ERA Philippines said it expects a “boom” in the real estate sector this year due to the growing demand from overseas workers.
“[With] so many overseas people coming in to buy, it will be a boom in the real estate market. I am quite confident,” Bobby Kok, chief agency officer of ERA Philippines, told BusinessWorld in an interview last week.
ERA Philippines Chief Executive Officer Johann Garcia said that most overseas workers “choose to invest back in the Philippines through properties.”
For 2023, cash remittances coursed through banks rose by 2.9% to $33.5 billion, according to the Bangko Sentral ng Pilipinas (BSP).
“I believe that with all these tourists coming in, foreign investment increasing, it really helps the real estate market not just from locals but also foreigners,” said Zachary Kok, chief operating officer of ERA Philippines.
For February, net inflows of foreign direct investments into the Philippines climbed by 29.3% year on year to $1.4 billion, according to the BSP.
ERA Philippines is a franchise agreement between APAC Realty Ltd., a Singapore-based real estate brokerage under the ERA brand, and Philippine company Upper Room Realty, Inc.
Under the agreement, Upper Room has the right to operate or grant memberships for the operation of ERA member broker offices in Metro Manila for an initial 15-year term with effect from May 4.
Mr. Garcia said the company will release a mobile application where it can show property listings.
“It will also have agent support where agents can communicate with each other, get notifications. Basically, it’s going to help them drive sales,” he said. — Sheldeen Joy Talavera
