Lamudi lists exciting opportunities in Philippine Real Estate. Although the Philippines is outperforming most of its neighbors in Southeast Asia, and its real estate market proving buoyant still despite talks of an impending property bubble, as early as now we are seeing that the market is findings ways to stay competitive.

Lamudi Philippines lists down the things we can expect from the local real estate market over the next few years.

Philippine Real Estate: What to Expect in the Coming Years

1. Retiree-Focused Real Estate to Rise

Properties catering to wellness, medical tourism, and retirees will boom in the coming years, according to Cely Delos Santos, a licensed real estate consultant and vice president of full-service consultancy firm REHub.

She adds that the Philippines is now becoming a favorite among foreign retirees, and more Filipino expatriates are choosing to return to spend their retirement years here. In fact, the Philippine Retirement Authority, an attached agency of the Department of Tourism, said in a report that the number of retirees in its Special Resident Retiree Visa
(SSRV) is expected jump to more than 35,600 by the end of 2014, and to almost 40,000 by 2015.

2. More Competitive Condo Leasing Market

Amidst the building boom that has been taking place over the last five years, real estate developers will find themselves with plenty of unsold inventories, especially in the mid-end segment. However, Jojo Salas, head of research and consulting at Pinnacle, many of these developers will easily absorb these inventories and may turn them into rental properties, which will be extremely favorable to end-users.

“These rental condos will provide more in-city living options for Metro Manila workers and students,” said Salas.

According to report published by JLL Philippines, approximately 168,650 condominium units are expected to enter the market until 2019. This is more than the existing stock of about 161,730 units.

3. Tourism Boom

With several high-profile hotel and integrated resort projects to be completed soon, 2015 will also be an exciting year for Philippine tourism. Global hotel brands will open their properties in Metro Manila next year, such as Shangri-La and Hyatt in Bonifacio Global City, and Conrad in the Mall of Asia Complex.

Much awaited also is the City of Dreams Manila, an integrated resort and casino by Melco Crown. It will boast three hotels (Hyatt, Crown Towers, and Nobu Hotel) and its Macau connection is expected to bring planeloads of well-heeled Chinese to Manila over the nest few years. In fact, the Department of Tourism is targeting 6 million foreign tourists for this year, which it hopes to increase further to 10 million before the term of President Aquino ends in 2016.

4. Development Will Spread Outside Metro Manila

According to Pinnacle’s Salas, real estate developers find it extremely difficult to find large enough land within Metro Manila, which leads them to look elsewhere. This presents an opportunity for provinces outside Metro Manila. Among them include Megaworld Corp., who has just announced its Tanza project in Cavite, luxury developer Century Properties who will duplicate its successful Azure project in San Fernando Pampanga, Ayala Land who launched its Altaraza project in San Jose Del Monte City, Bulacan.

5. Metro Manila’s Infrastructure Will Improve Considerably

While real estate developers are looking elsewhere for land to develop, the government is unveiling infrastructure projects to improve the country’s transport system. Some of these projects include the 14-kilometer Cavite-Manila Expressway connecting the Manila Bay area to Cavite, and the soon-to-be-completed Cavite-Laguna Expressway and the NLEX-SLEX connector road. The latter is a 13.4-kilometer elevated expressway that will reduce travel time from Alabang to Balintawak from 2 hours to 15 minutes.

In an article published in Business World, 12 public–private partnership (PPP) projects have been approved by the National Economic and Development Authority (NEDA). These projects are worth Php184.41 billion.

These projects are not only opening up new areas for development and providing opportunities for Metro Manila’s neighboring provinces, they are also helping decongest the metropolis by spreading development outwards.

Visit Lamudi Philippines on Facebook, Twitter, Google+ and LinkedIn.

Elsie Cansino
PR Manager, Lamudi Philippines
Phone: +63 921 2142887 | +63 927 3313501

Newer Post
Older Post

No comments:

Post a Comment