Property market trends: Out with the old, in with the new in 2022

Another challenging year has passed but the Philippine property sector has emerged stronger and resilient once more.

For this new year, we see new trends in the industry as the world embraces this new normal brought about by COVID-19.

Green, wider spaces

Filipino homebuyers want more green spaces in their homes and communities.

It’s the reason that SM Development Corp. (SMDC), the Sy-owned property developer, launched its Mid-rise Garden Communities— four-storey residential condominium buildings that are surrounded by sprawling gardens and wide open spaces.

The layout in these master planned communities is carefully planned and designed in such a way that both sides of the buildings are surrounded by linear parks and green landscape so that residents feel they are looking out to their very own gardens.

The whole idea is to create sustainable, safe and thriving green communities.

Back to work and WFH

For 2022, some companies will continue to implement work-from-home while some will see their employees back to work.

At best, we may see a hybrid of both which means office take-up will continue.

Leechiu Property Consultants (LPC) expressed bright prospects for the office market this year despite the threat of the Omicron COVID-19 variant.

“Although a new COVID-19 variant has recently been reported, office demand is set to steadily improve in 2022 as indicated by signs of recovery from 2021,” LPC said.

LPC data showed that office space demand in 2021 is 39 percent higher than the previous year at 540,000 sqm from 389,000 sqm.

It emphasized that the Information Technology- Business Process Management (IT-BPM) sector remained the single largest demand driver, accounting for 48 percent of the transactions in 2021.

SMDC has likewise introduced developments that put new meaning to work-from-home or remote working.

Residential-Offices

Some developers went a step further with the residential-office developments.

We will likely see more of this in 2022.

SMDC’s Gold RESO (Residential-Office), for instance, is a modern development that provides the luxury and comforts of a premium condominium with features and amenities suited for working professionals and entrepreneurs.

Essentially, it allows entrepreneurs to own their office space, which is designed to be stayed-in and ready for round-the-clock shifts and with features, amenities and services best suited for the entrepreneurial lifestyle.

In short, SMDC RESO Developments are enablers of the Filipino entrepreneur’s success.

Donut effect

Homebuyers continue to look for properties outside megacities. Apart from wanting to evade virus hotspots in congested urban areas, most homebuyers no longer find it necessary to live closer to business districts because of remote working.

Consumers also prefer residential land, and house and lot properties over condominiums, said AboitizLand, the real estate arm of the Aboitiz Group.

“The pandemic has certainly reshaped homebuyer preferences,” said AboitizLand president and CEO David Rafael.

Integrated communities

Demand for integrated communities such as what Vista Land & Lifescapes offers in its different developments across the country has grown stronger during the pandemic.

Filipinos want to live in places where everything is within reach—malls, supermarkets, dining areas and places of leisure.

Sustainable living

Indeed, many aspects of living we used to see prior to the pandemic now need refinements or upgrades.

Overall, homebuyers want to live in sustainable communities where they can experience a new and more livable ecosystem.

They want to have access to everything that they may need in order to live a good life today and for generations to come.

They want to live happily, healthily, securely and sustainably, as SMDC president Jose Mari Banzon once said.

And this is how 2022 is shaping up. The trends in the property market will be defined by these needs this year and perhaps, in the years to come.

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