The property market in the Philippines is forecasted to grow next year amid the country’s increased vaccination campaigns, cash remittances, and expanding economic activities, said professional services and investment management firm Colliers.
In a news release, the company said that they are seeing “green shoots of recovery” in the property market.
Colliers report added that the demand for office, residential and retail segments will likely start its recovery in 2022.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno mirrored these sentiments and stated that “real estate and construction sub-sectors have started to recover in the second quarter” due to the easing of quarantine restrictions.
Diokno added that they are anticipating a recovery in the real estate market and a rebound in the overall economy in 2022.
Aside from the government’s vaccination efforts, Colliers reported that the recovery of major economies in the west could also contribute to additional demand from outsourcing firms.