The Philippine real estate market is expected to grow over the next 12 to 24 months due to several factors. According to the Accredited Real Estate Salespersons (ACRES) organization, OFW remittances could be one of the key drivers as workers from abroad look to purchase homes and investment properties in the country.
“These OFWs that we are talking about are always in the look, not only for residential housing, but also as well for investments. We would like to take advantage of the market sentiment which is very positive. Our outlook for the next two to three years is going to be very rosy,” Chris Malazarte, President of ACRES Cebu South, was quoted as saying by the Inquirer.
An increase in OFW remittances would support real estate market growth which is already being seen across the country. Most experts believe recovery within the property sector is well underway. The hope is that the situation returns to pre-pandemic levels in the near future.
“Personally, I would like to say that we are up for better times ahead because we are seeing a recovery already,” Malazarte noted. “The recovery has already started sometime in 2021 and I am very, very happy to say that despite what has happened from 2020, the growth of the real estate did not really get into the dumps, we did not have any nose dive or anything.”
Metro Manila condo demand soars
OFW remittances would simply be the latest boost for the Philippine real estate market that is already bustling with activity due in large part to the return to work. People returning to the workplace caused Metro Manila condo demand to soar during the first half of 2022.
The Dot Property Group Metro Manila Condo Market Report 1st Half 2022 found that between the fourth quarter of 2021 and first quarter of this year there was a 17.8 percent increase in condo demand. 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.
Keep Reading: Metro Manila condo demand takes off as people return to work