Pandemic-related uncertainties have changed our lives in one way or another. As we face 2022 with newfound hope, we’re all set to achieve our financial goals and property investing endeavors. The continuous COVID-19 vaccination programs resulted to a growing consumer and business confidence. Subsequently, the Philippine real-estate sector is expected to bounce back this year. This is according to a report released by property consultancy firm Colliers International Philippines last December.
Office and Residential Market
Colliers noted that there are firms like outsourcing companies that keep on looking for office spaces. This is in spite of the employees’ work-from-home setups. For the residential market, it predicted that Northern-Central Luzon provinces like Bulacan and Pampanga would possibly reap the benefits of major infrastructure development as well as the ongoing township projects in the area.
Retail, Leisure, and Industrial Sector
On the other hand, Colliers advised retailers to strengthen their e-commerce presence. Moreover, have technology at their advantage as consumers have the penchant for online shopping. Mall operators should maximize their spaces for flexible us. For instance, they can have pop-up stores and alternative dining options or using its facilities for vaccination drives.
The real estate service company showed that domestic tourism could propel the recovery in the leisure sector. Particularly, reopening the local attractions in the Philippines. Revenge travel among local tourists is projected to help boost the demand for hotels here. Meanwhile, the thriving e-commerce market, logistics, and manufacturing could spur the progress of the industrial sector.
What are the trends in the Philippine Real Estate this year?
If you’re looking for a viable property investment like condominiums this year, awareness of the Philippine real-estate trends in the country will definitely be helpful in making your choices. Some of them are listed below:
1. Greater Philippine Real-Estate Investments from OFWs
The growth in overseas Filipino workers (OFW) remittances is likely to contribute to the demand for residential properties this year. Data from the Bangko Sentral ng Pilipinas (BSP) showed that cash remittances coursed through banks hit $2.5 billion in November 2021. As a result, it shows a 5.1% increase compared to the $2.379 billion from a year earlier. According to a report by the Philippine Daily Inquirer, the cash remittances from January to November 2021 rose by 5.2% to $28.43 billion from $27.01 billion. Business World cited BSP’s forecast of having a 4% growth in cash remittances in 2022.
2. BPO Firms Boosting Philippine Real-Estate Growth
Despite the pandemic, the country’s business process outsourcing (BPO) industry continued to thrive last year. According to Leechiu Property Consultants, the demand for office space grew by 38%. Specifically, it reached 539,000 sqm. full-year 2021 estimate) as compared to 389,000 sqm. in 2020 due to this “resilient” sector. This was cited in a report by the Philippine Daily Inquirer. IT & Business Process Association of the Philippines chair Benedict Hernandez said that the information technology-business process outsourcing (IT-BPO) sector of the country is likely to increase its revenue. It may grow up to $29 billion and open 160,000 more job vacancies by 2022. This is in accordance to the report by ABS-CBN News
3. Potential Increase in Millennial Buyers
Millennials—those who are born between 1981 and 1996—are (often unfairly) stereotyped as narcissistic, lazy, and entitled people. They are visualized as someone who has the tendency to job-hop and spend their money on travel and gadgets. It seems like the coronavirus pandemic has catapulted a shift in their spending habits, driving them to home ownership instead. In a Forbes article, technology plays an important role in the process of purchasing their home as millennials maximize the use of internet and mobile devices when checking out their options. It also underscored the preference of millennials for suburbs over cities.
The comfort and accessibility offered by condominium properties make real estate an attractive investment for millennials. Millennials (aged 25-34) comprise around 28% of our country’s workforce, Philippine Statistics Authority data showed. According to Colliers, the demand for integrated communities—having condos, workplaces, malls, and schools within a community—meet the millennials’ need for mobility and convenience.
4. The Presence of Online Shopping
From buying clothes and groceries, booking trips, staying connected with our loved ones via Zoom, or even investing, almost everything is just one click away. Data from NielsenIQ showed that online shopping in the country skyrocketed by 325%, as cited in Business Mirror. It also noted that 67% of consumers who made online purchases plan to continue doing so even after the lifting of quarantine restrictions. NielsenIQ’s consumer intelligence head in the Philippines said that the trend indicates a “more permanent transition towards a brick-and-click shopping behavior where both formats influence the final purchase decision.”
Invest in Philippine Real-Estate such as Pine-Estate Condos in Camella Manors
Keeping up with the needs of the times, Camella Manors allows customers to do property reservations online to make the process faster and easier. Online payments are also available for your convenience. Site or virtual tours can be arranged to discuss the details.
Interested to buy a resort-themed condo in the Philippines? Camella Manors SJDM (San Jose Del Monte) City, a pine-estate condo in Bulacan, has Caribbean pine trees that will make the residents feel at home with nature while experiencing the wonderful perks of condo living.
It offers luxurious amenities ideal for homeowners and investors such as the clubhouse, pocket garden, swimming pool, play area, park spaces, and fitness area.
Camella Manors SJDM City, a pre-selling condo in Bulacan, is where you can embrace a mix of country and urban lifestyle in a city tagged as the “Balcony of the Metropolis.” This highly urbanized city in Bulacan is only 15 minutes away from North Caloocan and 25 minutes away from Quezon City.
With the Metro Rail Transit Line 7 project, which will connect North Avenue in Quezon City to San Jose Del Monte in Bulacan, you can expect a shorter commute time. Another major infrastructure project is the New Manila International Airport, which will soon rise in the coastal areas of Bulakan town to promote growth and development in Central Luzon.
Visit the official page of Camella Manors for your inquiries and reservations. Come home to Camella Manors SJDM, your new pine-estate home in the North!