A supply shortage alongside solid economic fundamentals means demand for housing in the Philippines will continue to be strong, according to SM Development Corporation (SMDC). Last year saw the Philippine economy grow by 6.5-7.5 percent while 2023 forecasts envision a similar increase.
Demand continues to be driven by a lack of available housing in most segments across the Philippines. This was made clear when people returned to work in 2022. Dot Property Group recorded a surge of interest in Metro Manila condo units during a time when many real estate markets across the globe have remained stagnant or slowed down.
“From the affordable to the high end, sales have still been quite stable. The slow down hasn’t reached the Philippines yet, because our economy has certain features here that differentiate us from other countries: the strong overseas remittances, the young market and BPO sector. The biggest growth driver is the shortfall in housing of about six to eight million units. There will always be a strong demand for housing,” SM Development Corporation (SMDC) President Jose Mari Banzon told the Manila Bulletin.
SMDC sets the standard for Philippine real estate
SMDC has focused on delivering high-quality projects catering to diverse lifestyles as it looks to meet the demand for housing in the Philippines. However, the firm’s work goes well beyond that. From looking after residents and investors through a number of unique initiatives to exceptional CSR efforts that uplift local communities, its trailblazing approach proves there is more to real estate than sales.
Last year, SMDC cemented its place among the region’s best developers with an outstanding showing at the Dot Property Southeast Asia Awards 2022. The firm collected five honors, including Developer of The Year Southeast Asia 2022 and the Special Recognition Award for Corporate Social Responsibility. This success meant everything to a company that takes pride in being ‘The Good Guys’.
Of course, those weren’t the only honors for the homebuilder. SMDC won Developer of The Year at the Dot Property Philippines Awards 2022 in addition to having seven developments recognized.