The Philippines was arguably the worst effected by the 1997 Asian financial crisis, with the biggest drop in property market, and has not yet managed to recover fully to this day. Despite this, with a predicted GPD growth of 7.4% in 2007, the Philippines' economy is strongly growing in both Manila and Cebu City. A growing trend in the economy in 2004 [15] resulted in a small property boom, where all office space, luxury residential and retail markets are still on the rise. This is surprising as Philippines is still perceived as an un-desirable place to do business in Asia [16] although there are plenty of professionals coming into the country and joining the expatriate community. Economic growth is heavily reliant on private consumption and investment. There are 8 million overseas nationals who continue to invest into property in the Philippines, but growth may be vulnerable due to the recent 10% depreciation of the US dollar against the Peso. Manila's CBD (Central Business District), Makati City, is the most expensive district in the city for office space. On the contrary, Manila still remains to be one of the cheapest places in Asia to buy luxury residential property. A recent surge in supply for this will trouble the market and pervious investors within the next few years.
Source: http://en.wikipedia.org/wiki/Asian_property_market
To understand more about Philippine Property Market, I'd recommend:
BUYING PHILIPPINES PROPERTY (Insights of a Strategic Analyst), by Andrew Sheldon.
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