Interesting Lastlid's point about many being bought by OFW's. I was watching a tv programme over there, and from what I could understand, they were analysing some economic issues surrounding the money sent home by OFW's - and that often it isn't spent wisely. Think buying a new tv instead of repairing the roof for example.
I could well imagine these being sold to locals, on the promise of them being a good investment for the future. Whether or not this is wishful thinking, I don't have enough knowledge of the local market to guess.
We can't compare this as like for like, but it does come to mind, the growth of apartments being built in town centre locations in the UK.
These would make fantastic homes for younger people to live in, however it seems the majority ended up being snapped up by buy to letters, with the almost inevitable deterioration of the general areas as it only takes one or two tenants who couldn't care less, to send the whole block into a downward trend.
You certainly had to feel sorry for those who actually bought them to use as their own homes. The only blocks which look really nice, are those with a convenant banning subletting.
Thing is, there is now a glut of these flats........oh sorry.............apartments
I used to rent one, and in the end couldn't wait to get out, I got sick of living amongst headbangers, and all the other decent neighbours were also giving notice.
I don't know, I just wondered, Manila seems a risky place to invest in such property. Would be nice to think the place is on the up, but I didn't see many signs of that
