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Philippines Real Estate Report Q2 2011
Business Monitor International, March 2011, Pages: 58
Philippines Real Estate Report Q2 2011 - Confidence is returning to the Philippines property sector in 2011, as foreign investment and improved infrastructure start to underpin real growth in rental rates and yields. Despite issues with oversupply in several areas, office space rental take-up is expected to increase by about 10% in 2011. As a result, conditions are positive in all commercial sectors: office, retail and hotel, as well as in residential property. The Philippines faces a number of political challenges over the coming years which, if handled successfully, could improve governance. However, given low income levels and high levels of inequality, we expect the political scene to remain vulnerable to intermittent instances of turmoil. President Benigno Aquino III's efforts to stamp out corruption face a number of challenges going forward, but to date have met with some success.
The new Aquino administration's policy outlook and provision of infrastructure, along with an improved availability of credit, have particularly benefited the real estate sector. However, we believe Aquino may face legal opposition from the judiciary, inertia by the graft-ridden civil service and the added risk of military intervention in his quest for a cleaner political system in the Philippines.
On the back of a brighter outlook in both the US and Chinese economies, we have upgraded the Philippines' real GDP growth forecast for 2011 from 4.0% to 5.3%. Notably, the Philippine economy will benefit from both sanguine domestic economic conditions and firm growth in the external sector.
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