According to the report from GMA News, the retail real estate in the Philippines is among the key growth areas in Southeast Asia. Its increasing middle class segment, positive economic growth outlook and growing tourism activities has brought the Philippines, along with SEA countries Vietnam and major cities in Indonesia and Malaysia, a key growth market for real estate.
CBRE Asia Pacific cites that Southeast Asia’s middle class segment is expected to triple to 1.74 billion in 2020 from 525 million in 2009 and is expected to drive demand of retail goods and eventually translates to economic growth.
“In the Philippine landscape, these factors look promising. The resilience of the economy has been tested and proven this year, bouncing back quarter per quarter. Likewise, the country’s tourist attractions and opportune business landscape has continuously been boosting investor interest,” CBRE Philippines chairman, president and CEO Rick Santos said.
Outside Metro Manila, secondary Philippine cities start to develop malls and mixed-use project in anticipation for the boom of the retail industry in the Philippines.