Philippines property market outlook may start to shift geographically.
The Philippines real estate sector is playing a pivotal role in the country’s economic growth, which is expected to continue into 2017. Developers are still launching new projects giving choice to investors who want property as part of their investment portfolio. This appetite for property is not anticipated to slow down anytime soon.
The luxury sector is performing well creating a new premium lifestyle in the Philippines. One developer, Rockwell Land Corp., sets itself aside from the competition by not only building the best possible product, but one that comes with a high level service that runs well after the sale has been completed. By having their own leasing and management team it ensures that their reputable products remain just that.
As the millennial generation strive to want to own their own property, one developer is confident that they are appealing to this sector. 8990 Housing Development Corp. is another developer with a different agenda. Their projects are on a mass scale and the ethos is to provide housing for people, rather than to just look at the profit sheet at the end of the day. As such they have experienced healthy demand for their affordable housing from working class Filipinos. Interestingly 58 percent of their sales have been from the 29 to 35 age bracket, a pattern which is not expected to change anytime soon.
The market is continuing to mature in the Philippines and competition amongst developers is set to be tough. For developers it is not just about building property, but also about getting the right marketing strategy on course in a response to purchasers now being much better informed about the state of the market.
One perception for the property market for 2017 is the shift of developers moving from the centre of the Philippines to start developing the provinces. There is strong potential in areas such as Iloilo and Cebu which are prime for residential development. The tourism industry is ever expanding in the Philippines and over the years building is expected here as developers make this shift.