Welcoming the New Year: State of the Philippine Real Estate Market in 2021
A new year has started and the Philippines’ is still under general community quarantine. 2020 took a toll on the economy, forcing a lot of businesses to shut down and downgrade. Plans were cancelled, the whole world was forced to lockdown for the safety of all. Some are luckier than most, still, the pandemic affected not only physical health, as well as mental health and financial stability of all.
However, experts are hopeful for 2021, especially in the real estate market. Recovery has already begun and the market is expected to have a steady growth from middle to late 2021. The real estate market is already adapting to permanent changes made in quarantine. Companies are expected to focus on the health and safety of their clients and staff, transition to a digitized and online service, prioritize transportation and organize work schedules agreeable to all your staff.
The real estate market took a huge hit during the COVID-19 pandemic. Airbnbs, hotels and rental properties were out of commission; live viewings were halted making it harder to close a deal with clients; POGO employees going back to their country leaving empty units. According to Colliers, the sales projected for 2020 rents dropped with 7.7 percent.
Still, the real estate market is expected to recover since the demand for space is still at large. There is still a demand for pre-selling properties and commercial spaces and the growth for sales is expected to increase as early as 2022.
There are still extra measures that need to be done from viewing to maintenance of properties. Property managers need to make certain changes to maintain the cleanliness and safety of the unit. Despite having a demand for clients, owners, brokers and real estate agents need to prioritize building requirements in line with COVID-19 prevention.
The advancements made in technology and internet connection, online social interactions made it easier to provide services online, especially online viewings, video conferences, etc, that can be utilized by real estate agents and individuals who are hunting for their new home.
There is a long way to go to recovery but with the new norm and constant efforts of experts in the medicine field, there is hope for the future. We have to do our part and follow drastic measures to overcome the COVID-19 pandemic and improve the growth of the economy. Source: https://business.inquirer.net/313232/from-bright-to-bleak-to-hopeful#:~:text=From%202021%20to%202022%2C%20we,viable%20investment%20despite%20the%20pandemic.