They say the only constant thing is change.
Keeping up with changes across your field is crucial in today's competitive marketplace. This is especially important because it will help you adapt to new market developments as they occur. Here are the key real estate trends you should know this 2022!
Real Estate Prices Recover
After the rapid economic slowdown brought about by the health crisis, people are on the lookout for pricing trends. According to the International Real Estate Federation (FIABCI), the Philippine market is set to recover property values.
Demand for Residential Properties will Rise
Due to the severe effects of the pandemic, the economic recovery is likely to boost consumer confidence and business reopenings, which will make the demand for residential homes more likely to increase. Research also shows that OFWs are one of the driving reasons why so many people in the Philippines are looking for a home and help keep housing prices in the low- to middle-income range, as one of the main things families do with the money sent home is purchasing or investing in a home.
Larger Prospects for Overseas Investments
As restrictions on foreign investments are eased, there is a need for more land, buildings, and commercial space because there will be more jobs and competition in the market. The assets from the United Kingdom, South Korea, and the United States account for most of the increase in foreign stakes.
BPOs Continue to Fuel Real Estate Development
As the IT-BPO industry needs additional personnel, the need for office space also rises in demand. The Philippine real estate industry relies heavily on the BPO industry for investment trusts as well as revenue-generating enterprises and will continue to support office leasing.
Increase in Sales to Millennials
Millennials have a different concept of money and investing. Forbes believes the "generational progression" will peak in 2024 when many millennials turn 30 and their demand for homes for sale spikes more.
Growth of Purchasing Online Continues
Even before the pandemic's effect on the demand to rise, businesses have been transitioning online. This has boosted the real estate developers to continue their digital expansion through social media presence, virtual showrooms, and online alternatives for making payments.
Going SMART and Sustainable
SMART homes and healthier communities that promote sustainability have become particularly popular with homebuyers as a result of the rise of SMART technologies and a growing awareness of the disastrous effects of global warming. This will continue as they cover present and future needs.
Any real estate professional, property owner, or prospective house buyer should keep an eye on these trends! Because of the industry's significance, any shifts in the real estate market will ripple through the economy. It will be fascinating to see how real estate ideas change as the industry develops and we progress into the future.