BANGKO Sentral ng Pilipinas Governor Amando Tetangco Jr. said Friday there is no asset bubble in the real estate sector.
“There is no evidence of a bubble in the sector. Large part of the strong demand is driven by the favorable demography of the country… of vibrant and young population,” Tetangco said in an event at Bangko Sentral.
He said the bright prospects of the real estate sector remained sustainable because people now wanted to have a place to stay close to their workplaces, especially in Metro Manila.
“This creates additional demand for property. Also, the robust business process outsourcing sector creates additional demand for office spaces,” Tetangco said.
He said the business models of property developers now were very different from few years ago.
