Developers struggle for space in metro manila

Developers are struggling for space in Metro Manila, as the Philippine capital city Sees land prices skyrocket.

"The biggest challenge will be really finding land large enough for present development, say one hectare as a minimum. If one can only acquire 1000 or 2000 sqm, that’s suitable for just one building," says Lamudi in its first annual report on the nation's housing market.

"Most developers, especially the big ones, don’t like one-off projects, unless the location is very attractive. In Metro Manila, that’s the challenge: looking for suitable land. Some developers are even willing to bid high, which pushes up already skyrocketing land prices in the capital."

The overall mood is optimistic in the Philippine property market, with tough bank regulation insuring against a potential real estate bubble.