Why the Real Estate Industry Remains Stable Despite the Economic Slowdown
Lamudi shares the stability of the real estate industry despite the economic decline. They will also hold an upcoming awards night to praise the frontrunners in the industry.
The Philippine economy witnessed slow growth in the first half of the year—reflected by how growth forecasts for the country’s gross domestic product (GDP) have dramatically decreased. In fact, GlobalSource Partners slashed their GDP forecasts to 5.2%, which is relatively lower than their prediction of 5.5% for this year.
Despite a more constrained economy caused by tight financial conditions, the latest report from real estate online company Lamudi shows how the local real estate market remains stable despite economic challenges. This continues to prove how it remains at the forefront of the leading industries in the country.
According to the same report, there has been a double-digit lead growth for both vertical residential and commercial properties. And given how it reflects a 30% increase in the quarter-to-quarter leads for commercial properties, we delve deeper into the current trends of real estate selling in the country as well as their plans for their upcoming awards night.
The Region with the Most Real Estate Sales
Among all the regions in the country, Region IV-A, or CALABARZON, has emerged as the fastest-growing in terms of having adequate infrastructure for its population size and growth. With its appeal, four out of five of its provinces made it to the top 10 locations for lots on sale. Two of them—Rizal and Laguna— received the most leads in the economic price segment.
With that, both investors and employees are presented with more opportunities that come with the strengthening of other industries in the CALABARZON region. Among those that are foreseen to benefit from these are information technology, metals, electronics, automotive, petrochemicals, and modernized agriculture.
The Lamudi platform reflects how the top ten locations viewed for agricultural lots were in Luzon—especially in Cavite, Batangas, and Rizal. They also shared how Cavite and Batangas received high pageviews on the platform for their suitability for agri-tourism and farm villa rentals.
Meanwhile, Metro Manila is the most widely searched location for commercial lots. Aside from those, people have also shown interest in CALABARZON and Pampanga for warehousing, truck parking, and manufacturing.
Addressing Regional Growth
Aside from Metro Manila, Region IV-A has emerged to be a real estate landscape over the years. This is because property seekers and developers tend to move towards this area as Metro Manila tends to be more saturated. This area has also shown great potential for technoparks—given their strategic locations for residential spaces, mixed-use developments, and commercial establishments.
These set the tone for the turnout for Lamudi’s awarding ceremony for property developers—dubbed as The Outlook: Philippine Real Estate Awards 2023. There, Lamudi will recognize the growth in the industry—including a 50% increase in nominated projects in Luzon which surpasses the numbers last year.
About the Upcoming Event by Lamudi
The Outlook: Philippine Real Estate Awards 2023—in partnership with Bank of the Philippine Islands (BPI)—will be held at Shangri-La The Fort in BGC, Taguig. There, some of the most prominent personalities in the local real estate scene will gather as the outstanding developments in the country will be recognized. Aside from the former categories that were recognized, the awards night will also honor the Best Industrial Development of the Year which will serve as its newest category.
The event will also be a platform for meaningful discussions on the current state of the property market in the country. It will also host a panel discussion among the frontrunners in the industry, as well as a keynote address from Land Registration Systems (LARES) president, Teddy Sumulong.
This event aims to recognize the growth of the local real estate industry—given how it will definitely interest investors to see the high demand that this industry has. By recognizing how massive the local scene is, more people will see how much this industry contributes to the local economy.
At the end of the day, the real estate industry is a constant field that opens opportunities for people to have more jobs and businesses since it paves the way for development in various locations. With that, it’s important that business owners also recognize what this industry offers and use these insights for their respective ventures.