The Philippine real estate market in Q2 2023: Imminent business boom in Luzon
The second quarter of 2023 saw an economic slowdown due to high commodity prices and the lagged impact of interest rate hikes. In its latest trend report, Lamudi reveals how the real estate market is holding up despite economic headwinds.
Vertical residential and commercial properties grew at an equal pace in the first half of the year. The double-digit lead growth observed by Lamudi for both property types in Q2 2023 indicates homebuying appetite and business intentions.
An increase in commercial investments influenced the country’s moderate economic expansion. This reflects the 30% increase in quarter-on-quarter leads for commercial properties on Lamudi.
Consumer confidence in CALABARZON lots for sale
CALABARZON is a fast-growing region with adequate infrastructure for its population size and growth. Four of its five provinces made it to the top 10 locations for lots for sale on Lamudi; Rizal and Laguna received the most leads in the economic price segment.
The five-year development plan for CALABARZON aims to strengthen its priority industries: information technology, metals, electronics, automotive, and petrochemicals. Further, the plan seeks to modernize agriculture and agri-business and expand employee opportunities.
Lamudi identified the hottest markets for lots for sale in CALABARZON, opening up opportunities for investors to achieve sustained growth.
The top ten most viewed locations for agricultural lots for sale were in Luzon. Cavite, Batangas, and Rizal topped the list, in that order.
Cavite and Batangas received more pageviews than any other location for agricultural lots on Lamudi. Both provinces are also gaining popularity due to their suitability for agri-tourism activities and farm villa rentals.
Metro Manila was the most searched location for commercial lots on Lamudi. Other most viewed provinces were located in the periphery of the metro. Commercial lots in CALABARZON and Pampanga are suitable for warehousing, truck parking, and manufacturing.
Rewarding regional growth
Region IV-A’s real estate landscape has changed over the years. With Metro Manila becoming more saturated, property seekers and developers move towards investing in various property types situated in CALABARZON. A prominent region for technoparks, it is also one of the leading locations for houses, condominiums, mixed-use developments, and commercial establishments.
The rise of new developments in CALABARZON and the wider area of Luzon is also seen in the turnout for Lamudi’s awarding ceremony for property developers, The Outlook: Philippine Real Estate Awards 2023. The property platform recorded a 50% increase in nominated projects in Luzon compared to last year, reinforcing the growth in one of the three major islands of the Philippines.
This year, Lamudi will also be naming the Best Industrial Development of the Year, in recognition of an industrial project that enables efficient business operations and stimulates the local job market.
The Outlook: Philippine Real Estate Awards 2023 is happening this September
The most prestigious award-giving body for property developers is coming back this month. The Outlook: Philippine Real Estate Awards 2023, in partnership with Bank of the Philippine Islands (BPI), is happening on Sept. 21, 2023, at Shangri-La The Fort in BGC, Taguig. The awarding ceremony will gather the most prominent and respected personalities in the Philippine property scene and recognize outstanding developments in the country.
In addition to citing the leading industry projects of the year, The Outlook: Philippine Real Estate Awards 2023 will also be a platform for meaningful discussions on the state of the property market in the country. There will be a panel discussion featuring the frontrunners of the industry. Land Registration System’s (LARES) President, Teddy Sumulong, will deliver the keynote address.
The event’s gold sponsors are ContractWorld Furniture and Taylor Living Furniture, while the minor sponsors are MetroMart and Pick.A.Roo.
The media partners of The Outlook: Philippine Real Estate Awards 2023 are the Philippine Daily Inquirer, Inquirer Property, The Philippine Star, Manila Bulletin, BusinessWorld, Business Mirror, Manila Standard, Malaya Business Insight, and The Business Manual. The media support are Media Blast Digital, Property Finds Asia, NegoSentro, Real Estate Blog PH, and Village Connect.
To know more about The Outlook: Philippine Real Estate Awards 2023, visit lamudi.com.ph/outlook2023 now.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to email@example.com.