Chinese investors snapping up Manila condos, offices
Chinese money flowing into the Philippine property market has increased significantly in the past year, especially in the Manila Bay area.
Foreign buyers, mostly from China, are buying up multiple properties in Manila for development, driving up prices.
Citing data from Santos Knight Frank Inc., Bloomberg reported that residential prices in the Manila Bay Area jumped by an all time high 27 percent in the last quarter of 2017, eclipsing the five percent and 5.7 percent growth recorded by Makati and Taguig, respectively.
Manila is an ideal city for attracting Chinese buyers due to its proximity to casinos and the accessibility it offers with the expected completion of several infrastructure projects.
The booming online gambling business has fuelled demand for office and residential space. Chinese gamblers have been flocking the Philippines now more than ever as relations between Manila and China continues to thaw.
Chinese business outsourcing companies are setting up shop in the country to take advantage of the boom in online gaming.
Feelings about Chinese investment have been a mix of suspicion, welcome and fear.