The start of year 2009 is seeing a number of vacancies in homes for rent at Ayala Alabang, the area of choice for expats' residences south of Manila.
Japanese and Koreans are moving back to home base.
Is this a hint of things to come for the rest of the year?
Is this the 1st sign of how the global financial crisis is affecting the Philippines? At least the market for luxury homes in Alabang?
Can we expect owners of empty homes to consider selling soon? With this, supply of houses for sale will grow and may drive down prices.
Will some high-flying homeowners feel the financial crunch soon and decide to sell their Ayala Alabang homes, too, and further contribute to the increased supply and price downtrend?
Is my gutfeel right?