Amidst the spread of the highly-contagious & newly-discovered variants of COVID-19, what is the viewpoint of #realestate developers in the Philippines on the recovery prospects of the economy and the sector?
The number of survey respondents who are pessimistic of the Philippines’ economic recovery more than doubled from 6% in the previous survey (September 2020) to currently at 15%.
The highly volatile market environment leads these real estate developers into thinking that the economy will fall into a deeper recession in the next 12 months.
The majority, composed of 62%, remain unsure of the economic direction as implications are hard to tell due to the uncertain length of the pandemic.
Meanwhile, less than a quarter of the respondents, about 23%, are more optimistic as they anticipate a strong recovery with GDP growth reverting to the pre-pandemic level or stronger.
Source: Cushman & Wakefield