Real estate investors from China and South Korea are set to pour money into the booming Filipino real estate market this year, according to property experts. While South Korean investment is not new, the entrance of mainland investors would be an interesting development as relations between the Philippines and China continues to thaw.
A number of Chinese business process outsourcing (BPO) companies are now considering the Philippines after seeing how well mainland offshore gaming firms have faired in the country. This is just one of many sectors that could benefit from an influx of Chinese investment.
“We’re very optimistic on mainland Chinese investors, whether in the gaming sector, condominiums, office spaces, or into the hotel and resorts sector,” Santos Knight Frank chairman and CEO Rick Santos explained during a recent press briefing. “I think it’s because of the good relations between the Philippines and China. But it’s also because of a strong property market, the ability to come here and buy property at reasonable price and get attractive yields. I think the fundamentals of the economy and real estate are rock solid.”
South Korean real estate investors active in Cebu
The Korean love affair with Cebu is primed to continue in 2018. The new envoy of South Korea to the Philippines, His Excellency Han Dong-Man, recently told the Cebu government that more tourists and investments should be expected this year, The Freeman reported.
No specific projects were mentioned, but Cebu is a popular hub for South Korean real estate investors. Most of the property investment has focused on resorts while commercial and residential developments could benefit as well.
According to the Bureau of Immigration, 1.5 million South Koreans visited the Philippines in 2017. They were the top foreign visitors to both Cebu and the entire country last year. This number is predicted to rise in 2018.
