Experts remain optimistic about the Philippines’ residential market

The BPO sector remains a key driver of condominium leasing in the city

An expected economic rebound and the ongoing deployment of infrastructure projects in Visayas and Mindanao (VisMin) are expected to sustain the region’s excellent real estate potential this year.

As evidenced by the consistent demand for apartments, offices, and commercial spaces in these provinces, key locations such as Bacolod, Cebu, and Davao remain appealing and viable real estate investment destinations, as reported by INQUIRER.net.

Colliers Philippines projected on Monday, 13 June, that demand and supply for residential properties will grow after the completion of various township projects. These will also be backed by overseas Filipino workers, as well as local and foreign investors. 

More: The Philippines provides a myriad of opportunities for foreign investment

According to SunStar, the firm is optimistic about the city’s residential market growth as the country continues to recover from the pandemic. 

Joey Roi Bondoc, head of research and associate director of Colliers Philippines, stated that Bacolod’s residential sector is primarily comprised of house and lots.

According to Bondoc, the demand for house and lots is high since city dwellers and investors want larger, open spaces.

“The condominium segment is still small, but we expect launches and completions to pick up slightly over the next three to five years upon the development of major townships across the city,” he added.

The firm also encourages developers to acquire and redevelop existing properties into residential communities. It used the old Bacolod airport as an example, saying that it has the potential to become a mixed-use community. It also cited La Carlota, Murcia, and Talisay as potential alternative sites for house and lot and condominium projects.

Furthermore, it concluded its report by pointing out that the BPO sector remains a key driver of condominium leasing in the city, and adding that “foreign employees as well as higher-earning local outsourcing workers are among the targeted occupants while local businessmen are among the targeted investors.”

The Property Report editors wrote this article. For more information, email: [email protected].