Property market expected to grow
In the next few years, the property market is expected to increase, driven by the Duterte Administration’s onerous Infrastructure programs and of course the growth of the BPO industry in the Philippines.
According to Jones Lang, LaSalle head of project leasing and regional director Sheila Lobien, there will be a huge demand within the real estate market. People would prefer to just rent condominiums instead of long travels.
The Build, Build, Build program is a part of a 10-point Socioeconomic Agenda of Pres. Rodrigo Duterte. This is aimed at reducing poverty to 15% by 2022.
The reforms in the agenda is aimed at the development of industries that will yield growth, create jobs and uplift the lives of Filipinos.
The main cause of the increase in the demand is the BPO industry. The total retails supply increased by 2%, hotel supply increased by 1900 rooms. The residential market also increased.
As for the residential market, there are approximately 260,600 units that were completed in Metro Manila with 127,900 units expected by 2022.
Also, the level of remittances from OFWS (Overseas Filipino Workers) continues to go up which has a positive effect on home buying.
