Foreign investors, returning locals fuel demand for PH luxury homes

Local player Shang Properties is drawing buyers with lifestyle-focused developments.

Rising interest from foreign investors and returning Filipinos is driving demand in the Philippine luxury home market, which continues to benefit from strong economic momentum and ongoing infrastructure development, said Johann Garcia, CEO of ERA Manila.

“The Philippines is an attractive market for investors because of its resilient growth in GDP. We're currently at 5.4%. We have a lot of tourism. We have a lot of tourist destinations like Cebu and Palawan,” he told Real Estate Asia at the sidelines of the Global Property Expo held in Singapore from 18 to 20 July.

He said the government’s infrastructure push is also driving property values.

“Our government is also doing great efforts with their ‘Build Build Build' projects in building a lot of infrastructures that promote connectivity, and it's driving and boosting prices of properties around the area,” Garcia explained.

Garcia said Shang Properties, which joined ERA Manila in representing the Philippines at the event, is responding to demand from overseas buyers and returning locals by expanding its luxury residential offerings and focusing on lifestyle-oriented developments.

“Shangri La has adjusted to include sports facilities within its condominiums, like right now we already have pickleball courts in the plans, and we're adjusting so that we would accommodate the current trends.”

Among its notable projects are Aurelia in BGC, Wack Wack Residences, Bauhinia in Cebu, and Shang Summit in northern Metro Manila.