While the COVID-19 pandemic had a far-reaching impact on both the economy and daily life, it didn’t dent the dream of home ownership in the Philippines. According to developer BRIA Homes, the housing sector has performed admirably over the past two years, avoiding the major disruptions that plagued many other industries.
“Homebuilders continue to report significant increases in sales, affirming the notion that whatever economic forces are at work, consumers will always have a basic need for shelter,” BRIA Homes Division Head Eduardo T. Aguilar told the Manila Bulletin.
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He adds every Filipino dreams to own their home and that is something which will drive demand for housing across the country moving forward. This, in turn, supports economic growth in the Philippines since the real estate sector creates jobs as well as demand for housing materials and related services.
Dream of home ownership extends to second properties
These days, the dream of home ownership in the Philippines extends to second properties. Nearly 41 percent of respondents in a recent Santos Knight Frank study said they were actively searching for an additional residence.
While a first home is seen as a significant life milestone, a second property serves as a destination where people can get away during times when travel may be restricted.
“The pandemic has amplified buyers’ concerns on their health, wellbeing, comfort, and safety, and we see this clearly reflected on the shifting preference in acquiring new or secondary homes,” Marie Gimena-Villanueva, Associate Director for Residential Services at Santos Knight Frank stated. “As we see recovery from the pandemic over the next months, buyers who want to acquire residential property should need to make a decision soon amid the discounts we see today. Our survey suggests that 39 percent of owners expect the value of their property to increase between one percent to nine percent over the next 12 months from the start of the survey, reflecting increasing market confidence.”
