PHL home prices among world’s fastest growing

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MANILA, Philippines – The Philippines was among the top performers in terms of growth in housing prices worldwide, according to a survey by research house Global Property Guide (GPG).

In GPG’s global house price survey for 2013, the Philippines was the fourth top performer with the average price of three-bedroom condominium units in the Makati central business district rising 10.56 percent in 2013 following annual increases of 4.85 percent in 2012 and two percent in 2011.

“Demand remains strong, as indicated by soaring real estate loans,” the research house said.

It noted that based on data from the Bangko Sentral ng Pilipinas, the volume of real estate loans rose 38.5 percent year-on-year to P776.65 billion in September last year.

Citing real estate advisory services firm CBRE Philippines, GPG said the Philippine housing market is expected to accelerate this year, to be supported by the rising number of foreign investors as well as growing business process outsourcing industry.

The growth in the local housing market is seen amid the country’s favorable economic conditions.

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The economy grew 7.2 percent in 2013, faster than the 6.8 percent expansion posted in 2012.

For this year, the government has set a 6.5 to 7.5 percent economic growth target.

Topping GPG’s list of countries with rising housing prices was United Arab Emirates with average prices of housing units in Dubai growing 21.52 percent in 2013.

This was followed by Estonia with average housing prices up 16.55 percent, while Taiwan came in third with average housing prices increasing 14.46 percent last year.

China placed fifth on the list as the average cost of housing units in Shanghai climbed 10.13 percent in 2013.

Out of the 42 countries covered by GPG’s survey, 27 markets showed housing price increases

“House prices are rising in many more countries than not, and the momentum trend is strongly upwards,” GPG said.

GPG which provides information on residential property development covers market trends in 101 countries.

By: Louella Desiderio, The Philippine Star, March 23, 2014

Orion Support Incorporated (OSI)

Dear Rick,

Following up from my initial request to you for support in finding a new office location for our company, Orion Support Incorporated.   Well, we moved in to the LTA Building on Perea Street, fifty meters or so from Paseo de Roxas this weekend, only a 4 minute walk to AmCham and under excellent terms.

While I think you assigned both Morgan Mcgilvray and Sherdil Rana to support our original request; as you know, Morgan was very tied up with his wife giving birth during the period we identified this location and negotiated with the landlord, Mr. Mike Arroyo. Yes, the former First Gentleman. But in my short interaction with Morgan, I can see that he is a solid, young professional.

With regards to Sherdil, I want to tell you that with 35+ years of interviewing hundreds and hundreds of individuals, I was impressed with his professionalism, focused support and “can-do” attitude  from the point of identifying our potential office space, and through the negotiation stages prior to the signing of our 6 year contract.  I was impressed with his considered opinions, insightfulness with regards to Philippine business culture and his sage advice related to our strategy in the negotiation process.  Sherdil was able to negotiate a rental rate per square meter about 150 – 200 pesos less than the going rate in this area, and with only a 7% increase after 24 months. Add to that, he secured for us three parking slots at no additional cost, two months security deposit versus the standard three, and two months advance rent to be applied to the front end of our contract versus the back end as is the case in most rental contracts. And, he got the landlord to repaint the entire office with three coats of mildew resistant paint at their expense.   But best of all, we were given a 6 year lease, with only having to give two months notice and forfeit only our two month security deposit to move out anytime with no additional penalty!

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