21/02/2024
Sharing my insights on the current state of the Philippine Real Estate Market, I'll keep it concise. The influx of POGOs and Chinese mainlanders has significantly impacted the market from 2016 onwards, particularly in major CBDs like BGC, Makati, Ortigas, Rockwell, and Pasay, leading to a notable rise in property values.
While this surge in demand had its benefits, such as short-term market growth and increased pricing and occupancy rates for existing investors, it also posed certain challenges. Developers rushed to meet the demand, resulting in an oversupply of inventory, specifically in the bay area. Consequently, the departure of Chinese mainlanders due to pandemic-related issues led to a spike in vacancy rates, echoing similar occurrences in other countries where they dominated the market.
Currently, the market is on a path to recovery, with expats gradually returning as global borders reopen. Tourism is resuming, and companies are seeking cost-effective labor sources, prompting international firms to establish a presence in the Philippines. This influx of foreign investors translates to increased demand for leasing opportunities.
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