Bullish outlook on local property market highlights need for protection

The local property market is seen to recover this year as infrastructure projects continue to roll out in the country.

In its Philippine Property Outlook 2021 report, Colliers International Philippines said that the infrastructure push will provide opportunities for the property sector and in turn, the resurgent property sector will boost economy recover from the lingering effects of the coronavirus disease (Covid-19).

Accoding to the report, the completion or upgrading of major infrastructure projects will be catalysts on how property firms will form their development strategies moving forward. These projects are also seen to contribute to higher land and property values.

Condominium developers need to focus on attractive price segments and locations for pre-selling if they are planning to capture pent-up demand this year, since most have held off new launches last year.

It also stated that landlords should be proactively offering attractive leasing strategies to their tenants. Apartment landlords, condominium developers, and mixed-use mall operators need to be mindful of the government-projected recovery this year.

The report added that available residential units are expected to increase by 21 percent year-on-year, and as the property sector is poised for recovery, some risks are still evident in terms of owning a home or renting a space such as floods, typhoons, fires, or instances of burglary.