The growth in Philippine-bound investments and tourist arrivals from mainland China is expected to help keep the domestic real estate sector along an upward trajectory in 2019, based on positive positions across segments seen so far in the first quarter.
Janlo de los Reyes, head of research and consultancy at Jones Lang LaSalle (JLL), said in a briefing yesterday the Philippine real estate industry had been steadfast, with growth observed in the residential, retail, industrial, hospitality and commercial office segments.
Based on JLL’s preliminary report on the Metro Manila Property Market Overview for the first three months of 2019, the residential segment added an estimated 5,400 units during the period.
In the retail segment, vacancy rates of shopping centers remained low at 3.7 percent, amid strong demand from foreign and local brands.
For the industrial segment, investor interest had been increasing, driven by growth in the manufacturing and logistics industries.
In the hospitality sector, growth in tourism and rising investments in hotel developments have pushed the stock to 36,700 rooms.
In the commercial office segment, a total of 173,600 square meters was added in the first quarter, bringing total space to 8 million sqm.