News roundup: Visayas and Mindanao emerge as exciting urban property markets in the Philippines, and other news

For PropertyGuru’s real estate news roundup, the Philippines sees vast property opportunities in major urban areas in Visayas and Mindanao. In other news, as Thailand’s tourism returns and businesses resume operations, there is a growing demand for rental properties in Bangkok. And finally, Australian residential property prices are expected to rise by as much as 5 percent in 2024.

Visayas-Mindanao urban areas emerge as real estate hotspots in the Philippines

As the Philippine economy expands, the need for more economic growth corridors outside Metro Manila emerges. The National Government’s massive infrastructure implementation and decentralisation thrust has resulted in the creation of new economic centres in Luzon, Visayas, and Mindanao.

Metro Cebu offers the largest office and residential stock outside of Metro. Some of the tallest and most expensive structures can also be found in these two metropolitan areas.

In BusinessWorld, Colliers looks at the thriving and most exciting property markets outside of Metro Manila and Metro Cebu, touching on the economic growth potential of these localities and why property firms are aggressively pursuing development opportunities. Colliers also see vast opportunities in major urban areas in Visayas and Mindanao.

Bangkok’s rental market surge and sale market recovery

DDProperty Thailand reports on the positive impact of the easing of COVID-19 restrictions and the return of Thailand’s tourism on the Bangkok real estate market, particularly in the rental of residential property.

As travel restrictions are lifted and businesses resume operations, there is a growing demand for rental properties. Individuals and families, whether visiting temporarily or relocating to Bangkok, require housing accommodations, leading to an increased demand for rental properties.

The recovery of Thailand’s tourism sector has played a significant role in driving this demand. The country has seen a rise in the number of domestic and international visitors flocking to popular destinations like Bangkok. These visitors often require temporary housing options, making rental properties highly sought-after. This has contributed to the overall growth of the rental property sector.

Australian home prices to rise by 5 percent in 2024: PropTrack

Australian residential property prices are expected to rise by as much as 5 percent in 2024, according to a new report, as buyer demand holds up despite fears interest rates are likely to remain higher for longer.

In realcommercial.com.au, REA Group’s latest PropTrack Property Market Outlook Report reveals that property prices rose 2.7 percent in the first five months of the year, and are up 5.9 percent in the first 11 months of the current financial year.

PropTrack estimates suggest home prices in Perth are likely to rise by between 8 percent and 11 percent in 2024-25, followed by Adelaide, where prices are up 12.9 percent in the financial year to May, and are expected to rise a further 5-8 percent next financial year.

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