By Emily OstermanIn the Philippines, the number of properties that people are buying and selling has skyrocketed over the past decade.
In 2014, the Philippines accounted for 16.7% of the global market for properties, up from 10.5% in 2008, according to the International Realty Institute.
In 2016, the country had 5.7 million properties in its portfolio, according the country’s National Property Bureau.
The Philippines has also become a hotbed for foreign investors, which are increasingly drawn to the country due to its favourable climate and economic growth.
The country has been attracting more investors due to a rise in land prices and its reputation for economic growth and development.
In 2016, real estate agent Sari Yap, who works in Manila, told The Straits Times that she has seen a dramatic increase in demand for properties in recent years.
“The Philippine market is growing, and there’s no doubt that there are lots of people who are interested in buying property in the country.
They are very happy about the growth,” she said.
The Philippines has seen an influx of foreign investors in recent times, as investors look to buy properties that they think will bring them riches, while also contributing to the local economy.
“The government has been doing everything they can to attract more foreign investment,” said Yap.
“This is a very positive trend.
We have a good track record of foreign investment.
But the problem is that most of them are not investing in our country,” she added.
Despite a recent crackdown on foreign investment, some foreign investors are still interested in purchasing properties in this country, said Jody Sohn, managing director at Zimad Property Agency.
“There is a lot of foreign interest in property.
There’s been a rise, as well, in the number and type of properties being purchased,” she told The Times.
“We are seeing more and more foreign investors wanting to purchase properties in Philippines, but are not able to because of the current restrictions.”
Yap believes the country is on the right track, as it is looking to improve its infrastructure and improve its economy.
She added that the country needs to develop its infrastructure, which will be a big part of her agency’s success.
“Our infrastructure needs to be modernised, and we need to have the right infrastructure to be able to serve the needs of the Filipinos,” she explained.
“For our clients, the most important thing is that they have a positive experience with our services. “