RP property slows down

RP property slows down

MANILA (AFP): The Philippine property market is facing a slowdown but will not suffer a glut and will still remain profitable, the head of a property giant said in a speech released Saturday.

Jaime Zobel de Ayala, president of real estate-based conglomerate, Ayala Corp., said "it is wrong to see the real estate industry as in a stage of decline. We see it rather as in a stage of consolidation and adjustment."

Zobel de Ayala said that while the price of property stocks had fallen, land values and rental prices had remained stable, adding that there were real opportunities as well as real problems ahead.

Demand was still strong for upper-class residences, middle- class housing, retail space and industrial lots, Zobel de Ayala said.