The online gaming sector — with China as its main player — has saved the PH property market from potentially crashing in 2017, according to industry experts.
More Chinese companies have expanded their investment footprint by obtaining gaming licenses to operate legally in the country. More than 50 offshore gaming firms have now received permits to be a Philippine online gaming operator (POGO). The result, however, led to higher residential property prices in Manila. This may be bad news, but not entirely for properties near but outside the capital.
More Expensive Houses
Houses along the Bay Area rose by 27% in the fourth quarter of 2017, due to the influx of Chinese investments. Property and condo sales in the broader capital city also increased to a record-high number of 52,600 units in the previous year.
The increase stemmed from around 100,000 Chinese migrants who arrived in the country since September 2016. Some of them are employees of gaming companies who have set up business, while others have simply arrived to buy properties as an investment.
This led many Filipino buyers to look for properties elsewhere, particularly in nearby provinces such as Cavite. For instance, a Lancaster New City review like Land Price List will more likely have a lower listed price than a similar property in Metro Manila.
Many Filipinos have considered Cavite as a good alternative location. This is thanks to its proximity to Manila and to the growing network of road infrastructures that connect both regions. Some of the best places to buy a house in the province include Imus.
Many property developers today have chosen the provincial capital as the site of their next projects, and many more are following suit. Job growth in the city has been decent, but if you still prefer to work in Metro Manila, the Muntinlupa-Cavite Expressway would soon be a vital link in reaching Manila, Makati, and other cities.
The POGO sector will likely continue to boom in the near future, so property agents and buyers alike should keep themselves updated on pricing trends in Metro Manila.