Real estate agents in the Philippines have targeted Filipinos between 20 and 35 years old as their prime market for condominiums, mostly because of their increasing spending power.
While condominiums seem to be more popular, sales of house and lots in the country has also increased 15% last year. Metro Manila arguably remains the best the market for residential properties, although nearby provinces have begun to show promising growth.
Some of the regions outside Metro Manila that serve as an alternative for property investors include Cavite. If you plan to market homes in Lancaster, a review online helps in comparing different prices.
As the younger generation becomes more conscious of real estate ownership, property agents should also be aware of the different factors that support this trend. The reason behind the burgeoning provinces near the metro involves the construction of shopping malls and other commercial establishments.
Employment in these regions has become better as well, particularly with the entry of more outsourcing companies. All of these factors will be important for the real estate market heading into the near future.
By 2026, a BMI Research report showed that the country’s real estate industry would increase by almost 10%. Demand for housing in Metro Manila will continue to be strong due to the public and private investments, which will be crucial to reduce a backlog of 5.7 million homes in the country.
Some of these investments include the government’s “Build, Build, Build” program. The expansion of transportation infrastructure would then increase the value of properties not only in major urban areas but also those in second-tier cities.
While the future looks bright for the real estate industry, property agents should expect tougher competition to clinch buyers. By being updated on pricing trends and consumer preferences, they can keep up or even get ahead with competitors.