Days after the 7.2-magnitude temblor shook Central Visayas, the Metropolitan Manila Development Authority made public the sobering findings of the Australian Agency for International Development (AusAid) which predicted the dire consequences on life and property should an earthquake of similar power hit the nation’s capital region.
Last year’s total volume of houses built nationwide reached 211,010 units, a 17-percent improvement from 2011’s 180,140. This was based on the tabulation of building permits released by the National Statistics Office.
The boom in the country’s real estate sector continues to be supported by real demand from consumers, the Bangko Sentral ng Pilipinas (BSP) said, playing down concerns of a possible price “bubble” that could harm the economy if left unchecked.
The residential demand has been seen to stay strong across all segments, says Colliers International Philippines Research’s 2013 forecast. “The unfulfilled demand brought by the housing backlog will continue to fuel residential sales. The low-interest-rate environment also allows more homebuyers to afford their first homes.”
