Status of Philippine Real Estate: Looking Bright

Around the world the real estate industry is feeling the pain caused by the Global Economic Crisis. But this situation is not true in the Philippines.

Throughout the country investors are optimistic that the market will continue to grow.

The reason for this optimism is the continued growth of the outsourcing industry. The Philippines is ranked second only two India in the Business Process Outsourcing market.

Just recently Convergys has announced that it will open its largest Global Facility at Glorietta 5, Makati. This is expected to house 3,500 agents. Presently, they have ten other offices in the country. And their target is to employ 25,000 agents by year end.

Netsuite, a cloud computing company, have also announced it plan to double its workforce in the country.

They said that this expansion is part of their strategy to groom the Philippines as its “largest hub” for cloud computing services worldwide.

As global corporations look for ways to save money in order to lessen the impact of the Global Economic crisis so will the local outsourcing business thrive. And it is expected to pickup even more as the world economies eventually recover.

This means that there will be more needs for homes to house the growing workforce. High rise buildings for corporate offices and condominiums will be especially in demand.

Recently, the country has been hit by two devastating typhoon. But even this is not expected to affect the overall Real Estate Market. Admittedly this will affect real estate development in the outlying provinces but this will not continued need for houses in the urban cities of Metro Manila, Davao, Cebu, Bacolod, Iloilo, and Olongapo.