THE recovery of the Philippines’ real estate sector will be delayed because of aggressive interest rate hikes and economic uncertainties, said a global real estate services firm.
Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN
For the office segment, Cushman and Wakefield said that it expects the flexible work setup to be sustained in 2023 as the arrangement is seen to help employee retention and development. Meanwhile, the real estate services firm sees unfavorable economic conditions to weigh heavily on the growth of demand for mid-end housing projects.
On the other hand, the firm expects strong domestic tourism in 2023, which is seen to boost occupancy rates in hotel and accommodation establishments.
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