pack house, not even the moderately wealthy people's housing.


As for NY, you are looking at NY NY housing, which is Manhattan housing (as is indicated by your Trulia link). And specifically it is heavily skewed towards Manhattan housing below Central Park, which is in essence the Mid-Levels + Peak of US housing. It generally does not get more expensive than living on Manhattan. Its also important to note that just like in HK, most New Yorkers don't even live on Manhattan but rather in all of the surrounding boroughs like Queens, Brookyln, Harlem etc. And on top of that there is massive daily work commuters from New Jersey and Connecticut - most of the rich NYers don't even live in NY because it is too expensive there, they live in Connecticut and take a 1 hour daily train to their iBank office downtown.


Manhattan pop = 1.6 mil but NYC pop is 8.3 mil and the daytime NYC population is about 16 million. So you are looking at the housing prices in the heart of the financial center of the USA that represents 1/3 of a percent of the US' population - and on top of that lots of Manhattan housing is in some way provided for by the government, so its not even real market housing.


There is no debating this, it is clear as day and I know very much so what your average range of US home prices are. Your average US figures are off by a million miles and should be steeply adjusted down by about 80%.

OffThePeak 5 yrs ago
Okay. I get your point.


You may be looking at SUBURBAN homes.


But here's the problem there:

+ The home price per sf is low


Then later:

+ The home owner gets hit with high property taxes, to maintain the expensive infrastructure

+ The cost of commuting by car is huge


The low "Cost to buy" seems attractive in the suburbs, but when you add in the subsequent costs of living there, it is crushing


This suburban living arrangement is destroying US wealth, in a world of high oil prices.


HK prices seem high when you buy, but the subsequent costs are lower.


If you can give me an accurate size for the average American home, which has been reported at about USD169,000, then I can put a more accurate figure in the Table.


(BTW, The point of that table was to show very cheap Makati prices are, for a Condo in the Central Business district. I would be happy to put a more accurate figure in the table for the USA, if you can supply one.)

Lucane01 5 yrs ago
I agree that each city / country is different and has different costs associated with it. For example you can work in NYC and make $100k but actually have less spending power than working in FL making $60k.


But anyways, a simple plug-in figure for your average US house price would be ~$100 USD / sqft nationwide. If you want to look at good cities only then maybe $125, and if good neighborhoods in good cities then $200. If you want NY / Cali good areas then it is $300 and then exclusive neighborhoods the sky is the limit (upper east side, etc).

OffThePeak 5 yrs ago
I have found this thru Google:


US-average : $169,100 +6.4% Y-o-y,

per Zillow : http://www.zillow.com/local-info/

US-Govt-Historical-data: http://www.census.gov/const/uspriceann.pdf

Lucane01 5 yrs ago
Right, the Zillow figures look right to me.


http://www.zillow.com/local-info/#metric=mt%3D36%26dt%3D1%26tp%3D5%26rt%3D14%26r%3D102001%252C394913%252C394806%252C394463%26el%3D0


Median sale price per squarefoot: $124 USD. That fits well with what I suggested.

OffThePeak 5 yrs ago
Okay.

That would mean the average size US home is:


$169,100 / $124 per sf = 1,364 sq. feet


This sounds "mostly suburban" to me, and so:


+ Cheaper land (but high taxes, and commuting charges)

+ One kitchen - keeping build cost down

+ A Garage, maybe a two car garage, boosting square footage


The price of homes in the Cities will be far higher, for obvious reasons.


Is the average US home really cheaper than the average home in China?

It seems impossible, but the different sources I took my figures from do suggest that.


(Reminding people of the PURPOSE of the Table this data came from:

To show how comparatively cheap the prices of Condos in Manila's main CBD are)


Suburban homes in the Philippines will also be much cheaper

OffThePeak 5 yrs ago
Singaporeans buying aggressively in Manila - Dec. 2013/ The Sunday Times


"Earlier this year, local businessman Jonathan Lim Keng Hock led a group of wealthy investors who bought 300 condominum units and 100 parking spaces at a project along Manila Bay for almost $100 million.

The development includes four casinos set to be completed 2016.

==

> http://www.makatipremier.com/uploads/2/3/6/9/23690716/5934589.jpg

OffThePeak 5 yrs ago
Manila set to launch Residential Price Index


The Philippine Central bank is set to introduce a residential property price index in the first half of the year


... as it intensifies monitoring of asset bubble risks.


+ The index would initially cover Manila and nearby provinces

+ Would use building permits and prices for construction materials

+ "No evidence of an asset bubble, but we need to monitor what is going on"

+ Not just the Big picture, but also its components

+ The Philippines economy expanded by 7.2% in 2013, after 6.8 percent in 2012



> Today's SCMP, Property Digest - P1


A useful step towards greater transparency perhaps?

