The Philippines’ property sector sees steady recovery on the horizon
Experts expect that infrastructure investments will continue to be a key driver of economic growth after 2022
Land values in the Philippines are expected to grow 5.1 percent, which indicates the impending recovery of the property market. Business World reported that there has been an influx of sudden interest in developable land. Acquiring parcels of land in and out of Metro Manila is crucial in developers’ pipelines of new projects beyond 2022 as they seek to capitalise on market demand post-pandemic.
Furthermore, experts expect that infrastructure investments will continue to be a key driver of economic growth after 2022. Furthermore, the completion and improvement of railways, tolls, and airports across the country should contribute to higher land and property values.
Therefore, these projects will definitely have a hand in determining development strategies for property firms even after the pandemic.
The housing and office markets are slated to recover this year as restrictions are gradually eased, according to Business Mirror. Colliers associate director and head of research Joey Roi Bondoc said, “We see the economic expansion supporting demand in the residential sector, whether in the pre-selling or secondary markets. While we saw initial headwinds at the start of the year, especially the spread of the Omicron variant, the gradual return of foreign professionals and turnaround in business and consumer confidence should help fuel the take-up of more residential units.”
More: New leader, new homes: The Philippines stands at a crossroads
The Philippine News Agency reported that the key drivers for this year’s 6.5 percent economic growth are government expenditures and the recovery of the private sector.
ASEAN+3 Macroeconomic Research Office (AMRO) chief economist Dr. Hoe Ee Khor emphasised that the regional macroeconomic surveillance organization’s economic growth forecast is lower than the government’s seven to nine percent growth projection, but it is within the six to seven percent target set by economic managers for 2023.
In 2021, the economy grew by 5.7 percent, going above the government’s 5.5 percent target.
The Property Report editors wrote this article. For more information, email: [email protected].
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