The real estate market in Metro Manila, Philippines, is constantly evolving and changing, and it’s important to keep an eye on the latest trends in order to make informed decisions. In this blog post, we will take a closer look at the real estate trends to watch out for in Metro Manila in 2023.
- Increase in demand for affordable housing: The demand for affordable housing is expected to continue to increase in 2023, as many Filipinos are looking for properties that are more budget-friendly. Developers are expected to focus on building more affordable housing units in order to cater to this growing demand.
- Rise of co-living spaces: Co-living spaces, where people live in shared apartments or houses, are expected to become more popular in 2023. These types of spaces are becoming increasingly popular among young professionals, students and expats, as they offer an affordable and convenient alternative to traditional renting or buying.
- Growth of the Proptech industry: The proptech industry, which uses technology to enhance the buying and selling of properties, is expected to continue to grow in 2023. This includes virtual reality tours, online transactions and other digital solutions that make the process of buying and selling properties more efficient and convenient.
- Shift towards sustainable and green developments: The trend towards sustainable and green developments is expected to continue in 2023, as more developers focus on building eco-friendly and energy-efficient structures. This includes the use of materials that are environmentally friendly, the integration of green spaces and features such as rooftop gardens and solar panels, and the incorporation of smart home systems.
- Emergence of mixed-use developments: Mixed-use developments, which integrate residential, commercial and office spaces into one development, are expected to become more popular in 2023. These types of developments offer residents a convenient and cohesive community, where everything they need is within walking distance.
- Expansion of new transportation hubs and commercial centers: With the government’s “Build, Build, Build” program, the expansion of new transportation hubs and commercial centers is expected to continue in 2023. This will create new opportunities for real estate development and will also improve the accessibility of different areas in Metro Manila.
In conclusion, the real estate market in Metro Manila is constantly evolving, and it’s important to stay informed about the latest trends in order to make informed decisions. The increase in demand for affordable housing, the rise of co-living spaces, the growth of the proptech industry, the shift towards sustainable and green developments, the emergence of mixed-use developments, and the expansion of new transportation hubs and commercial centers are some of the trends to watch out for in 2023. It’s recommended to consult with a real estate professional and take into account your budget, long-term goals and your lifestyle before making any decisions.