House prices in the country are rising again, as buyers become optimistic about the Philippine economy.
The average price of luxury 3-bedroom condominiums in Makati CBD rose 7% q-o-q to PHP 103,000 per (USD 2, 389) sq. m. in Q1 2011, according to Colliers International. Over the next 12 months, the average capital value is likely to increase by about 5% to P112, 700 (USD 2, 614) per sq m., says Colliers.
True, on an annual basis the figures are less positive. The average house price rose 3.84% during the year to Q1 2011. However when adjusted for inflation, average house price actually dropped 0.21% over the same period.
In Ortigas, the average land value rose by 1.05% q-o-q to PHP124, 000 (USD 2,852) per sq. m. in Q1 2011, and is expected to increase 3%-5% by end-2011.
Source: GlobalPropertyGuide.com
