Landmark 2011 for Philippine property market

2011 was a landmark year for the Philippine overseas property sector according to a report this week from the country’s BusinessMirror.

“A marked confidence seems to have returned to the local real-estate industry,” says the report, “as foreign investments strengthened real growth in rental rates and yields.”

A “hectic swirl” of apartment projects is transforming Mainla into “a growing world-class metropolis,” says the report. And “outlying provinces and major cities such as Laguna, Batangas and Cavite are also being developed into vibrant economic growth areas.”

And the upswing will continue. According to CB Richard Ellis (CBRE) Philippines Chairman and Chief Executive Officer Rick Santos, “there will be a continued show of confidence in 2012 in all sectors of the property industry.”