12/17/2012

Real estate market plummets in PH

To tell you honestly, sales of middle to high-end real estate in the Philippines is plummeting because of five reasons below.

(1) The conviction of Chief Justice Renato Corona and the Department of Justice (DOJ) blockade against realty acquisitions of the Ampatuans produces a chilling effect to the rest of domestic rich who are mostly living through unexplained wealth.

(2) The Bureau of Internal Revenue's invitation to real estate buyers to explain their source of income produces a chilling effect to all prospective buyers. Your Tax Identification Number is now required in the paperwork of buying real estate and car. The BIR will ask you to report to their office to explain your wealth when they get to know (you can't hide the deal) that you buy brand new real estate or brand new car. This is very scary.

(3) The lack of consumer protection as a result of PRC's mal-implementation of the Real Estate Service Act (RA 9646), the HLURB's mal-implementation of Subdivision and Condominium Buyers Protection Decree (PD 957), and lack of genuine Exclusive Buyer Agents (EBA) practitioners, frustrate and scare the hell out of the buyers.

(4) The impending Freedom of Information Bill (FOIA) that does not come along with a Privacy Bill produces a chilling effect to all prospective buyers. This is very scary because government can just sell/release your private information data, including your wealth indicators, to anyone upon request for data.

(5) The economic crisis in America and Europe at present made the foreign buyers hold-on to their monies and reluctant to invest.

The plummet is already on-going, we just don't know how long they can keep it secret, and we don't know when will this bottom out. The reason #3 is fast affecting the low-cost market.

It might also interest you to read the collection of blogs under label Anomaly Scam Scheme Fraud.

1 comment:

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