Philippines' property sector is red-hot

There is a booming demand for office space and condominiums in the Philippines. This is a result of the rise in outsourcing to the Philippines as well as purchases made by Filipinos from abroad.  This upsurge is expected to continue as wealth is expected to spill over the outlying provinces around the capital.

'The property market is now very much visible compared to several years ago," said a country head of a real estate services group.

The expansion of international companies outsourcing of business functions such as call centres and back-office work to the Philippines has been unprecedented breathtaking, topped only by India.

This has created huge demand for large office space in prime areas of Metro Manila, Metro Cebu, Davao, and Subic Port Area  over the past years. Developers are still scrambling to meet this need.

Infact,  The second city of Cebu is now fast establishing itself as an outsourcing and information technology center, as well as smaller cities like Iloilo and the pleasant university town of Dumaguete, all in the central Philippines.