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Condos attracting a lot of buyers in the Philippines, according to consultants

2/6/2012 11:12:00 AM

Property investors, many of them from overseas, are continuing to buy in the Philippines despite rising prices, experts point out.

Middle income residential developments have become popular the past few years because of their affordable prices while luxury condominiums have remained robust despite their steep prices, according to real estate advisory firm CB Richard Ellis Philippines.

‘You can’t buy large pieces of land in Metro Manila anymore so the next closest thing would be a luxury residential condominium,’ said Jose Luis Matti, executive director of CBRE Philippines Asset Services. Luxury condominiums are usually priced from P175,000 to P225,000 per square meter.

Units that are bigger than 200 to around 300 square meters are also considered to be in the luxury sector.

Source: Property Wire