Real estate on the uptick, thanks to OFWs
Aside from OFW remittances boosting the Philippine real estate market, people returning to the workplace caused Metro Manila condo demand to soar during the first half of 2022.
Things are looking on the uptick. According to a report by the Accredited Real Estate Salespersons (ACRES), OFW remittances could be one of the key drivers for growth in the next 12 to 24 months as workers from abroad are looking towards purchase homes and investment properties in the country.
Chris Malazarte, president of ACRES Cebu South said that the organization would like to take advantage of the positive outlook, adding that the “next two to three years will be rosy.”
Citing Malazarte in its report, DOT Property on its website, said that “an increase in OFW remittances would support real estate market growth which is already being seen across the country. Most experts believe recovery within the property sector is well underway. The hope is that the situation returns to pre-pandemic levels in the near future.” The Dot Property Group Metro Manila Condo Market Report 1st Half 2022 observed that between the fourth quarter of 2021 and first quarter of this year, a 17.8 percent increase in condo demand was seen. The second quarter took a bigger leap when interest rose by 28.2 percent compared to the previous three months.
The group also said that “OFW remittances would simply be the latest boost for the Philippine real estate market that is already bustling with activity due in large part to the return to work. People returning to the workplace caused Metro Manila condo demand to soar during the first half of 2022.”