The world financial crisis is expected to affect the Philippines in 2009 but despite the recession, luxury housing remains a strong market in the Philippines. The demand for high-end properties within Metro Manila, its suburbs, and the provinces stays strong and resilient. This is because property values in the luxury segment of real estate are very limited. Although there have been new projects launched in 2008 to take advantage of the market, the supply is still not enough to satisfy demand.
One of the newer projects is the Raffles Residences in Makati. This development by Kingdom Hotel Investments is worth US $153 million and includes a 30-suite Raffles Hotel, a 300-room Fairmont Hotel, and 200 luxury apartments. It’s still in pre-construction, but already the Raffles Residences reached a record high for sales.
Now is the best time to invest in luxury housing in the Philippines because the property values will start leveling mid-2009. Remember that property transactions take a lot of time to pull through, and it would be a good idea to start doing research on great buys in the market.