This is the current perspectives on the real estate markets and economy in the Philippines in 2023 and 2024 recently viewed by real estate experts in the Philippines.  They were developers, brokers, academicians, consultants, government officers, and the like.

 

Recently, Dr.Sopon Pornchokchai, President, Agency for Real Estate Affairs (www.area.co.th) was invited by the Chamber of Real Estate & Builders' Associations (CREBA) and the Government of the Philippines i.e. the Professional Regulatory Boards of Real Estate Service (PRBRES) and Professional Regulation Commission (PRC) to visit Manila and give some speaking during September 25-28, 2023.  There were two conferences where hundreds of people in the Philippines joining it.  Dr.Sopon conducted this survey from those participants who are experts in real estate, mostly developers, brokers, academicians, consultants, government officers and the like.  The number of respondents was 46 from 350 participants in the Philippines.  This number was enough to reflect some insights. Some interesting findings were as follows:

 

Experts in the Philippines viewed that the country’s economy in 2023 as moderate (assessed at 6.1 out of 10).  The economy in 2024 was rated better at 6.9.  Therefore, the future economy of the Philippines was at a good hope.  Likewise, real estate markets were assessed to be moderate at 6.9 out of 10.  It was forecasted to be 7.5 out of 10 in 2024.  Real estate markets in the Philippines may boom in the near future.

 

Residential properties particularly residential and housing in general and condominiums were among the most popular in the Philippines.  As a whole, residential developments were 38.1% Commercial properties constituted 28.6%  Industrial properties were assessed at 16.7%  Hospitality was 9.5%, and farm lots for 7.1%.

 

Ayala Lands, DMCI, Megaworld, and SMDC were among the most successful developers with some 21.3%, 13.3%, 14.7%, and 12.0% respectively. Other large developers were Aboitizland, Cebu Landmasters, Damosa Land, Inc., Phinma Properties, Robinsons, and Vista Land. In addition, there are some other major developers too.

 

In Metro Manila, cities like Manila, Makati, Taguig, Alabang, and Quezon City constituted some 26.9%  Outside the Metro Manila, there are Cebu with 15.4%, Davao 13.5% Cagayan de Oro, 9.6% and the like.

 

Amazingly, Japan was the top destination to buy properties with 22%.  Second was Singapore with 18% followed by Thailand 12%.  USA was 8%  Then they were Canada, Italy and the like.  There were some variety of countries involved.

 

In sum, the Philippines is growing in economy and real estate in the future.  It is a country for foreign investment destination indeed.