Real Estate Sector Hits All-time High Growth

The Philippine real estate industry grew by 17.1 percent in 2006. This is the highest annual expansion achieved since 1967, according to a  government report.

The NSCB said that this robust annual performance in real estate industry was driven by increased renting and leasing operations by the opening of upscale giant super malls and commercial and shopping centers.

It added that growth was further buoyed by the strong production and sales of residential developments in subdivisions and high-rise condominium projects fueled by the significant contributions of the remittances of overseas Filipino workers (OFWs) and Filipino immigrants.

Likewise, the growth of business process outsourcing (BPO) sector continued to boost sales and occupancy of office spaces, especially in the leading commercial business districts in the country.

This growth is expected to continue as businesses continue to expand in the outlying provinces particularly of Metro Manila, Metro Cebu, and Metro Davao.