It’s no secret that the Philippine property market suffered tremendous losses during the pandemic after growing at an exceptional rate beginning 2010. The economy recorded a 9.6% contraction by the end of 2020, which happened to be the country’s worst since 1947. As late as April to June, the Bangko Sentral ng Pilipinas (BSP) showed that the Residential Real Estate Price Index (RREPI) declined by an annual 9.4% during this period.
Demand for property during the pandemic has waned considerably, to say the least. Nevertheless, there are some encouraging signs for the market moving forward. Colliers International Philippines expects 2022 to be quite the bounceback year for residential takeup. Buyers get ready. Property prices next year are expected to increase by 1.5% while rental rates could see a 1.7% spike.
The property research firm also notes that residential projects in the luxury and middle-income brackets, in particular, will be key drivers of the real estate sector’s recovery. This resurgence is accelerated by the country’s improved vaccine rollout program, coupled with hybrid work arrangements, competitive mortgage rates, the return of office leasing, and Overseas Filipino Worker (OFW) remittances.
What does this mean for investors? In a recent forum organized by the Philippine Daily Inquirer, Cushman & Wakefield Philippines Director of Research, Consulting & Advisory Services Claro dG. Cordero Jr. had this to say:
“Due to the prolonged pandemic, most investors would like to minimize risks. Investors tend to prefer quality, recession-proof developments, and developments with amenities that provide safety nets against the spike of the virus.”
Residential spaces equipped with amenities and features that offer added protection and convenience will be key. Analysts and insiders also project that “New Wave Cities” are expected to be alternative investment centers outside of the metro.
These cities are positioned to create job opportunities and boost economic advancement in their region. One of them is Baguio City. Last September, Baguio City inaugurated its P200-million Smart City Command Center. Turning Baguio City into a smart city should sustain property market resilience and attract even more investments.
Invest in or reside in Baguio City and you are getting prime property for growth potential. As a prime tourist hotspot, Baguio is poised for a busy year for their tourism sector as restrictions ease up. According to Likibu.com, on average, the summer vacation rental rate in Baguio City per night is around $82 (roughly ₱4,0000). Buy a condo here for the right price and rent it out, you are more than likely to get steady returns.
In addition, the average annual appreciation rate for condominiums is at 5.7%, according to asiapropertyhq.com. Moldex Residences Baguio, for example, can be exactly what you are looking for in a condo investment, either for yourself or for potential renters.
Conveniently located along Marcos Highway, this medium-rise residential community offers you a condominium equipped with the kind of features and accessibility today’s property seekers value in a property.
These, together with Baguio’s pivot to a smart city, low interest and mortgage rates, and the coming years’ projected local tourism boom, makes buying a unit here a golden opportunity to grow your wealth. With pent-up demand and the resurgence of both foreign and local visitors in Baguio, the path towards capital appreciation in a post-pandemic Philippines is set in place.
Buy a Unit at Moldex Residences Baguio
At Moldex Residences Baguio, modern living concepts and functional community features blend in with the lush greenery and the breezy Baguio weather. By just looking at the development, you are greeted by an elegant, postcard-like facade that radiates quite the old-world charm. Head further into the community and you will see a host of amenities that make it the ultimate getaway for just about anyone.
Step into the sauna after a long day to let off some steam from all that walking. For those of us who try to maintain an active lifestyle, the fitness gym is always open to help us get into shape. The game room, on the other hand, is good for the young ones (and those young at heart) to lose themselves for a little while just to unwind.
Hey, what about parties? Well, the function room is where you and the most important people in your life can celebrate those special milestones. Perhaps you need a little something to calm those nerves down at the end of a long day. So why not visit the lounge? It has its own bar, too.
Property prices here are reasonable, as well. Considering its prime location and key recreational features, a unit at Moldex Residences Baguio can be yours for roughly ₱4,000,000 to ₱5,000,000. Carezza, Groden, and Davos units each come with ample space. Choose from studio, one-, and two-bedroom units. For instance, a studio unit with a balcony would require a 20% downpayment (or ₱900,000, in this instance) payable over a 36-month period. This puts you at around ₱24,000 a month. Buy through Ohmyhome’s Cashback program and you get as much as ₱24,000 back, too, which basically means that your first month’s DP payment is on us!
If you’re looking for a great deal on a new house or condo, you can book a free consultation with an Ohmyhome property agent today to get started. Learn more about listings from top developers like Moldex Realty, Inc. right here.
Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.
Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.
Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.
The company’s Real Estate Agents not only help in the shortlisting of options but also provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.
Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.