{"id":10511,"date":"2020-12-30T15:45:23","date_gmt":"2020-12-30T08:45:23","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=10511"},"modified":"2024-09-24T13:48:28","modified_gmt":"2024-09-24T06:48:28","slug":"the-philippines-real-estate-market-prospects-for-2021","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/the-philippines-real-estate-market-prospects-for-2021\/","title":{"rendered":"The Philippines real estate market prospects for 2021"},"content":{"rendered":"<p>The Philippines is becoming an attractive hotspot for foreign investors across Asia Pacific<\/p>\n<figure id=\"attachment_10512\" aria-describedby=\"caption-attachment-10512\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-10512\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/12\/shutterstock_1797874711.jpg\" alt=\"\" width=\"1000\" height=\"645\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/12\/shutterstock_1797874711.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/12\/shutterstock_1797874711.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/12\/shutterstock_1797874711.jpg 620w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/12\/shutterstock_1797874711.jpg 190w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/12\/shutterstock_1797874711.jpg 1000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-10512\" class=\"wp-caption-text\">View of Bonifacio Global City skyline, with low to midrise buildings of neighbouring Makati. MichaelEdwards\/Shutterstock<\/figcaption><\/figure>\n<p>According to Asia Property HQ, alike other property markets, the Philippines\u2019 real estate market took a big hit from the pandemic. However, Philippines Central Bank expects a strong recovery in 2021 with a 7.8 percent growth.<\/p>\n<p>The Philippines, particularly Metro Manila, has seen a lot of interest as more international companies move into the region, establishing offices in areas like Davao and Cebu where labour costs are low. However, how the real estate market performs will be highly influenced by border restrictions and the distribution of COVID-19 vaccines.<\/p>\n<p>Vacancy rates are projected to increase from around 5.5 to seven percent, while lease rates might decrease up to 17 percent in Metro Manila.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/philippines-imposes-value-added-tax-amid-pandemic\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: The Philippines imposes value-added tax amid pandemic<\/strong><\/a><\/p>\n<p>The condominium sector will also face some difficulties, as the market undergoes an oversupply of units, particularly in Manila North, the Bay Area, Pasig City, and Quezon City North. This circumstance is anticipated to remain in 2021.<\/p>\n<p>Nevertheless, developers might be able to offer flexible conditions to homebuyers due to low mortgage and interest rates, assisting Manila\u2019s condominium market.<\/p>\n<p>The key drivers of Philippines\u2019 real estate market are the growing business process outsourcing (BPO) industry from multinationals, continuous supply of flexible workspace, high demand from Chinese and foreign investors, and high remittances from overseas Filipino workers leading to higher purchasing and investing power for the residential property market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Philippines is becoming an attractive hotspot for foreign investors across Asia Pacific<\/p>\n","protected":false},"author":9,"featured_media":20913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[223,552,129],"class_list":["post-10511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-asia-pacific","tag-foreign-investors","tag-philippines","news_country-philippines","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Philippines real estate market prospects for 2021 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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