Often is the case that a strong economic growth would mean an improved purchasing power.
Over the past several years, the country bore witness to how improving economic conditions paved the way for the generation of more quality jobs, resulting in an expanded middle class with a higher pay and better capacity to afford luxury goods.
Thus, the rise in demand for these so-called “aspirational items” that could range from simple goods such as bags and shoes, to the big-ticket ones, including a luxury vehicle or a prime residential property.
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Surprisingly, such a demand resonated among the more affluent consumers, who have sought for more upscale, well renowned projects that offer the utmost in opulence and exclusivity.
According to Ateneo program director for real estate Enrique Soriano III, there has actually been a “dearth of luxury (residential condominium) units as it has been close to seven years since a premium development was completed (and now) developers are simply addressing the need to supply the market with high end developments.”
