Rents and residential prices in the Philippines are expected to start recovering by 2021, except in Makati City which may continue to see a decline for a longer period, a recent survey of real estate agents found.
In a Property Survey and Index Q4 2020 report, published by real estate technology group Juwai IQI on Thursday, 192 real estate agents in the Philippines were surveyed and found to anticipate a bounce back in the industry by next year.
On a nationwide basis, residential prices are expected to grow 2.3% by the third quarter of 2021, and by 16.9% by the third quarter of 2022.
The survey also found that most real estate agents expect foreign investors to be the primary source of buyers next year. They also expect to see demand from local investors, local buyers that are upgrading their properties, and first-time local buyers.
Among the foreign buyers, most are expected to come from Mainland China, followed by Hong Kong, Taiwan, America and Singapore.