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Al Noor development,
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Al Sanaa Development,
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Slowing US Dollar Slows Philippine s Property Boom |
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HOME >> NEWS >> Slowing US Dollar Slows Philippine s Property Boom |
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 An approximate 8 million Filipino workers are in overseas employment, giving them the chance of sending their hard earned money back to their home shores. At least that was the situation until the dollar started losing its value not so long ago.
With the weak U.S dollar come major challenges for all those overseas stationed Filipinos who were more or less responsible for the strong Philippines property boom of 2006 and 2007. Their local peso value has dropped by 10 percent since the fall of the dollar and this has caused a ripple effect in the community.
Where before workers would send their money home to invest into local properties, now they can hardly afford to do this anymore. With 1/5 of their income gone (in Philippine terms) the building boom has slowed down tremendously.
Despite this, local real estate business owners are still busy selling off millions of empty properties to the demand that is taking place locally. This demand is caused partially by a rising expatriate community, low interest rates, better incomes, friendly loan terms and the sheer number of people who live in this country.
What is surprising is that still around 70% of the Filipino population does not own a house. This shift in the market has now a strong focus on the demand instead of an investors driven growth.
This leaves the Philippines market wide open to overseas investors nonetheless, since the property prices have come to a stand still. A great opportunity for those who dream of sandy beaches and friendly local communities.
Either way, the Philippine market will continue to flourish with local driven demand and is said to have plateaued in terms of property hikes.
Source: http://www.overseaspropertymall.com/ |
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