Real Estate Market in the Philippines for 2024:
- Economic Recovery:
- The Philippine government projects a GDP increase of 6% to 7% in 2024.
- However, investors and developers should monitor the sustained high inflation rate and its potential impact on interest and mortgage rates1.
- Residential Properties:
- The residential real estate market has performed well.
- The national residential real estate price index increased by 7.7% (after adjusting for inflation) in 2022.
- Demand for condos surged, with house prices rising by 12.9% over 2023.
- Duplex residences saw the highest yearly price gain at 42.9%1.
- Market Volume Projection:
- The overall real estate market in the Philippines is projected to reach a value of US$6.06 trillion in 2024.
- Residential real estate dominates, with a projected market volume of US$5.29 trillion in the same year2.
In summary, the Philippine real estate market is on a recovery trajectory, driven by economic growth and strong demand for residential properties. Investors should stay informed and adapt to changing conditions.