Worst Over for Battered Philippine Real Estate Sector, says Leechiu
The worst is over for the Philippine property sector that was battered badly by the disruptions caused by the COVID-19 pandemic and the consequent lockdowns last year.
This is according to Leechiu Property Consultants, Inc. (LPC) CEO David Leechiu, who said the Philippines real estate sector was showing early signs of recovery.
One proof of this nascent recovery is a recent Bonifacio Global City (BGC) property sale “at record value for the Philippines,” and the continued increase in the overall capital values in the main business districts, prime residential and industrial areas, the LPC chief said. Leechiu noted that the BGC lot sale in December fetched a valuation that was 12 percent higher than the last recorded transaction in 2019.
The 2020 presales of residential developers and a 2021 pipeline demand of 300,000 square meters for office space further confirmed that things are looking up once again across the industry segments, he said.
Meanwhile, a recent Supreme Court order preventing the imposition of new taxes on Philippine Online Gaming Operators (POGOs) has slowed down the POGO exodus. They are seen to resume operations once the gaming firms and government agencies find a middle ground.
LPC projects a newfound optimism or even market euphoria in the next 1