Through the years, the Philippine real estate landscape has evolved, adapted, and thrived despite challenges, making it a resilient and dynamic sector in the country’s economy.
I have only been in the country for 15 years, but I witnessed how resilient the industry has been as it thrived while it faced several challenges, including the most recent COVID-19 global health crisis which crippled many economies around the world.
The real estate market also suffered in the 1980s due to the instability caused by various economic and political issues of the time. In 1997, the country was not spared by the Asian financial crisis, the effects of which were felt several years later. The Philippines’ resiliency prevailed.
With the pandemic behind us now, the country, according to various economic analysts, is steadily marching on—and that includes the domestic property market.
In its latest analysis, global real estate services firm Colliers assessed that “the Philippine property market is on a path to recovery, supported by sustained macroeconomic growth and sound economic policies. While rebound still varies across submarkets, the sector is poised for a faster pace of recovery beyond 2024.”
Truth be told, the real estate industry has certainly been a vital driver of the Philippine economy. Global data and business intelligence platform Statistica disclosed that in 2022 alone, it generated a gross value added (GVA) of approximately P536 billion.
One of the key factors identified was the growing middle-class population and sustained remittances from overseas Filipino workers (OFWs). This has bolstered the Filipinos’ purchasing and investing power in real estate properties, including the increasing demand for both residential and commercial properties.
Indeed, who would not want a piece of property, especially if it will be an abode for you and your loved ones? One of the recent surveys by the Social Weather Station (SWS) showed that owning a home is foremost in the “wish list” of Pinoys.
Owning a home has been made accessible both by the private sector and the government (with the Marcos administration targeting 6 million affordable units for the working class within his term) in recent years.
Private banks have crafted schemes such as lower interest rates and longer amortization periods while government-owned agencies such as Pag-ibig and the Government Service Insurance System (GSIS) now offer various housing-related loans and programs for its members.
On the other hand, private developers, such as Italpinas Development Corporation (IDC), have properties that cater to its clients in various economic brackets. Whether you’re a first-time homebuyer looking for an affordable condominium or a high-net-worth individual seeking a luxurious living space, there is a diverse portfolio of real estate options readily available. All you have to do is do a little research and explore.
So, for those of you who are planning to invest in real estate, now is a good time to finally make your dream come true. There are several reasons to make this year an optimal time for investment in the real estate industry due to the following: optimistic projections for the Philippines, a thriving economic landscape, and the convergence of positive economic indicators, government support, foreign investments, and major development projects that set the stage for a real estate boom in the Philippines.
Remember, buying real estate is a significant decision—take your time, seek advice, and make an informed choice that aligns with your long-term goals.
After all, home is where your story begins. A well-chosen piece of real estate becomes the prologue to a lifetime of memories, and a sanctuary where chapters unfold.
Three essential tips on buying real estate property:
Location Matters
When researching a neighborhood, consider essential factors such as safety, and proximity to schools, hospitals, and amenities. A well-chosen neighborhood significantly enhances your overall quality of life. Accessibility is also important. That is why, it is necessary to assess the ease of commuting, public transportation options, and connectivity to major roads. Consider also the future prospects of the property and investigate upcoming infrastructure projects or commercial developments that could impact property values.
Budget and Financial Planning
Beyond the purchase price, account for ongoing costs like property taxes, maintenance, and utilities. It is also important to understand your borrowing capacity as well as your capacity to pay for the amortization. In other words, secure a property that is well within your financial capacity.
Trustworthy Developer
Procure your property from a trustworthy developer with a proven track record of credibility and a solid reputation built over the years. Buying a house or an apartment is a lifetime investment. The quality, security, affordability, and good design of housing are interconnected factors that affect people’s health and well-being. Choose something that not only provides comfort and convenience but also aligns with your long-term aspirations and brings peace of mind. Whether it’s a cozy family home, a vibrant urban loft, or a serene countryside retreat, invest wisely in a place that truly feels like home.
