Because of the pandemic, investors learned that not all investments stay attractive. This couldn’t be any more true for real estate in the country. During the long months of lockdown, we were suddenly left with an oversupply of properties from great cities. However, the forecast is now looking up again as everything starts to reopen. With this are emerging real estate trends that predict what’s in store for 2023.
So, if you want to succeed in real estate investing, you should keep yourself updated. In this article, we’ll discuss the trends that define today’s real estate market.
2023 Emerging Real Estate Trends: The Big Bounce Back
According to Bangko Sentral ng Pilipinas, there is a possible 7.8 percent growth in the commercial real estate industry. More and more companies are deciding to establish their offices in prime spots in Visayas and Mindanao.
On the other hand, vacancy rates in Metro Manila are expected to increase from 5.5 to 7 percent. This will be due to investors' preference for provincial business hubs.
Of course, this rise of more corporate offices in Visayas and Mindanao will affect the attractiveness of residential units among people looking for the best homes to rent in the area.
If you’re planning to rent out your property or put up a house and lot for sale, stay informed about these emerging real estate trends.
1. Green residences are now a thing.
With more people prioritizing health and lifestyle, many buyers now are looking for developments that are more inclined toward a green way of living. Lower carbon footprint, sustainable spaces, and solar-powered systems are now considered the gold standard for residential and commercial properties.
2. The rise of millennial buyers.
One of the emerging real estate trends this year is the prevalence of millennial investors. Now in their mid-careers, this age group is expected to power the property industry with their choices in real estate. According to professionals, the working population is now inclined toward master-planned micro-communities. These are spaces designed to have everything a tenant could ever need—from being close to their office spaces to other essential locations like schools, hospitals, and shopping malls.
3. Horizontal over vertical projects.
According to the reports of market global investment real estate firm Colliers, residential developers are now focusing on horizontal projects outside of Metro Manila. While North and South Luzon are the preferred investment destinations, Visayas and Mindanao are also catching up when it comes to demand.
4. More demand for mid-cost projects.
As inflation hits and the overall economy still recovers, many Filipinos now prefer mid-cost real estate projects (₱3 million to ₱6 million). This is according to the 2% point interest rate determined by the Bangko Sentral ng Pilipinas.
On the other hand, consumers in key cities are only expected to increase their spending power. This makes real estate choices with nearby recreational amenities more attractive to renters and future homeowners.
Land the Best Investments With these Emerging Real Estate Trends
Taking note of these emerging real estate trends is important not only for developers, but for future property buyers, too.
At Johndorf Ventures, we dedicate ourselves to developing quality homes and commercial properties that meet the working and living standards of our market. As the best real estate developer and real estate firm in Cebu, we have proven successful turnovers of properties that are strategically located in Visayas and Mindanao. Truly, these areas are now the prime when it comes down to economic growth and the standards for holistic living. All of these, of course, are offered at the most competitive of prices in the real estate market.
Broaden your options and see Johndorf properties for your consideration. Visit this link for more information.