28/09/2020
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In a recent webinar guesting, Dr. Bernardo M. Villegas, economist and professor at the University of Asia and the Pacific, said there are property segments that were “not negatively affected” by the pandemic. He cited the residential segment, noting that units priced between P800,000 and P5 million will continue to have a market and will remain in demand, particularly among overseas Filipino workers and business process outsourcing employees.
“I hope real estate developers will continue (to build such units)—the likes of SMDC and so on. Those are the types of units that will continue to be in demand,” Villegas said, referring to practical, attainable units priced up to P5 million.
It also helps if the residential development is located within an integrated community that places its residents near essential shops, key establishments and other institutions—a feature that proved to be a lifeline for many Filipinos during the strict lockdowns.
“I’m impressed with some real estate developers that are focusing on integrated communities, wherein they make sure that the church, the hospital and everything that is needed by the resident there are within walking distance. I’m encouraging especially the young couples to start looking at their future residences in those integrated communities,” he added.
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The Philippine real estate industry will likely be a significant contributor to the country’s economic recovery in the post pandemic era. While some property subsectors continue to face a
