In order to help you better navigate the property buying process of 2023, let us take a look back at the real estate trends in 2022 before we welcome the new year.
Following the COVID-19 pandemic, the nation's economy is beginning to slowly recover, and various industries, particularly the real estate sector, are doing the same. Additionally, the industry is undergoing several changes as a result of these economic and consumer demand shifts. At the start of the year, Colliers, a renowned national real estate research firm, saw significant possibilities for the country's current real estate market. It is suggested that a condo or house with a lot for sale toward the end of 2022 is a wise financial decision.
In this article, we look at a number of real estate trends, including condo investing trends, from 2022 that developers and homebuyers should still look out for in 2023 and possibly, the following years:
Residential real estate market is rising in the North
With the continued construction of significant infrastructure projects like the NLEX-SLEX Connector, Central Luzon Link, North-South Commuter Railway, and other key links to northern areas, there is also an increased need for additional infrastructure projects, particularly developments like schools, hospitals, commercial spaces, and most especially accommodation within these areas. It is an excellent choice to make investments in these places due to their growing appeal as the next center for current real estate market.
Green spaces are becoming the standard
Many individuals now understand how crucial it is to feel comfortable in their own home due to the social distancing and isolation protocols implemented during the pandemic. In 2022, mental and physical health became the top priority for many people. Efforts to maintain this well-being, particularly in home design, such as serene earthy colors, plants, and sustainable architecture, along with spaces for activities like meditation and yoga, have gained popularity among homeowners and a go-to in the apartment industry trends. The demand for neighborhoods and homes that are eco-friendly and enable healthier and more holistic living is rising as well.
Gen Z and Millennials are now the primary consumers
Millennials and Gen Z are still expected to make up the majority of homebuyers, as they now make up the majority of the labor force in the Philippines. This will lead to a change in the factors that home buyers take into account, particularly design. Compared to previous consumer generations, this generation is likely to expect sustainability and convenience. Additionally, because they belong to the digital age, they will probably start their property hunt online. This suggests that in order to engage this new group of buyers, it is necessary to make the property available online and to provide innovative and updated services, including virtual tours and agents. This could also mean that apartment industry trends must adhere to designs adaptive to smart technology.
Housing prices continue to rise
Prices for homes soared up in 2020 and are anticipated to be high through 2023 and beyond due to the rising demand for residential properties and limited inventory. Homebuyers have had considerable challenges with affordability and will need to be even more ready to deal with a competitive industry. However, compared to 2022's double-digit pace, 2023's rate of home rate hike is anticipated to be significantly slower. Even better, data shows that sellers are adjusting as a result of their awareness of the changing real estate market, addressing major repairs before listing their houses, and are willing to negotiate.
Rental properties are still sought after
Potential homebuyers are likely to rent longer or choose to rent spaces over purchase, at least until home prices start to decrease and more homes become available, because current home prices are continuously hiking and housing supply is limited.
Mortgage interest may continue to rise
Since the prognosis for mortgage rates heavily depends on what occurs with inflation, mortgage rates might continue to rise through the first half of 2023. These predictions should be viewed with caution by both buyers and sellers because it is still possible for rates to surprise everyone and soar or decrease significantly. But if interest rates do manage to level down, buyers will feel more sure about their expenses, which would encourage them to enter the housing market once more.
Risky buying alternatives are more prevalent
Given that everything has been made more prevalent and accessible, there are some new options for buying a home that a buyer has to be aware of. Some sellers offer rent-to-own options if you are eager to buy a house but are not quite able to do so. There are some sellers that take advantage of this and raise the rent over what it ought to be. Taking out a personal loan to cover a down payment on a home is another risky real estate trend to stay away from. Having no money at hand when buying a house is never a good idea, and it might even prevent you from getting the mortgage you need.
Thus, if you want to follow this type of trend, especially one involving condo investing trends, you should do so with those who have been shown to be reliable. One of these is Vista Residences, a renowned condominium property developer in the Philippines. Now, why should you invest in this condo? Vista Residences has provided families all across the National Capital Region, including Manila, Mandaluyong, Makati, Ortigas, Taguig City, and Quezon City, and in Baguio, Cebu, and Cagayan De Oro with premium condo properties that may be personalized to meet buyer's specific wants and needs.
Living in Vista Residences also gives you a chance to embrace convenience because almost everything is nearby or is only a few distances away. These condominiums are ideal for those looking for properties near major universities, public transit hubs, and business establishments, as well as other central locations. You are also provided with great comfort because the project's amenities are designed to offer dependable security in addition to modern and trendy amenities like cafés, restaurants, grocery, and convenience stores. More mid-rise and high-rise condominium units are anticipated to be delivered by Vista Residences to other developing areas across the nation, particularly in Metro Manila. Why should you invest in a condo, you ask? Because Vista Residences makes it worthwhile.
For more information on Vista Residences, email info@vistaresidences.com.ph, follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
