Why Now Is Not The Best Time to Buy Properties in the Philippines
Investors will always say that the best time to have started investing in real estate would be in the past.
Philippines have experienced an appreciation in the real estate sector a market value by 130% in just 11 years.
If you bought 3 bedroom condominium unit in Makati in 2004 with the total floor area of 100sqm, the total price of your unit would have been ₱6.5 million. With the 130% appreciation, the market value of that unit would have been ₱15 million already. By selling it, you would have made ₱8,500,000 in profits. You would have gotten more of your investment if you had your unit rented in all those 11 years.
We can’t turn back time so you still would be unable to start back then. In fact, those who only started investing in properties in 2004, were already too late also, when compared to those who started way earlier than them.
The minimum low-cost housing unit under government programs costs ₱150,000.Those who started investing in properties in the 90’s have made far more profits than those who just started in 2004. Basically, the earlier you start, the greater your earnings.
The good news is, today is the next best time to start investing in real estate in the country. The Philippines is still underdeveloped for the most part. Because Philippines is a developing country, there is still a great opportunity for progress and the room for growth is still very wide. The recently concluded ASEAN integration also helps the current economy and investment market; it helps open up the Philippines into the whole of Southeast Asia for better and less-restricted trade activities.
The longer you wait, the more you’re losing in terms of appreciation in the value of your property. If you were not able to start investing yesterday when it was the best time, today is the next best time to do so.
More opportunities are opening up to the people right here in our country, which means more income for them. This consequently means more buying power and elevated standard of living. And we know that having a roof above our heads is one of our basic needs. Real estate prices are only going to rise in the coming years and decades.
To start investing, evaluate your finances and yourself, are you finally ready to invest?
Then the next thing to do is to talk with a professional in the industry. A licensed broker is preferable. The job of your broker is to help you with the purchase of your property. He will facilitate the transaction, especially with the documentations and coordination with the seller/developer from whom you’ll buy.
Your broker is your investing partner. You need someone knowledgeable and experienced in this field. He should provide you with after-sales support also. In most cases, there are really concerns or questions that come up after the transaction and your broker should help you with these things.