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Philippines Real Estate Report Q1 2011
Business Monitor International, Dec 2010, Pages: 66
Philippines Real Estate Report provides industry professionals and strategists, corporate analysts, real estate associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Philippines's Real Estate industry.
The Philippines property sector has begun looking up, with strong demand and investments pouring in.
Despite having experienced a state of oversupply as a result of past overdevelopment, office space rental take-up is expected to be about 250,000sq m in 2010, and forecast to improve by about 10% in 2011.
Conditions are positive in all commercial sectors: office, retail and hotel, as well as in residential property, according to CB Richard Ellis in November 2010.
The sector is benefiting from the new Aquino administration's governance, leadership and provision of infrastructure, as well as the ready availability of credit and favourable economic fundamentals.
Following the positive economic outturn in Q210, we have revised our 2010 real GDP growth forecast to 6.2% (from 4.9% previously). However, we maintain our view that the Philippine economy will suffer from a Chinese slowdown in 2011, with growth projected to weaken to 4.0% in 2011.
Our relatively sanguine outlook for the Philippine economy hinges on the view that the flow of remittances will remain robust in the face of an expected renewed slowdown in the global economy in 2011. Therefore, we may be forced to downgrade our forecast for the Philippines should remittance growth turn out to be worse than expected over the next few quarters.
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