It’s been a busy time for Philippine property this year and the trend will likely continue in the next year.
As it is now, the property market stands at the crossroads of change and innovation.
The real estate landscape in 2024 is poised to witness significant shifts, driven by evolving consumer preferences, economic trends, and the aftermath of global events.
Some trends seen for the sector are:
Sustainability
The real estate industry is now big on sustainability. Moving forward, developers are expected to intensify efforts in integrating green technologies, eco-friendly materials, and energy-efficient designs into their projects.
This movement aligns with global environmental goals and reflects the growing demand from environmentally conscious consumers.
Tech-Driven Innovation
Technology, meanwhile, has also become a major part of the industry and this is seen to deepen further in 2024.
Homebuyers now want smart homes. They recognize the use of artificial intelligence in enhancing the efficiency, security, and overall experience of property ownership.
The rise of PropTech (Property Technology) startups is expected to further revolutionize the way properties are bought, sold, and managed.
Hybrid Work
Even with the lockdowns no longer in effect, the hybrid work model has gained prominence and it will likely be here to stay.
Developers are now designing properties that cater to the needs of remote and flexible work arrangements, with a focus on creating conducive home offices, shared workspaces, and reliable internet infrastructure.
Some developments have both office and home towers in the same areas for more integrated communities.
Affordable Housing
The Department of Human Settlements and Urban Development has been focused on the government’s Pambansang Pabahay Housing program.
This government-led program, together with partnerships between public and private sectors, and innovative financing options are expected to play a crucial role in making homeownership more accessible to a broader segment of the population.
Tourism-Driven Opportunities
Experts see a resurgence in tourism and hospitality in 2024, presenting opportunities for the property market in tourist destinations.
Investors and developers could capitalize on the renewed interest in travel by offering resort-style properties, and other vacation accommodations tailored to the needs of tourists who want to occasionally spend time away from Manila.
The rise of smart cities will also likely continue.
Smart cities are emerging, integrating cutting-edge technologies to enhance urban living.
From smart homes with automated systems to the implementation of IoT (Internet of Things) for efficient city management, the real estate sector is aligning itself with the digital age.
Likewise, the demand for different property types will increase on the back of changing lifestyle preferences and economic factors.
While condominiums and high-rise developments remain popular in urban areas, there is a growing interest in house and lots and in areas in the provinces.
Homebuyers want more space, tranquility, and a closer connection to nature. The market is responding with a diverse range of housing options to cater to different needs
Flexible Workspaces
and Home Offices
Developers are also adapting designs to accommodate the changing nature of work, recognizing the importance of a home that supports both professional and personal life.
In all, Property Report sees the Philippine property market characterized by a blend of sustainability, technological innovation, affordability initiatives, and tourism-related projects.