The Philippine property sector is ostensibly on the road to recovery as economic factors and investor attitude improve, anchored on the new normal in property shopping, even as government steps up efforts to ramp up its vaccination strategy
Digital real estate platform Lamudi based its projection on the average of 2019 and 2020 data, and predicts various opportunities for developers and investors, as consumer appetite for residential and commercial real estate slowly goes back to normal.
But the Lamudi study cautioned that “there’s a lot of work to do, especially in making property seekers confident and comfortable engaging in transactions that largely involve digital platforms.”
Landed property, good as gold
In terms of residential property types, land is expected to experience the greatest growth in demand. Foreclosed properties will post the highest uptick, while condominiums are projected to have the highest growth.
Makati is forecasted to see the highest growth in pageviews for commercial properties, while Muntinlupa is seen to project the biggest growth in demand, marking a shift south of Manila.
Big role for ‘Build, Build, Build’
Infrastructure projects connecting the provinces to the metro will play a big role in unlocking land values. The demand for commercial real estate in provincial cities with technoparks can serve as a guide to investors considering property investment away from the densely-populated capital region.
Cities with central business districts will be continue to be popular, signaling a gradual recovery for the residential real estate market as well.
Proximity to the workplace will still be the primary consideration for property seekers.
Apartments experienced the greatest growth in the number of listings from the first quarter to the last quarter of 2020. This is in response to the growing number of property seekers looking for affordable housing solutions near the workplace, or investment opportunities.