Demand for real estate services in the Philippines is expected to increase as the country’s reopening nears its completion and the economy continues to recover. According to the government, there should be an uptick in people buying and selling property which means a greater need for agents, lawyers and other industry professionals.
Finance Secretary Benjamin Diokno added that real estate services focusing on both the commercial and residential property segments will rebound, although considerations must be made for the new normal. This includes the adoption of hybrid work and flexible office space.
“Real estate has been a significant player in the Philippine economy but commercial spaces, home rentals, and sales took a downturn during the pandemic,” Diokno was quoted as saying by PhilStar Global. “With the easing of mobility restrictions and higher economic activity, we call for the support of the private sector as we strive to exceed pre-pandemic macroeconomic targets.”
Increase in interest for Metro Manila condos
The surge in demand for real estate services in the Philippines aligns with what Dot Property Group is seeing. The return to work caused Metro Manila condo demand to soar during the first half of 2022. Between the fourth quarter of 2021 and first quarter of this year, there was a 17.8 percent increase in inquiries. That was followed by a bigger jump in the second quarter when interest rose by 28.2 percent when compared to the previous three months.
Companies resumed in-person operations in the early stages of this year with most being 100 percent onsite by March. Many employees who had retreated to the suburbs during the pandemic began actively looking for condo units closer to the workplace.
This is in line with more general real estate market trends being seen in Metro Manila at the moment. According to Santos Knight Frank, retail vacancy fell to 4.6 percent in the second quarter which is nearing pre-pandemic levels. Meanwhile, Leechiu Property Consultants reported that office demand doubled in the National Capital Region during the April-June period.
For more insights, download your copy of the Dot Property Group Metro Manila Condo Market Report 1st Half 2022
