Philippine Property Market
Outlook for 2022
Two years after a global pandemic put a pin on home buying, real
estate experts forecast the Philippine property market to rebound
[Manila, 2022] – In the 3rd quarter of 2020, the effects of the
COVID-19 pandemic manifested on the Philippines’ otherwise
booming property sector.
Residential property costs went down 0.4% year-on-year during
Q3, the first decline since the Bangko Sentral ng Pilipinas (BSP)
started tracking home prices in 2016. This decline continued for
four more quarters until the Q2 of 2021 until the Residential Real
Estate Price Index jumped by 6.3% YOY in Q3.
A new forecast report from real estate services company Colliers
Philippines backs up the initially reported growth of residential
home prices in the future. According to the report, the Philippine
property market is poised for a rebound in 2022.
Colliers’ report attributed the positive forecast to the country’s
improved vaccination rate, which improves consumer and
business confidence. As
the pandemic becomes more
manageable and major infrastructure projects are completed with
more underway, property stakeholders anticipate pent-up real
Office real estate leads the projected growth, with researchers
predicting a 3.8% growth of the rental market. This is supported
by a supply of newly built office spaces, which is projected to
reach 7.8 million square feet in 2022.
As for residential properties, Colliers projects a “delivery of 9,700
units in 2022, up 18% from 8,200 units in 2021. We see the Bay
area likely accounting for 60% of the new supply.”
The Recovery of Philippine Property
The real estate services company adds that in the next year and a
half, the completion of projects like the NLEX-SLEV Connector, the
CLLEX, and the North-South Commuter Railways will raise land and
property values outside of NCR.
The real estate services company adds
that in the next year and a half, the
completion of projects like the NLEX-
SLEV Connector, the CLLEX, and the