MANILA, Philippines — Buyers from mainland China had dominated residential sales in the Philippines amid improving ties between Manila and Beijing, real estate services firm Leechiu Property Consultants said. In a report dated March 18, Leechiu Property said overseas Filipino workers are no longer the top buyers in the residential market following a surge in mainland Chinese buyers, which is expected to continue in the long-term amid rekindled relations between the Philippines and China. Rental units in the Bay area have climbed by 80 percent in the last three years. “Assuming a constant aggregate take-up of 7,757 units, the remaining inventory in projects preferred by mainland Chinese buyers will be depleted in three months,” CEO David Leechiu said. Overall, Leechiu Property said it expects “brisk growth rates” in office, residential and industrial real estate markets in the first quarter of 2019.

Source: Philippine Star March 19, 2019 03:48 UTC