Land value to increase by 5% as property market recovers — Colliers
Real estate consultant Colliers is expecting land values in the Philippines to increase by 5.1% this year as the property market recovers.
Colliers said land values corrected between 1.7 and 9.8% in 2020 as developers refrained from acquiring new land given the disruptions in the property market.
Colliers Head of Valuation Services Paul Vincent Ramirez said that they are starting to “see a spike in interest for developable land and this bodes well for the property market.”
“Acquiring parcels of land within and outside Metro Manila will be crucial in developers’ plans to line up new projects beyond 2022 as they capture demand in the market post-pandemic,” he stated
Ramirez added that the “scarcity of developable lands in major business districts” could also push land values for the following months.
Meanwhile Colliers Head of Research Joey Roi Bondoc said that the implementation of infrastructure projects within and outside Metro Manila.could boost economic growth beyond this year.
“We expect developers to be more aggressive and strategic with their land-banking initiatives especially as they plan to take advantage of the government-projected economic recovery,” he added.
