The Philippine property market is expected to rebound in 2021 and developer Vista Land believes this will allow it to enjoy greater success moving forward. The homebuilder noted demand remains strong from Filipinos living overseas and this, along with the reopening of the Philippine economy, will boost the property market.
“While COVID-19 continues to impact our performance, both on our leasing and residential businesses, we also have seen a number of positive signs of recovery since the reopening of the economy last June,” Vista Land Chairman Manuel B. Villar, Jr. told the Manila Bulletin. The upward trend of our reservation sales were sustained and are now at 70 percent of pre-COVID level. This prompted the Company to restart launching residential projects in our existing land banks.”
Vista Land’s largest group of homebuyers are Filipinos located overseas and the purchasing power of this group remains strong. This will help the developer reach its goals and should support a Philippine property market rebound this year.
“Since 55 percent to 60 percent of Vista Land sales are coming from overseas Filipinos, the resiliency of (their) remittance, which amounted to USD24.6 billion and are down only one percent as of end October 2020 helped in the sales uptrend,” Villar Jr. noted.
Vista Land benefits from changing consumer preferences
Vista Land’s house and lots subsidiaries, including Crown Asia, were well positioned to take advantage of changing consumer preferences brought on by the COVID-19 pandemic. The homebuilder is seeing a trend when it comes to location with more buyers eyeing homes outside of Metro Manila. That is expected to carry over into 2021.
See more: House and lots for sale from Crown Asia
“We have witnessed that shift of customer preference to house and lot products in the provincial areas as evidenced by the increase in proportionate sales coming from our housing products outside Mega Manila compared to the same period last year,” Villar Jr. stated.
Vista Land has a presence in 147 cities and municipalities in 49 provinces across the Philippines. It plans to launch several housing projects across the country this year.