Oct 21, 19By Andre Mercado

The country’s consistent economic growth has greatly contributed to the growth of the Philippines’ residential property market. All in all, the trend in the residential market continues – more and more people are adapting the condominium life, definitely a new trend in the residential market.

By the numbers

 In fact, the country’s central business district, Makati, has seen a steady increase in property prices. 

In fact, the average price of a luxury 3-bedroom condominium unit in Makati soared 15.5% in 2018. And this trend is true for other exclusive places in Metro Manila such as Rockwell Center and Fort Bonifacio that houses the booming Bonifacio Global City. Just like Makati, these areas have seen a rise in double digits, other places in the country have seen a more muted growth.

And while the growth is only in the single digits, it still speaks loudly of how the country’s residential market is growing. In fact, residential property prices increased by 6.8% while areas outside of the National Capital Region saw an increase of 2.2%. 

In terms of types of residential units, condominiums. Units increased by 5.8%, single-detached and attached homes increased by 0.2%, duplex homes surged 30.7% and townhouses rose by 18.3%. 

This proves that demand remains strong especially for condominium units throughout Metro Manila. Trends prove that more and more people are moving to the urban parts of Metro Manila to avoid traffic which is leaving a positive impact on condominium living.  In fact, in 2018 alone, pre-sold condominiums have risen to 54,000 units. 

Another notable rise is the increase in residential construction which has seen improvement in 2019. The Philippine Statistics Authority has shown an increase in the number of approved residential building permits, the floor area of residential building permits have increased as well. 

A more consistent trend is the increase in rental prices and yet vacancy has lowered. This has also contributed to the greater demand in condominiums.

The residential market in the near future

It is expected to see this trend rise even more in 2019 and onwards due to strong end-user demand in terms of condominium living. Land values around the country have also risen especially in Forbes Park, Ayala Alabang, Dasmarinas Village, and Urdaneta Village.

Helping to usher in this new era of residential power in the country is Signet Properties. Established in 2018, Signet Properties aims to connect property buyers with property sellers. With a wide range of listings from all over the metro, Signet Properties will surely have something for whatever need you are looking for.

Learn more about real estate news, trends, and tips about property buying in the Philippines at https://www.signetproperties.ph/blog/