Manila now a top real estate investment market in Asia – survey
MANILA, Philippines — Manila has emerged as one of the top real estate investment markets in Asia for 2014, according to a new survey by the Urban Land Institute and PwC.
In ULI and PwC’s “Emerging Trends in Real Estate Asia Pacific” report, Manila ranked fourth out of 23 Asian cities in terms of city investment prospects.
Tokyo, Japan regained its status as the region’s most popular investment destination, followed by Shanghai and Jakarta. Manila outranked Sydney (5th), Guangzhou (6th), Singapore (7th), Beijing (8th), Osaka (9th) and Shenzen (10th).
The report attributed for the Philippine capital’s rapid rise in the survey to its fast-growing economy, as well as its increasing popularity as a destination for multinational companies for outsourced services. Also cited were the perceived improvements in transparency and governance issues that have long plagued the country.
“A big mover is Manila, which is up to 4 from 12 last year… We’ve been hearing for a couple of years now the success and impact of the BPO sector, as well as the positive demographics and GDP growth,” John Fitzgerald, ULI Asia Pacific chief executive, said during a presentation on Thursday evening.
Fitzgerald said the survey showed investors are increasingly willing to look at emerging markets such as Manila and Jakarta, as alternatives to traditional markets.
Emerging Trends’ City Investment Prospects ranking, 2014:
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