MANILA, Philippines - JLL, one of the world's biggest property consultants, says fast-rising prices and rents in the Philippines don't mean a bubble.
In an interview on ANC's Inside Business, JLL officials said Philippine property prices are still far below those in neighboring countries and demand for housing and sites for business process outsourcing companies remains huge.
"The demand is very healthy in across almost every sector in the property market, especially from the office sector and the condominium sector. Second, the debt levels are fairly low in the country. Yes, it's growing but it is also growing from a low base," David Leechiu, JLL Philippines head, said.
But JLL Asia-Pacific CEO Alastair Hughes said foreign restrictions are holding back the industry.
He added houses can be built faster and cheaper if foreign investors were allowed to join the industry.
"Ideally, there would be a little bit of freeing up to allow foreign investors to buy into commercial properties. Usually the politically sensitive bit of foreign ownership is actually on the residential side... It's not particularly sensitive on the commercial side," Hughes said. - ANC
Watch the full interview with JLL on ANC Inside Business with Coco Alcuaz at 7:30 p.m., Wednesday night (April 30).