Relaxing foreign ownership rules to boost property market — KMC Savills

The plan by the Duterte administration to ease foreign ownership limits is expected to boost the property market, real estate services firm KMC Savills said Wednesday.

"Relaxing foreign restrictions will attract investors in key industries, where they are presently barred from entering and providing competition," KMC Savills Head of Research Antonn Nordberg said in a press conference.

The Duterte administration is planning to lift foreign ownership rules from 40 percent to 70 percent and raise the limits on land lease from 25 to 40 years.

The government is also boosting infrastructure spending and countryside development.

This will open more opportunities for the real estate industry as well developed infrastructure networks ease the costs of logistics, Nordberg noted, saying the industry is now in a "sweet spot."

With the Philippine work force counting 40 million, coupled with cheap labor, Nordberg noted the office space subsector has nowhere to go but up. — VDS, GMA News