A BRIGHT FUTURE FOR PHILIPPINE REAL ESTATEJune 27, 2022
The pandemic has taken its toll on businesses, the economy, and the jobs of Filipinos. When it comes to Philippine real estate, 2022 and beyond are the years to look forward to. The Philippines have been promoting the build, build, build starting in the previous administration. These are all becoming fruitful. The country is getting back on its feet and gaining momentum in being the next Tiger in Asia.
According to Colliers Philippines Research in February 2022, they are forecasting a 5.9% to 9% GDP growth this year. A huge factor that contributes to our economy is the OFWs. The Philippines is the 4th largest recipient of remittances, as stated by Colliers. Most of the remittances come from the US, Singapore, KSA, Japan, UK, UAE, Canada, South Korea, and Qatar.
For the Office Sector in the country, we have been seeing an 18% increase in the transactions year on year. This year we look forward to being in a better economy compared to the start of the pandemic. The offices and their staff are starting to go back and work. With this, it improves the rental rates in the office sector. Though some of the offices have kept the work-from-home set-up. However, the return to the office is high and continuously increasing.
For the Residential Sector, completion rates of projects are now picking up. Both vertical and horizontal projects are now in the works to finish their pending deliverables. Condominium completion is up by 159% according to Colliers Philippines. The Bay Area is really in a good position to be the next target of investors. There are a lot of projects popping and a lot of those are now being completed and now are open for business. In terms of vacancies, the market is also starting to ease and fill up. In a nutshell, Makati and the Bay Area are the best residential and office areas to invest in here in Metro Manila.
The country is now open for business and leisure. We can see a positive increase in foreigners who want to live and invest in the country. Foreigners choose The Philippines. Our hospitality. Continuous growth in the economy and the great weather are a few of the main reasons why they choose our country. At Megaworld Manila, we can assist them with the Special Resident Retirement Visa (SRRV). With SRRV, they will be able to invest, live and own a home here in the country.
Megaworld has been creating Townships to bring together a place to live, work, play, learn, and shop closer to us. Urban areas are also being developed to be the next big key cities so keep your eyes open for developments in nearby provinces.
For the investors, this is the BEST time to invest. This is the time to see the upcoming developments unraveling in the country. Watch out for the promos and discounts offered by real estate developers. These payment schemes make it easier to own condo homes.
The Philippines is bound for a rebound (According to Colliers Philippines). The outlook for the country is bright and promising! There still may be hesitations because of the pandemic and the vaccine rollout in the country. We are definitely in the process of recovery. This is the time to decide on making the best investment of your life. This is the time to look into owning a condo home.
Get in touch with us and talk to one of our Property Experts to know more about real estate market insights and see where you can invest your hard-earned money. Great investments start from outstanding developers such as Megaworld!