So far, 2022 has been an eventful time for the Philippines—from the eased pandemic restrictions which opened up travel and investment opportunities, like luxury residential properties, again in the country, to the controversial national elections, up to the swearing-in of the new set of public servants in office. These events started a ripple effect in many industries including the real estate market.
Luxury residential properties became more popular during the pandemic
With these recent developments in the country, real estate professionals have a positive outlook when it comes to the industry’s momentum for the rest of the year, and even for the coming years. The good performance from the previous months is expected to continue along with the future plans that are in line for the country.
The previous administration notably gave priority in building massive infrastructure projects that are said to be continued by the newly sworn officials. It is apparent that one of the industries that will benefit most from this direction is real estate.
Building massive infrastructure projects all over the country is a priority in the Philippines
Aside from infrastructure, there is also a direction to push for better facilities that will enhance productivity even with remote work which a lot of people now prefer over the face-to-face work set-up. This is why even with the mandate to return to office, there are still a lot of companies that allow remote or hybrid work set-up. This gives a perfect balance when it comes to the demand between commercial and residential real estate properties.
On top of all these, the luxury residential properties sector which received a great demand during the height of the pandemic is still expected to perform well despite the world’s entry to the post-pandemic era. In a time when home improvements is a huge thing, choosing a better to place to live in became a top option during the peak of the global pandemic.
Luxury Real Estate Trends for the Second Half of 2022
know more about what that current real estate trends that professionals are eyeing for the second half of the year, specifically when it comes to luxury residential properties.
Stable Demand for Luxury Residential Properties
The demand for luxury homes is expected to remain stable this year
When the lockdowns happened, most industries suffered big time. Real estate is not exempted to the crisis, although there is a unique trend that arose in the industry. With people confined to their own homes 24 hours a day, issues with people’s current homes became more noticeable and even became intolerable after some time. This drove many families to look for a better place to live in, especially for the high-income sector who have the means despite the ongoing global crisis.
For the rest of the year, real estate professionals predict that high-end and luxury properties will continue to experience demand just like how the sector showed resilience in the middle of the crisis. The trend will continue along the continuous popularity of home improvement, leisure, and wellness sectors.
The Popularity of Vacation Homes
Before the COVID-19 pandemic, vacation homes are either purchased as an investment property or exclusive for the affluent sector only. As the health crisis turned the world upside down, there have been changes in this area as well.
Country homes and villas are a popular search for homebuyers these days
According to reports from various property consultants, some of the amenities that potential homebuyers are looking for their homes are features that are mostly found with vacation homes such as a swimming pool, health and wellness facilities, air conditioning, ready internet connection, and huge green spaces. Collectively, these features are the very selling points of many luxury residential properties.
It seems like aside from functionality, homebuyers are looking for a place to relax where they can also work and play without much effort. Indeed, the the property’s location and amenities play a huge role in making a relaxing home for homeowners and their families.
Return-to-Office Affects the Condo Market
With the return-to-office mandate, many workers are back to the city and are looking for a new place to live in. This drove many lessor to start renovating their condominium units and apartments in the central business districts such as Bonifacio Global City, where many offices are located. Other top locations for business in the Philippines are Makati and Quezon City.
Return-to-office work set-up brought back demand for both commercial and residential spaces
Aside from offices, the Philippine Offshore Gaming Operators (POGOs) have bene recently allowed back to the country so many foreign nationals are flying to the Philippines. This is good news both for commercial and residential real estate market as the business will result to less vacancy for both industries. This is enforced with better policies in place such as a more clear guidelines on the regulation and tax requirements of POGOs, eased pandemic restrictions in and out of the country, the continuous vaccination efforts, and the non-alarming recurrence of COVID-19 surges.
Increasing Number of Popular Cities Outside Metro Manila
Living in a home located in the country’s capital region is convenient and gives people instant access to daily necessities. However, the quality of life suffers a lot when living a city life. Both the air and noise pollution is getting worse each day while the property prices are skyrocketing as well. This dilemma became more apparent during the lockdowns when the advantages of living in the city is of no use.
In the past two years, residential properties outside Metro Manila have experienced a great demand. The provincial areas became more and more attractive to homebuyers as people start to prioritize their health and overall well-being more. With this move, many establishments are looking into building branches in provincial locations. Nowadays, even high end shopping centers can be found in popular cities outside Metro Manila.
When it comes to commercial spaces, many Business Process Outsourcing (BPO) companies already invested in provincial areas. Some of the locations that are now considered “major players” in the country’s BPO industry are Bacolod and Cebu which are also known as emerging cities in the Philippines. This will not only affect the commercial real estate but also the residential sector as an increasing demand in properties will be seen in nearby locations along with the rise of businesses in the area.
Buy a Luxury Home with Brittany!
In summary, the real estate industry is on its way to a recovery for the rest of the year from the crisis brought by the pandemic. Also, by this time, the real estate developers and other related businesses have adapted to the trends that emerged from the crisis and was able to cater to their target market better. When it comes to houses for sale with a higher price segment, the pandemic brought a balance of pros and cons in this sector.
Brittany Corporation, one of the leading luxury real estate developers in the Philippines, offer some of the best luxury homes in the country located in prime areas in the country. Brittany developed high-end themed communities in popular cities located south of Metro Manila such as Tagaytay, Santa Rosa, Alabang, and Sucat. All these communities boast of their great beauty and special features that will provide the ultimate luxury living experience to homeowners.
Want to know more about the luxury real estate properties by Brittany Corporation? Interested clients will find such information in Brittany’s official website and social media pages. There is also a link to send sales inquiries, feel free to message via this link.