Bright spots seen in local property sector

Source: BusinessWorld

 

 

THE PROPERTY industry will remain healthy and stable despite a possible slowdown in residential and the business process outsourcing (BPO) demand, a real estate consultancy firm yesterday claimed.

"There are bright spots in the tourism and retail sectors and the country can take advantage of this," CB Richard Ellis Philippines, Inc. (CBRE) director Victor J. Asuncion told a briefing.

Mr. Asuncion hinged the assessment on what he said was high demand for more hotels to be built, with tourist arrivals expecting to reach P3.4 million this year. He also believes that growth in the tourism and retail sectors will offset the slowdown in the residential and BPO sectors.

Other property analysts, however, stressed that the industry would be hit significantly by the global financial crisis.