Keep in touch with the latest news of the country’s real estate industry. My Property has handpicked the top news of the week so you can be aware and stay updated with the changes of the industry.
This week the BSP reported that the country’s FDI surged to 62% as of November 2014. Residential property sales dropped in 2014, while the now 5.5 million housing backlog will reportedly need P220 billion for it to be solved.
Foreign Direct Investments increase by 62%
The country registered an $5.72 billion in FDI (foreign direct investments) from January to November of last year. The 62% surge in the first 11 months of 2014 reflects strong investor confidence in the economy, according to the BSP (Bangko Sentral ng Pilipinas).
Philstar; February 12, 2015
Ayala raises 2015 capex to P185B
Ayala will be raising its capital expenditure to P185 billion this year. This is a 23% increase from the P150 billion spent last year. Ayala says that the bulk of the P185 billion will mostly be allocated to Ayala Land Inc.
The Manila Times; February 12, 2015
Residential property sales, dropping
Colliers Philippines reported that Metro Manila’s residential property market contracted in 2014 in terms of inventory and sales. Colliers Philippines director for research and advisory Julius Guevara reported that nearly 40,000 residential units were sold in 2014. The amount is 7% lower than that of 2013.
Inquirer; February 13, 2015
NCR posts 2nd highest increase in occupancy costs
The country’s capital posted the second highest increase in costs of prime office space occupancy worldwide. According to CBRE, the National Capital Region posted an annual increase of 20.7% in terms of occupancy costs. In NCR, real estate experts cited Bonifacio Global City as a preferred location.
Rappler; February 12, 2015
Housing backlog needs P220 billion
National president of CREBA (Chamber of Real Estate and Builders Association) Noel Cariño stated that the untapped P220 billion allocated legally for socialized and economic housing need to be used in order to solve the 5.5 million housing backlog of the country. “We are tapping the unused agriculture and agrarian reform funds of the Central Bank, Pag-IBIG, Government Service Insurance System and the Social Security System based on their respective Charters in order to create a fund exclusive for housing,” he said.
Manila Standard Today; February 9, 2015