Property industry leaders are maintaining their optimism on the recovery and the resilience of the country’s real estate sector.
In a virtual briefing organized by property technology firm PropertyGuru Philippines on Tuesday, Tajara Leisure and Hospitality Group Inc. President Cyndy Tan Jarabata said the industry would continue to be resilient amid the challenges posted by the coronavirus disease 2019 (Covid-19) pandemic.
“I think we have not only become resilient, we’ve also adapted very well. The industry has also not only pivoted, but also changed. There are some spaces before that let’s say maybe it was on the decline in terms of rental and sales but somehow, big developers were able to also change it and pivoted it to… creating more warehouses and even logistical spaces,” Jarabata said.
PropertyGuru Asia Property Awards and Events Managing Director Jules Kay also emphasized the innovation the industry is seeing.
“The industry keeps moving and finds new ways for investors, buyers [and] developers to work. So, it’s not coming to a complete stop, it’s looking at how to work with the new environment that it’s been given,” Kay further said.
The industry leaders also said that 2021 is an ideal year to invest in properties.
Kay said there is a “very strong” investment sentiment as shown in the recent surveys they have conducted across their markets.
“Now would be a good time to invest because things will come back and things will grow over the next couple of years. I would say yes, but it also depends on different countries, different regions and also different sectors,” he added.
Jarabata also shared the same sentiments and said that some projects that were put on hold last year have already started.
“I think it’s not just this year it has always been an interest, year after year, there may have been a slowdown last year but definitely people still want to own assets. I think it’s also one of the more secure ways in terms of capital assets,” she continued.
For his part, JLL Philippines Country head Christophe Vicic said investing in real estate investment trusts or REITs would help aid the recovery of the country’s real estate industry.
In the same briefing, PropertyGuru also introduced the 9th year of the PropertyGuru Philippines Property Awards, which will happen virtually in November.
The annual accolade is given to those deemed as the best developers and best projects in the region.
Article and Photo originally posted by Manila Times last March 24, 2021 and written by Faye Almazan.
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