If you're thinking about buying or selling a home in 2023, you're probably keeping a wary eye on the market. You might be wondering if it’s a good time to invest or what properties you should be selling in the market. But don’t worry, we’re here to help.
Signet Properties has and will always continue to keep tabs on market insights consisting of property seekers and their inquiries that will help in providing what the real estate market is looking for. Predictions are based on our database taking into account our web users, social media followers, and leads from various platforms.
We’re all aware that 2022 has proven to be quite a challenging year, impacting both local and global economies and yes we don’t want to mess up again. This is why it is crucial to understand what lies ahead next year by looking at market trends and insights from the residential market.
Residential Market Insights Report For the Year 2022
“Signet expects demand on Condominium units remaining as the first choice of Filipinos as the majority of property seekers are looking for locations to settle and invest in within Metro Manila. Well, condos are now more appealing to consumers as it is less expensive and it offers a combination of features that are not easily found in other property types, such as high-quality construction, location in prime areas, and amenities that provide the comfort of living.”
Let’s also take into account that Filipinos are becoming more interested in hosting Airbnb to capitalize on the rising demand for Tourism which opens up new doors of opportunity for property seekers who want to venture into this field to generate a passive income
Based on our gathered data from our overall property inquiries in this year 2022, condominium seekers peak at 70.03% followed by House and lot at 17.09% and lots at 12.87% respectively
However, this year, the Philippines experienced the highest inflation rate since November 2008, with the annual inflation rate rising to 8.0% in November 2022 affecting the cost of living for Filipinos or anyone in the country, particularly in Metro Manila. This means that expenses will continue to rise. From food to utilities, clothing, and, most importantly, fuel and transportation.
Despite the high inflation rate consumer activities are still increasing along with employees returning to work and students now at all levels have gone into the face-to-face setting. Aside from that many industrial sectors can anticipate that the country will be able to reap the benefits of its new developments, the majority of which are expected to begin operations in the year 2023.
Property recovery in the Philippines continues into 2023.
According to Colliers Philippines, The Philippine Property Sector is expected to finish strong by 2022 thanks to improved office leasing deals, increased supply and demand in the Metro Manila pre-selling condominium market, a rebound in mall consumer traffic, and an increase in hotel occupancies and average daily rates (ADRs).
This just implies that the real estate sector should anticipate a steady recovery in the upcoming year and significantly better development in the years to come. As the data suggest 2023 is a perfect time to buy properties and sell properties, most especially, condominiums.
A look at top cities and popular suburbs with the most inquiries from property seekers:
The residential market would possibly reap the benefits of major infrastructure developments, especially in Central Luzon and nearby cities, or these infrastructural improvements are projected to increase the housing market values and home prices outside of the capital region. Based on the data gathered, the following conclusions are predicted.
- The province of Cavite is the most sought-after location. Cavite has shown economic sustainability and engagement in business and trade. It will continue to progress in the next few years because of the new government project, the “Bataan-Cavite Interlink Bridge,” which will boost the economy of the southern and northern provinces.
- Laguna is one of the fastest developing provinces in the country. With new roads and expressways to watch out for like the of PNR Calamba Railway Project, Alaminos-San Pablo City Bypass Road, Cavite-Laguna Expressway (CALAX), and Laguna Lakeshore Expressway Dike. All of this project will ease travel time in connecting Laguna to Metro Manila.
- Pampanga has been identified by the government as a critical new economic center for the Philippines. Clark in particular continues to emerge in business and tourism destinations, it is also rapidly positioning itself as Asia's next major casino hub. That’s not all, the first-ever bullet train to Manila is expected to be up and running by 2023.
- Rizal, due to its accessibility to the following cities: Antipolo, Marikina, and Quezon City, it is an ideal investment for people who want to get away with the bustling city without compromising their work. As the Rizal region grows in popularity due to its landscape and the panoramic views it offers, numerous townships, major roads and highways, and particularly real estate projects are being built here.
- Bulacan will most likely be an appealing residential investment location as large infrastructure projects such as the Bulacan Airport or the New Manila International Airport and MRT-7 are near completion.
Even though we are facing unprecedented challenges in the global market ranging from monetary tightening, to high inflation owing to soaring world oil prices and supply chain issues. These positive developments tell us that the Philippines is making a good recovery, and we anticipate that the market will continue to fuel up the demand, especially in real estate.