Residential property market seen to slightly improve by end-2021

The Philippine residential market is seen to recover by the tail-end of 2021, led initially by the upscale market wanting to own or rent houses or spaces.

According to Colliers International Philippines’ Q4 2020 Property Market Report, residential take-up will improve in the latter half of 2021 buoyed by projections on the growth of cash remittances earlier shared by the Bangko Sentral ng Pilipinas (BSP) as well as the prevailing low interest rate environment.

Based on the Consumer Expectations Survey for Q4 2020, Filipino households are also open to buying real property this year registering an increase by 3.6 percent from 3.3 percent during the third quarter of 2020.

“Filipinos looking to buy homes or simply rent out spaces should factor in their decision-making process both risks and opportunities. As changes always occur with time so does the wants and needs of the people,” said Malayan Insurance Co. Inc. vice chairperson Yvonne Yuchengco. 

With an expected recovery in the residential market, those planning to buy their own house or simply just rent a space should be protected from risks like natural calamities or man-made disasters. Such risks can be mitigated under a comprehensive insurance policy.

Malayan Insurance Co. Inc., the leading non-life insurance company in the Philippines, offers its Renter’s Protect, which provides fire cash assistance, personal accident (PA) coverage, comprehensive personal liability (CPL), murder and unprovoked assault coverage, as well as burglary and housebreaking assistance to policyholders.

The fire cash assistance protects the renter’s belongings and personal effects in the event of a fire in the property being leased. The personal accident covers the assured against accidents or unforeseen events that lead to fatalities, injury, disability or dismemberment. 

Meanwhile, the personal liability cover protects the assured against liabilities in the event of damages made to common areas or the rented space. The assured is also protected against burglars and akyat-bahay, which is much-needed at this time of economic uncertainty.

For those wanting to own a house, Malayan Insurance also offers its Home Protect Plus, an all-in-one home insurance package providing financial protection to families or individuals should their houses or its contents incur damages from weather-related perils.