PROSPECTS for the real estate industry amid the Covid-19 pandemic are looking brighter for 2022, as the demand for luxury and mid-income residential projects indicate a gradual recovery.
According to the real estate analysts at Colliers International Philippines, residential projects in the luxury and mid-income segments are regarded as bright spots for the industry and developers are lining up projects to capture recovery.
They noted that one reason behind the resurgence in demand for residential sales is the accelerated pace of the government’s vaccination rollout and the “subsequent reabsorption of office space,” which would play an important role in the sectoral recovery.
The government’s vaccine rollout and the subsequent reabsorption of office spaces is expected to help prop up residential demand.
“We also expect concessions and discounts, together with the 2-percent interest rate put in place by the Bangko Sentral ng Pilipinas (BSP) to help boost residential sales,” the firm said in its research note titled “Jabs Key to Jumpstarting Property Recovery” published in May 2021.