- Posted May 6, 2012 by
This iReport is part of an assignment:
Eye on the Philippines
The Building of a Nation
The property sector in the Philippines is enjoying a resilient and remarkable growth streak, setting a sustainable cycle of investor confidence, job creation and consumer spending, all of which are keystones of an economy on the verge of a breakthrough.
This real estate boon is due in large part to the persistent, even ascendant flow of OFW remittances, which, according to experts, is on stable track as global demand for skilled and professional Filipinos remain significant.
The industry’s 17% growth in 2011 is a result of the OFWs increasing desire for alternative ways to bank their hard-earned money. While the bulk of remittances are used for consumption, more and more OFWs and their families are now making major purchase commitments for long-term returns, with condominiums as top of mind choice.
The purchasing power of Filipinos and the desirability of condos both as a viable residential and investment option make for a sector that is all set to define and dominate the Philippine landscape for years to come.
The signs are all over Metro Manila as high-rises continue to shape the urban horizon. Watching over the city, these towers stand in salute to the brave sacrifice of a people even as they lie in wait for the rise of a nation whose time for heights may have finally arrived.