The real estate sector in the Philippines is unique yet arguably undervalued. Although the country is still surfacing from the effects of the COVID-19 crisis, it has registered a 7.6% GDP growth in 2021. Which is considered the country’s fastest in over 40 years.
This increase is considered an advantage for the real estate market. Since it reflected the boom-bust cycle of the Philippines’ economic output in previous years. Emerging real estate trends in the Philippines paired with robust economic growth are also expected to bolster the office and residential markets.
The future of Philippine real estate
Real estate in the Philippines has become highly profitable in recent years, experiencing remarkable development. It has since then expanded from traditional residential properties to commercial spaces, mixed-use developments, and industrial complexes.
Besides this, the growing economy is also one of the main factors behind the industry’s upward trajectory. Due to its strong GDP performance of 7.6% despite rising inflation, the Philippines is projected to exceed its target of 6.5% to 7.5%. It is forecasted to obtain the greatest growth rates in 2023 in the region by at least 6.3%.
But in spite of positive developments, real estate players still face the challenge of creating a landscape that can withstand uncertain changes over time. As the effects of the global pandemic begin to subside, there will be massive shifts in the way business processes are implemented. The real estate industry is no exception to this. What lies ahead may be uncertain, so it’s better to be proactive in anticipating and adapting to future changes. This is especially true if you’re looking to invest in Misamis Oriental real estate. Or maybe a residential property like Davao housing that fits your needs and preferences.
Real estate forecasts
Here are emerging real estate trends in the Philippines and predictions to look out for in the coming years.
Although cities around the country are rapidly becoming modernized, trends in real estate seem to reflect the opposite. People’s preferences in residential properties like retirement homes lean on a more natural and livelier vibe that’s away from the city’s bustle.
Residents nowadays are looking for green buildings or properties closer to nature. Especially those that possess architecture that permits airflow and natural light.
An influx of property interest in areas outside Metro Manila
While it’s true that residential interest in the Metro remains high. Many property buyers are now looking into buying real estate in other regions of the country, such as Misamis Oriental or Davao City.
Some reasons behind this shift include the pending infrastructure that is targeted to allow for faster provincial travel. Alongside this is the development of new commercial centers and business districts outside Metro Manila.
Conducive properties for hybrid work setup
Many companies and institutions have opted for hybrid work arrangements that permit work-from-home models since the pandemic. Because of this, employees and students are often tasked to look for areas at home or outside where they can work or have access to fast internet connections.
Real estate developers are answering this demand now including common areas. The likes of cafes and co-working spaces in their amenities and building plans for extra selling points for property consumers.
Getting the best deal for your property
The Philippines’ economy is in a state of steady recovery. That only makes the real estate sector much more favorable for investors looking to diversify their portfolios. By staying on top of up-and-coming real estate trends in the Philippines and welcoming the changes that come with them, you can position yourself for long-term success in the market.
This also presents a good opportunity for those looking for a settlement. With the help of real estate professionals like Johndorf Ventures, you can find the best deal for your property that suits your preferences, needs, and budget.
Reserve an appointment with Johndorf Ventures now and get started in finding your dream home in the Philippines.