Manila Condo Market Rush
As the thephuketinsider.com is in the Philippines it's interesting to view trading comparisons in the residential condo market. According to industry analysts there are over 100 new projects currently in the pipeline. Leading property firm Colliers is reporting that the residential market is showing signs of recovery with notable increases in volume in Q2 of this year. Market estimates are at the beginning of this year there were 60,000-80,000 condominium units in Manila.
Other key trends commented on have been the growth of the secondary resale market, which is displacing new unit sale and an active rental segment with the country experiencing a positive economic uplift. Absorption rates are expected to be under fire with the new round of product launches and the question of discounting remains widely speculated on. As for the moment though the real estate sector is riding high on a positive trading environment and feel good atmosphere of purchaser and investors.
Perhaps a key in this market that separates comparisons to Phuket is that strong domestic demand is present along with relatively good liquidity in the buyer's pools. Whereas our island relies strongly on overseas buyers for resort grade property, breaking into the Thai domestic market remains an elusive objective yet to be widely tapped into.