[ANALYSIS] Direction of the property sector

The property sector's outlook remains vibrant amid inflation and high interest rates

week of trading last September 8, it again managed to stay above the market’s perceived breakdown level of 6,150 or so, which it almost did when it closed at 6,160.61 on the market’s 34While the real test is yet to come, it continues to refuse to go down any lower despite the extended selloff of foreign investors early this week.

From its assessment on the status of the property sector for the first half of 2023, the chief executive officer of Leechiu Property Consultants, David Leechiu, claimed the Philippines is possibly one of the three countries in the world he could think of where the property market “is still buoyant, healthy, exciting, optimistic.”

As of this year, demand from these markets continues to show some growth. However, this is estimated to be aptly met by ongoing supply initiatives which, at the same time, may also sufficiently cover projected demand requirements within the next one and one half to two years. The firm is particularly convinced that despite the economic headwinds created by “skyrocketing inflation rates across the globe and the lingering effects of the Covid-19 pandemic,” the country will pull through with its continuing strong macroeconomic fundamentals. This outlook is shared by property consultant JLL Philippines from its recent report, as well.

For one, he found that demands even for luxury residential types are looking good. Second, the potential of the market in affordable housing units – which in his observation has never slowed down even during the pandemic – is growing more solid, too. These observations have given Saavedra and his team greater confidence to enter into the foray for residential spaces.

The firms that have long been in the property sector but has quietly expanded into the residential market over the years are dominated by the big business conglomerates like Ayala Land Inc. , the SM group SM Prime Holdings, Inc. , Megaworld Corporation and related subsidiaries, Robinsons Land Corporation , Filinvest Land Inc. of Filinvest Development Corp. group, to mention a few.

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