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 in 2022. [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 estate demand. 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 Market 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 North-South Commuter Railways will raise land and property values outside of NCR. Joey Roi Bondoc, Associate Director for Research from Colliers states, “In our view, office, residential, retail, and industrial sectors will benefit from a macroeconomic rebound. Landlords should prepare to capture pent-up demand while tenants and investors should maximize opportunities as the market is on its way to recovery.” https ://www.rcbc .com/home- loans ht tps ://www.ph i l s tar . com/bus iness/2020/12/23/2065849/p andemic-br ings-warranted-correct ion-hot-property-market ht tps ://www.co l l ie rs . com/en-ph/research/phi l ipp ine- property-out look-2022 Sources :