Does 2023 Hold the Key to Real Estate Riches?

The nation’s real estate market is a lucrative and important factor in its Gross Domestic Product (GDP). The good news is that the Philippines’ real estate industry has been steadily expanding over the past few years, and market conditions are anticipated to remain stable in 2023.

After recovering from the COVID-19 crisis’ effects, the country’s real estate market is expected to have excellent chances of continuing to improve in 2023. Throughout the many obstacles, the real estate business has persisted and taken advantage of opportunities.

Real Estate Price Index

The Bangko Sentral ng Pilipinas (BSP) Residential Real Estate Price Index showed an increase of 6.5 percent year over year in the third quarter of 2022, reflecting another increase in Philippine real estate prices.

The National Capital Region had the largest increases, with residential real estate values rising by 14.6% there, mostly as a result of the condominium market. Since 2022 was a year of transition from the COVID-19 pandemic, 2023 will be a year of re-opening.

In the National Capital Region (NCR), home prices rose by a substantial 17.5% annually. Outside the NCR (ONCR), the increase was more moderate at 2.3%.

• Duplex unit sales surged 26.7%, outpacing the 11.3% growth last quarter and reversing a 0.2% decline a year ago.
• Condominium prices rose 19.2%, exceeding the 8.6% growth from the previous quarter and the 13.6% seen a year ago.
• Single-detached/attached house prices jumped 9.8%, surpassing the 0.8% growth in the previous quarter and reversing a 4.2% decline a year ago.
• Townhouse prices fell 16.3% in July-August, reversing the 4.1% second-quarter growth and last year’s 37.1% increase.

Is 2023 a Great Year to Invest in Real Estate?

For many years, real estate has been a favored investment option. When you purchase, own, or manage real estate holdings, you may either make money or see your investment grow in value, or both.

Contrary to popular belief, 2023 is still an excellent year to make a real estate investment because of benefits including long-term growth, consistent rental income, and the chance to protect against inflation.

Mortgage rates are predicted to go down

The property market is anticipated to stay competitive because there isn’t much of it. Real estate investment carries dangers, but there are steps you can do to minimize them, such as doing extensive research, employing property management, or just remaining informed.

Those who are considering investing in Philippine real estate in 2023 would not want to hold off on making a purchase for too long. If the central bank refrains from sharply raising interest rates, property prices are anticipated to continue rising due to pent-up housing demand in various places.

Conclusion

In conclusion, investing in a house is a significant decision that requires careful consideration and expert guidance. A house is not only a place to live but also a valuable asset that can provide financial security and stability in the long run.

With Presello as the best brokerage in Metro Manila, you can be assured of expert advice and guidance throughout the home-buying process. They have a team of experienced professionals who can assist you in finding the perfect house that meets your needs and budget.

Moreover, Presello offers a range of services that can make the home-buying process easier and more convenient for you. From property inspections to legal services, they provide a one-stop shop for all your home-buying needs. Their expertise, professionalism, and commitment to excellence make them the best choice for anyone looking to buy a house in Metro Manila.

Take action today and start your journey towards homeownership with Presello! Contact them now to schedule a consultation and learn more about their services. With their help, you can find the perfect house and achieve your dream of homeownership.