OffThePeak 5 yrs ago
CHEAPEST CITIES to live in


Rank/ : City

# 01 / : Karachi

# 02 / : Tehran

# 03 / : Mumbai

# 04 / : New Delhi

# 05 / : Kathmandu

# 06 / : Tripoli

# 07 / : Manila

# 08 / : Asuncion (Paraguay)

# 08 / : Kiev

# 10 / : Pretoria

# 10 / : Bucharest

# 10 / : Johannesburg

=======

Which of these, would you be willing to live in?


===


#7. Manila

========

Manila appears seventh on the list of least expensive cities ranked in terms of the cost of living. Manila is the capital city of the Philipines, and is the centre of the country's largest metropolitan area. However, the population of 1.4 million means that Manila is only the second largest city in the Philippines, with Quezon City being first with over 2.5 million inhabitants.


Despite the fact that the area where Manila now stands having been the location for settlements for possibly thousands of years, the city really grew under the colonial rule of various countries. These foreign powers included Spain, the UK, the USA and during World War II Japan. Even after independence for the Philippines from US rule in 1946 Manila was not made the capital city until 1976. Nowadays the greater Manila area is at the centre of the economy of the Philippines, and is very diversified. There are industrial plants which manufacture many things including, but not limited to consumer electronics, chemicals and clothing.


Tourism is playing an increasing role in the economy of Manila, and each year in excess of a million visitors come. Manila is also the major port for the Philippines, and all forms of retailing from markets through to malls play a big part. Finally there are also all of the governmental offices, and company headquarters which add an additional strand to the city's economy. However, the cost of living in Manila is till relatively low. Goods and services are relatively cheap due to low labour costs. These are due to the large numbers of relatively poorer people who gravitate towards Manila from the more outlying areas of the Philipines every year. Also outside of a few premium areas, the cost of property is low.


Finally the Philippines earned a lot of money from remittances sent back by people who worked abroad, but with the global downturn these are starting to fall. Finally recent exchange rate movements have led to it being cheaper when compared with the currencies used by some of the major world economies. All of these factors combine to make Manila the 7th cheapest city in the world to live in.

==

> http://bristolboy.hubpages.com/hub/Top-10-Cheapest-Cities-In-The-World


OffThePeak 5 yrs ago
Home on the Range - article about the Philippines Art Fair


John Batten - SCMP, March 9, 2014 / exhibit began 22 Feb at Ayala Museum


Art Fair Philippines could teach Philippines how to nurture its own artists


+ Manila's large middle class, and some wealthy philanthropists support a variety of private museums

+ The City is a lucrative art market

+ Christies was prominent at the fair

+ In the Philippines, there is a wave of enthusiasm for domestic art

+ Many young Filipinos can make a decent living selling their work

+ Older artists are being rediscovered (such as Jaime de Guzman)

+ The "opague customs regulations" in Phil., make it difficult to import art


Attendance at the Fair (held in Manila: Feb. 22-23) was up 40%

And 10,000 attendees visited 29 exhibitions, and 7 installations

The fair was spread around the Makati CBD


Some artists / venues mentioned:

+ Kawayan de Guia's "massive" Bomba

+ Louie Cordero's Pong on Earth, spray-painted ping pong tables

+ Mo Space revived last year's favorite: I, Object, and MM Yu's Variable series


Art Fair is riding a wave of interest in Art, sweeping Southeast Asia.

HK should embrace this enthusiasm, and reach out to neighbors

justingo 5 yrs ago
Hi everyone!


Anyone have any questions in here regarding properties in Manila, Philippines, particularly in the Makati area?


I'll be flying to Hong Kong in 2 weeks and would love to meet some of you in here.

justingo 5 yrs ago
Positive outlook on Philippines Property


http://business.inquirer.net/165551/local-property-market-expected-to-continue-upswing

OffThePeak 5 yrs ago
I just bought a property in Makati, so obviously, I have a positive attitude towards the opportunity.


My concern is that with too much push, the market may soon get over heated, and the govt might impose restrictions on foreign buying, spoiling what looks like a good opportunity.


BTW, what is your interest?

Are you acting as a broker, agent, or developer - or something else?

justingo 5 yrs ago
Hi OffThePeak!


On your concern regarding the restrictions being imposed by the government, I think we are far from that. Unlike Singapore, Hong Kong, and China where cooling measures are tang effect, the Philippines is unlikely to go through that face anytime soon. There is too much growth potential within the country and we are at a very young phase in terms of the property market getting matured. There will be many many years to come for investors to enjoy the fruits of their investments in Manila.
<