MANILA, Philippines - The country's real estate industry will remain strong next year, driven by demand for commercial space, particularly from the business process outsourcing sector, CBRE Philippines said.
"We are now experiencing the best real estate market in the last 20 years. It took two decades to get the stars aligned, but now, we're looking at sustained growth and success," Rick Santos, CBRE Chairman and Founder, said in the statement.
"The Philippines is one of the most cost effective outsourcing destinations in Asia ... Manila is now a strategic location for multinational companies and banks as it supports and runs the world's businesses out of the Philippines," he added.
The BPO sector is expected to rake in as much as $25 billion in revenues by 2016, the BPO Association of the Philippines (BPAP) has said.
Aside from the demand from the outsourcing industry, Santos said demand for residential units will help drive the performance of the country's property market.
Moreover, the gaming industry and expected influx of tourists are foreseen to buoy demand for luxury and leisure properties, he added.