* Top Asian real estate brokerage firm optimistic
The Philippine real estate market is envisioned to continue its outstanding development when it comes to luxury real estate.
In a recent press conference, List Sotheby’s International Realty, Asia’s powerhouse in luxury real estate properties, said the Philippine market for luxury real estate is just beginning to boom.
“With the right economic fundamentals, coupled with investors’ confidence and sound government policies, the luxury real estate market in the Philippines will keep on growing,” said Darius Tenerife, chief operating officer of List Sotheby’s International Realty in the Philippines.
List Sotheby’s International Realty, the most esteemed real estate brokerage firm in Japan, is one of Sotheby’s International Realty’s® biggest franchisees
The other half of the brokerage, List Group, is one of the companies that helped shape Japan’s robust and highly competitive real estate industry. The company is also present in Hong Kong, Singapore, and Hawaii.
The properties in List Sotheby’s listings are some of the most sought after properties in the real estate market.
Affiliated with 930 offices across 69 countries, List Sotheby’s International Realty puts premium properties in the country on a more global platform.
“More than a brokerage firm, List Sotheby’s International Realty will help investors get the best value for their money by helping them make sound decisions,” Tenerife stated.
According to Tenerife, with Asia’s premier real estate brokerage firm, List Sotheby, aiming to expand the market of luxurious properties in the country, the Philippine real estate market is in the perfect condition to advance.
Currently, the annual real estate yield is at four percent with the price of luxury residential at its highest with a 28 percent year-on-year growth, said Rick Santos, chairman and chief executive officer of Knight Frank —the largest privately owned global real estate consultancy, with more than 400 offices in 59 countries across the globe.
Mid-end projects dominated the sales of condominiums in Metro Manila with 64 percent in total. Following these projects are high-end properties at 24 percent, affordable at 10 percent and luxury developments at two percent.
Majority of luxury properties are centered in Metro Manila. Makati and Taguig follow as the most sought after areas; and there is an abundance of high-end gated communities all over the areas of Mandaluyong, San Juan, Muntinlupa, and Quezon City.
According to Chris Wells, a real estate agent working for Colliers International, a property is considered luxurious if it offers something unique from the other properties in the market.