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The property sector is one of the key segments of the Philippine economy, and there is a positive outlook for the Philippine property market this year, with new developments outside Metro Manila, Cebu, and Davao.
More foreign investment into these sub-sectors is crucial to raising the Philippines’ stature as a major property investment in the Asia-Pacific region, and ensuring that the country remains on the radar of foreign property investors.
There are several factors that will help the Philippines become an attractive investment destination in Asia-Pacific over the near to medium term.
The overall economy remains strong. The Philippine economy grew by 5.6% during 2023, following expansions of 7.6% in 2022 and 5.7% in 2021, and a contraction of 9.5% in 2020, buoyed by strong domestic demand.
The real estate market in the Philippines is experiencing a surge in demand for affordable housing due to increasing urbanization and a growing middle class; whilst the sector has been experiencing significant growth and development in recent years.
Residential Real Estate dominates this market sector with a projected market volume of US$5.59tn in 2024; and furthermore is expected to show an annual growth rate of 3.63% (CAGR 2024-2029), resulting in a market volume of US$7.60tn by 2029.
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Trends in the market:
A key trend in the real estate market in the Philippines is the rise of condominiums.
Condominiums have become increasingly popular amongst both local and foreign buyers due to their convenience and amenities.
One of the unique aspects of the real estate market in Philippines is the presence of a large overseas Filipino population. Many Filipinos who work abroad invest in real estate properties in their home country as a way to secure their future and provide a stable income stream. This has contributed to the growth of the real estate market in creating opportunities for developers and investors.
The demand for condominiums has also been driven by the increasing number of young professionals with a desire for a more modern and luxurious lifestyle.
These young people are interested in investing in real estate property as a means of securing their financial future; and this trend is expected to continue in the coming years.
Condominium supply is projected to grow strongly again this year. Forecasted condominium completion was projected to deliver 11,290 units in 2024, the largest since 2018. The Bay Area will likely account for more than 60% of new supply during the period.”
The Bay Area is the new top condominium submarket due to demand from the offshore gaming industry demand, though Fort Bonifacio remains a preferred residential location because of its high-end malls, restaurants, office buildings, and international schools.
From 2024 to 2026, an annual average completion of 8,000 condominium units is projected in the CBDs, higher than the annual average completion of 6,200 units in 2020-2023.
The Bay Area will account for more than 40% of the expected completions in the next three years, followed by Ortigas Center (22.7%), Fort Bonifacio (14.8%), Alabang (11.5%), and Makati CBD (10.7%).
Overall, Metro Manila’s condominium stock is projected to reach around 178,880 units by end-2026, an increase of 15.6% from 2023.
The major projects completed in Q4 2023 included Alveo Land’s Ametrine at Portino in Ortigas CBD, Federal Land’s Grand Hyatt Residences South Tower in Fort Bonifacio and Palm Beach Villas’ Baler and Coron towers in the Bay Area.
Tourism continues to grow strongly in the Philippines. During 2023, the total number of international arrivals reached 5.45 million – well above the Department of Tourism’s target of 4.8 million arrivals. It was also more than double the prior year’s 2.65 million arrivals.
South Korea retains its spot as the Philippines’ main source of international visitors, with more than a quarter of 1,439,336 arrivals in 2023. It was followed by the United States with 903,299 tourists (16.57% share;); Japan with 305,580 arrivals (5.61% share); Australia with 266,551 arrivals (4.89%); and China with 263,836 arrivals (4.84%).