State of Buying Property in the Philippines

As lockdowns continue to ensue from new variants and higher positivity rates, the economy is at a standstill once more. The country is in the early stages of its own vaccine rollout program and talks of a booster shot are well underway in the aftermath of the detection of the highly contagious Delta variant. In the Philippine real estate sector’s case, the industry could sure use a booster shot of its own, as well.

Property investments were poised to bounce back in the 3rd and 4th quarters of 2021. The Philippines was on track to do so, actually. While the lockdown may cause uncertainty for most of us, this period presents property investors with a golden opportunity to invest in a house and lot or condo for the future.

Still, there’s reason to believe that the property market during the next stage of the pandemic can thrive amidst the recent unfortunate developments. Apart from the renewed interest in choosing homes in fringe cities and provinces, investing in property in urban centers and business districts continues to generate good returns.

Our vaccine program is vital to the property sector’s resurgence. Once a larger percentage of the population gets vaccinated, companies get their offices back, businesses will open again, and consumer confidence in property can truly be restored.

At the very least, vaccine equity soon won’t be as big an issue once various vaccine brands, whether through procurement or donation, from the United States, Japan, United Kingdom, and more come in the latter half of this year.

Download: Best Properties to Buy in the Philippines for Different Budgets in 2021

One good reason to purchase a home right now is that loan programs from financial institutions offer generally favorable, lower interest rates. Meanwhile, real estate developers and banks now offer flexible in-house financing schemes to compel even more home seekers to purchase property at almost any budget during this time.

At our current rate and forecast, the property sector is expected to stay in a slump. Right now, property prices are taking a dip. The good news is that they aren’t necessarily crashing, unlike what we previously saw from the 1997 Asian financial crisis. Real estate prices around the world are at an all-time low, as well. 

As of this writing, there have now been about 10 million Filipinos who have been fully vaccinated and millions more who are awaiting either their own vaccination or second dose. With a population of around 110 million people, the Philippines still has a long way to go. But considering that we’ve ramped up vaccination (the Philippines just recently reached 500,000 doses administered per day), we can get a better feel of our post-pandemic lives.

The best we can do is to not get hung up on our current crisis and to just be patient, much like how we should approach property investments amidst the present situation. This lockdown, too, shall pass. That’s why we must think ahead when it comes to investing. For those of us who are still on the fence about purchasing property during the pandemic, we must remember that the best time to invest is always now (yes, even during the enhanced community quarantine period). Real estate investments are always better in hindsight, after all.

Need assistance with your property journey? Feel free to get in touch with an Ohmyhome property agent to get started. For more information on the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps home seekers like you, visit Ohmyhome.com or download the official Ohmyhome app.

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.

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