Philippines Real Estate Price Forecast at Corona
House prices in the Philippine metropolitan area are expected to fall! Recently, Colliers International Philippines (Colliers), a leading international real estate consulting firm, has announced its outlook for the Philippines' real estate market.
Lockdown (city blockade) or General Community Quarantine (GCQ) is currently underway in Metro Manila and will continue until May 15. (As of May 2, 2020)
I hope economic activity resumes as soon as possible...
Lockdowns in the Philippines are extremely restricted in their activities, and some office buildings cannot even enter their own offices.
By the way, because the building where our company's office is located is closed and we cannot enter the room, we can only work from home.
For more information about Lockdown in the Philippines, please visit the website of the Embassy of Japan in the Philippines. (https://www.ph.emb-japan.go.jp/itpr_ja/11_000001_00041.html)
After all, the great impact of the new Coronavirus (COVID-19) is expected to affect the land and rental prices that will fall in many areas of Metro Manila.
Land prices in the Central Business District (CBD) are expected to fall by 5-15% by the fourth quarter of 2020, including the Makati CBD, which has fallen 10% per square meter by the fourth quarter 77. We also see a fall of 10% in Taguig City's Fort Bonifacio to Ps745,000, to Ps3,000. However, it is also expected to rise in the Manila Bay area and the Ortigas Center. As for housing, we expect property prices to fall 15% and rents to fall by 5.5%.
For property owners, rent income is expected to decline, but for investors, we think that it will be easier to buy properties.