Real estate, which is one of the industries hit hard by the global contagion, is projected to bounce back in 2023 as remittances from overseas Filipino workers are expected to increase this Christmas season.

During its 31st-year anniversary celebration and installation of a new set of officers of the National Real Estate Association, One Filipinos Worldwide Partylist Representative and NREA chairperson emerita, Marissa "Del Mar" Magsino said projections from various stakeholders and the industry's property values are set to recover in 2023 in the pre-sale and secondary markets.

"Property prices and rents can also expect percentage increases based on a rebound in local and foreign investor sentiments," Magsino said.

This, as all industries and the economy have already opened, and there is an easing of restrictions on foreign investments, which is perceived to steer more employment and market competition.

"This, in turn, can increase the demand for more land, houses, buildings, and commercial space. Our Overseas Filipino Workers are expected to lead the push in residential demand in 2023 whose remittances contribute significantly to the country's demand for housing units," she said in her keynote address.

"Our 'modern-day heroes' are backing the country's affordable to middle-income price segments of real estate in the Philippines," she added.

Earlier, the University of Asia and the Pacific senior economist Cid Terosa said that expected influxes of OFW remittances ahead of the holidays will also help support the Philippine peso against the United States dollar, as dollars sent home by OFWs usually surge before the year ends.

Thriving technology

Rep. Magsino also highlighted the thriving information technology and business process outsourcing sectors, which entails a demand in more workforce and space.

"The digitization of the core business processes and activities of the real estate industry will also enable developers and investors to reach out to a larger section of potential buyers, while property owners are kept updated on matters regarding their properties and investments," she said.