Manila falls to 21st place in investment prospects list
Manila slipped to the 21st place out of 22 Asia Pacific cities in terms of investment prospects this year.
In the 2022 Emerging Trends in Real Estate report by Urban Land Institute and PwC, the Philippine capital was deemed as having “generally poor” investment prospects in 2022, only performing better from Kuala Lumpur.
The report also stated that despite having a “young demographic and an economy with positive long-term fundamentals,” the city will continue to struggle with a large supply of spaces — both residential and office — in the coming months.
The local property market demand has weakened during the past year due to the pandemic-induced lockdowns and business closures.
The exodus of Philippine Offshore Gaming Operators (POGOs) from the country and the work-from-home arrangements in the Business Process Outsourcing (BPO) industry have also affected the property sector.
Other developing markets in the APAC have joined the Philippine capital. These are mostly cities who are still greatly affected by the continuous COVID-19 pandemic.
In contrast, Tokyo, Singapore, Sydney, Melbourne, Seoul and Osaka were classified as cities with “generally good” prospects in foreign investments for this year.
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