The Covid-19 pandemic disrupted nearly all industries, but the same cannot be said of the Philippine real estate sector, which is forecasted to grow this year, not just in Metro Manila but also outside of it. More importantly, land continues to appreciate, home prices keep increasing, and  Filipinos continue considering property and real estate investments.

During the kickoff of the first in-person event sponsored by PRIME Philippines entitled “2023 Philippine Property Market Outlook: REVENGE or RETREAT” held at the Shangri-La the Fort in Bonifacio Global City in Taguig, the participants discussed new and emerging cities and provinces in the coming decades.

PRIME Philippines’ founder and CEO Jet Yu discussed in his opening remarks “how the Philippine Real Estate markets fared in 2022 and how to tread the upcoming economic tightrope to be faced in 2023.” He highlighted that the industrial sector would continue to be a frontrunner among the other sectors, with manufacturing, logistics, and e-commerce activities making headways.

In addition, delegates from valued industry stakeholders, key government agency officials, top developers, property owners, and various occupiers within the Philippines’ real estate markets attended the event.

The panelists agreed that lifting quarantine restrictions and other health protocols nationwide would support recovery within the hotel and retail sector. Yu ended his presentation with a positive outlook for the year despite the impending global slowdown and soaring inflation rates that the country will face.

A series of panel discussions between essential representatives from the public and private sectors succeeded in the Keynote Presentation. The first set of panelists introduced was BSP’s Sr. Assistant Governor Iluminada Sicat, BCDA’s vice president for Public Affairs Leilani Macasaet, DMWAI vice president for Corporate Planning Julius Guevarra, and PRIME Philippines’ vice president for Property Advisory, Cholo Florencio.

Competitive factors

The topic revolved around emerging cities and provinces within the country in the next decade, with in-depth discussions on key competitive factors to support township frameworks and infrastructure projects needed to generate more employment opportunities outside Metro Manila. The participants also discussed which promising areas posed as following emerging cities and the potential of Visayas and Mindanao as emerging markets for real estate investments.

The second set of panelists included Imperial Homes’ president and CEO, Emma Imperial; CCAP’s managing director, Rosario Cajucom-Bradburry; Matchmo’s founder and CEO, Kevin Carreon; and GreatWork’s head of Sales and Operations, Anne Flores. All key panelists delved right into the subject of disruptions and information technology in the property market, with inquiries centered on how their organizations are innovating the real estate industry, how they view the local real estate industry scene in the next decade, and how to address the challenges to integrate information technology in the Philippines real estate industry.

Here are some of the key takeaways from the discussion.

• “Walkability, livability, and connectivity are critical success factors to position emerging cities and districts as sustainable developments.” — Leilani Macasaet, vice president for public affairs, BCDA

• “The Central Bank of the Philippines thrives on working towards an enabling environment that will have access to credit that will incentivize and support sustainable developments all over the country.” — Iluminada Sucat, Sr. assistant governor, BSP

• “Bringing a technology from another country and localizing it is a way of local invention and innovation that support how fast we adapt to changing times.” — Emma Imperial, president and CEO, Imperial Homes

• “Sustainable development through renewable energy will support the operations of contact centers and make the Philippines more competitive in the region for O&O industry.” — Rosario Cajucom

-Bradburry, managing director, CCAP

• “Enabling an automated environment for buyers and sellers of real estate to process mortgages efficiently.” — Kevin Carreon, founder and CEO, Matchmo

• “Flexible workspace solutions will be a key enabler in adapting to the ever-changing demands of business operations.” — Anne Flores, head of sales and operations, GreatWork

The Philippines has recorded its most robust economic growth in over forty years. However, threatened by the impact of high inflation and tighter monetary policy on domestic spending, which will drag on the purchasing power of consumers in the country.

Nevertheless, all are in unison with their optimistic outlook for the Philippine property market for 2023.

PRIME Philippines is the leading real estate consultancy firm for emerging markets with offices in Manila, Cebu, and Davao, garnering over $400 Million in successful deals, over 3,000 clients served, and covering over 60 percent of the cities of the Philippines.