The Philippine real estate market is getting a substantial boost from the Duterte administration’s ambitious infrastructure buildup plan, with property values rising and supply increasing in step with rising demand.
Thus said the local unit of online real estate marketer Lamudi, which pointed out that the government’s “Build Build Build” program was providing a stimulus not only to the property market in Metro Manila but wherever new infrastructure projects rose around the country, as well.
“The program is creating greater demand for real estate properties, particularly in areas outside Metro Manila,” Lamudi said in a study released during the weekend. “Many individuals, families and businesses will reap the benefits due to the potential improvements in accessibility, job opportunities and commercial expansion.”
“What’s more, the program is not only looking to serve Metro Manila,” the online marketplace said. “It is a far-reaching initiative that seeks to spark opportunities in the provinces, to spread the potential of economic growth.”
Specific areas already seeing the effects of the program on the real estate industry include the provinces of Bulacan, Cavite, Laguna, Batangas and Pampanga.
“As Lamudi listings show, the demand for properties in these areas has steadily increased ever since the present administration launched the Build, Build, Build program,” it said, adding that the number of “leads” Lamudi generated in these provinces increased by 20 percent between the fourth quarter of 2018 and the first quarter of 2019.
“As the Build, Build, Build program charges over the next few years, it will drive the Philippine real estate industry to greater heights,” it added. “Developers will seek to provide adequate supply to meet the demand for properties from individuals, families and businesses who wish to take advantage of the benefits provided by the new infrastructure projects.”
Lamudi said the completed projects of the Naia Expressway phase 2 and the Parañaque Integrated Terminal Exchange had given the public a preview of the potential of the program.
Meanwhile, projects nearing completion such as the MRT-LRT common station in 2020, the Metro Rail Transit 7 in 2021 and the first three stations of the Metro Manila Subway in 2022 will also benefit the daily lives of the Filipinos, it added.
“In fact, the Build, Build, Build program projects that are not yet finished are already making an impact on the markets, particularly in the real estate industry,” Lamudi said.