Real Estate Trends in the Philippines: What Buyers Need to Know in 2024
Explore the emerging trends in Philippine real estate, and gain vital insights into rising regions, infrastructure impact, technology, sustainability, and the future of commercial spaces.
PHOTO: Tierra Mallorca on Unsplash
2024 is an exciting year for Philippine real estate as it’s shaped by rapid urbanization, technological advances, and the vibrant influence of sustainability.
This comprehensive article, strategized for prospective buyers, offers an in-depth exploration of these dynamic trends—guiding you through emerging regions, assessing infrastructure developments, demystifying the role of technology, and ushering you towards sustainable housing options.
Navigating the 2024 Philippine Real Estate Market
Buyers are becoming increasingly aware of various influences from society, the economy and technology; existing real estate trends are essential to potential buyers in making their purchasing decisions.
Looking back in 2023, the Philippine real estate market presented both opportunities and challenges for potential buyers. Several key factors are therein influencing the market this year:
Economic Recovery: Buoyed by the Philippine economy's strong comeback in 2023, the real estate sector is brimming with renewed optimism. Low interest rates and government stimulus measures have contributed to increased interest in property investments.
Urbanization: Rapid urbanization continues to drive demand for residential and commercial properties, particularly in major cities like Manila, Cebu, and Davao. The trend of people moving to urban centers for employment and education is expected to persist.
Remote Work: The rise of remote work has altered buyer preferences. Many buyers now seek properties with dedicated home offices or flexible living spaces to accommodate remote work arrangements.
Sustainability: The growing emphasis on sustainability and eco-friendly living is influencing the design and features of new real estate developments. Sustainable housing options are gaining popularity among environmentally-conscious buyers.
Emerging Hotspots: Regions on the Rise
Several regions across the Philippine archipelago are experiencing a surge in real estate interest. Notably, due to new infrastructure, economic growth, and rising provincial urbanization, hotspots like Cebu, Davao, and Iloilo remain focal points of this surge. From the perspective of buyers, these regions present promising opportunities for investment and potential high returns.
Cebu: Cebu is experiencing significant growth due to improved infrastructure, a thriving business environment, and a rise in tourism. The development of Mactan-Cebu International Airport and the Cebu-Cordova Link Expressway has boosted accessibility, making it an attractive destination for property buyers.
Davao: Davao's economic growth and investment-friendly policies have attracted businesses and investors. The development of such programs is contributing to increased real estate demand.
Iloilo: Iloilo is emerging as a regional center for business and education. The Iloilo Business Park, for example, has provided real estate growth in the area, making it an appealing choice for buyers.
The Impact of Infrastructure Development on Real Estate
Philippine infrastructure development is booming and having a major impact on the real estate market. With improved accessibility and connectivity, such new areas are now promising destinations for investment and have been accompanied by a simultaneous improvement in property prices. The Philippine real estate market is being transformed by major infrastructure projects.
Build, Build, Build: The government's "Build, Build, Build" program has accelerated the construction of critical infrastructure, including roads, bridges, and transportation networks. The Metro Manila Subway and North-South Commuter Railway are examples of projects improving connectivity and accessibility.
Impact on Property Values: Areas benefiting from improved transportation links often see increased property values. Consumers should consider the potential for property appreciation in regions with ongoing or planned infrastructure developments.
Accessibility: Enhanced transportation networks make it easier for residents to commute to work, reducing travel times and improving overall quality of life.
Technology's Influence on the Housing Market
As technology advances, a transformation that is changing everything it encounters seems to be taking hold of the housing market. With technology serving to shape buyer demand and consumer expectations, investors face the urgent task of watching out for what's happening in this part of real estate.
Popular technology for real estate includes virtual tours where buyers can experience a 360-degree view of homes. There is also wide utilization of AI-driven websites that include AI-powered algorithms aiding buyers to find properties that match with their preferences.
Sustainable and Eco-Friendly Housing Trends
Environmental sustainability in Philippine real estate is a growing trend. In light of this consciousness, developers in the Philippines are taking measures to offer environmentally efficient housing and adopt a net-zero lifestyle. The demand for sustainable and eco-friendly properties is growing in the Philippines:
Green Features: Developers are incorporating green features such as solar panels, rainwater harvesting systems, and energy-efficient designs into new projects. These features not only reduce utility costs for homeowners but also minimize the environmental footprint of new developments.
Long-Term Benefits: Investing in sustainable housing offers long-term benefits, including reduced energy bills, a smaller carbon footprint, and a healthier living environment. Sustainable properties align with the net-zero lifestyle, promoting eco-conscious living.
Philippines’ First Net-Zero Community Soon to Rise
Soon to rise Sienna Community by BillionBricks in San Mateo, Rizal
Leading the way in this green revolution is BillionBricks, which is pioneering the construction of the Philippines’ first net-zero community, soon to rise in San Mateo, Rizal. This ambitious project incorporates a holistic approach to sustainability.
Elements like solar panels, rainwater harvesting, and energy-efficient design in BillionBricks’ net-zero home play a key role in maximizing overall home efficiency and minimizing both financial and environmental burdens.
BillionBricks’ forward-thinking approach aligns perfectly with the global shift towards eco-friendly and energy-efficient living, setting a remarkable precedent for sustainable development in the Philippines.
The Evolving Landscape of Commercial Real Estate
The commercial real estate sector is adapting in the wake of the pandemic. With changes in retail, office, and industrial spaces, hybrids and flexible workspaces are becoming popular. As remote working blurs the lines between work and home, the future of commercial real estate in the Philippines promises to be both exciting and different.
In response to the evolving landscape, retail spaces are adapting to the rise of e-commerce through live-selling, click-and-collect services, or online shopping. Office spaces, on the other hand, are accompanying hybrid models for remote work. Meanwhile, industrial spaces like warehouses are in demand because of the gradual growth of e-commerce.
Take the Leap: Diving into the Future of Philippine Real Estate
Equipped with a comprehensive understanding of current trends, potential buyers can confidently navigate the vibrant waves of the Philippine real estate market. Aspiring towards sustainable housing, smart living, and strategic investments, the path to a rewarding real estate journey in 2024 is laid out before you.
Start your sustainability journey with BillionBricks! We are building the first net-zero homes in the Philippines. Interested in owning a self-sustaining and affordable home? Contact us at: https://billionbricks.org/sign-up.
If you're passionate about sustainable living and want to learn more, we recommend you dive into our article that's filled with valuable insights. Take a look at Be a Net-Zero Hero: Simple Steps for Sustainable Living in the Philippines.
Resources:
Minerva Romano. Invest in the Philippine Real Estate Market Today. Retrieved from https://housinginteractive.com.ph/blog/invest-in-the-philippine-real-estate-market-today/
Mactan Cebu International Airport. Retrieved from https://www.mactancebuairport.com/
CCLEX. Cebu-Cordova Link Expressway. Retrieved from https://cclex.com.ph/
ECCP. NOW (New Opportunities Waiting) in Davao City: Investment Opportunities for the Dutch Businesses. Retrieved from https://www.eccp.com/events/1043
Megaworld. Iloilo Business Park. Retrieved from https://www.megaworldcorp.com/townships/iloilo-business-park
Fernando Patinio. ‘Build, Build, Build’ continues: Building more for better lives. Retrieved from https://www.pna.gov.ph/articles/1179572
Styldod. 360-degree Virtual Tour. Retrieved from https://www.styldod.com/360-virtual-tours#:~:text=A%20360%C2%B0%20virtual%20real,they%20can%20see%20and%20imagine.
