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Filipinos working abroad fuel real estate boom at home 12/16/2010

Thursday, December 16, 2010

Filipinos working abroad fuel real estate boom at home

12/16/2010
MANILA — The Philippines’ famous diaspora of overseas workers is fuelling a boom in the real estate market back home as they snap up houses and apartments to safeguard their futures.

Property prices have recovered strongly since the global financial crisis of 2008, with investments from the nine million Filipinos toiling away in foreign lands a significant factor, industry figures say.

“Overseas workers are moving the market. Properties now are selling and when there is demand, prices go up,” Emily Duterte, head of the Real Estate Brokers Association of the Philippines, told AFP.

Industry sales nationwide this year are estimated to hit P300 billion ($6.9 billion) compared with about P100 billion each in 2009 and 2008, according to Claro Cordero from Jones Lang La Salle, a global real estate consultancy firm..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20101216com6.html

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