Property market to grow by at least 10% in 2010
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By Irma Isip
Malayan.com.ph
February 19, 2010
Real Estate service firm CB Richard Ellis Philippine sees an
uptake in the property market growing by at least 10% this year pushed by
liquidity, election spending, bank lending and the enactment of the REIT (Real
Estate Investment Trust) law.
In a press conference, CBRE Philippines chairman Rick M. Santos,
said the growth would be across the board but it would be let by office
followed by residential and retail.
Santos
said this year’s performance particularly quarter on quarter is an acceleration
from 2009. Numbers for the full year are
yet to be available.
Santos
said the first quarter of 2009 saw a slowdown in property activity following
the global financial crisis but he sees this recovering this year.
Santos
said prices in some sectors may go up in the third or fourth quarters of the
year as supplies begin to be taken up.
For now, he said, there is more supply that landlords are
more flexible in their transactions especially for the office and residential
segments.
Santos
sees this is good for the property market as this would push demand even more.
For 2009, Santos
said, prices in the office segment slid but they had been flat for residential
and retail segments.
Santos
sees lots of supply for high-end residential leasing.
He said he has seen resurgence in activity in the property
industry in the first two months of the year which would be sustained for the
rest of 2010.
Santos
said demand for office and commercial space will be supported by the growth of
the business process outsourcing industry especially outside Metro Manila
although modestly as the global economy recovers.
Santos
said the implementation of Republic Act 9856 or the REIT Act would be a big
boost to the property sector. Its
implementing rules and regulations are still being finalized.