There still seems to be movement in the Makati condo market. I just got a call from my long time client who works at the ADB. She wants to buy in Salcedo village for her use. A 3 bedroom unit with a minimum of 180 square meters. On the other end of the spectrum I have another client who wants a house in Belair, but he thinks that prices are inflated, and we should see how the crisis pans out in this country (Philippines), particularly in the central business district of Makati.
Word from different sources in the real estate community state that the percentage of overseas contract workers purchasing real estate has gone down by around 10% in the 4th quarter 2008. It may go even lower as things develop. End users are still buying or renting because they act according to need. Only a visible online presence with efficient and competent followup service will capture this narrow market.
In the village rental markets, it has been noted that a number of expatriates have been pre-terminating their leases and going home. This obviously is the backlash from several multinationals downsizing and laying off employees. I am still observing movements and how strong this pressure will affect prices; how fast prices can get pushed down. I do have a couple of people waiting in the wings to grab a high quality single detached home in Forbes park or Dasmarinas village lower than prevailing prices. They are coming from the large condo units in the Fort Bonifacio Global City area. They decided they want a patch of grass to walk on. If some of you want to submit your listings please email me. I need them by June and July 2009.
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