Need to catch up on what’s happening in the Philippine real estate industry? Here’s a roundup of the top real estate news this week (Jan. 27- Feb. 2, 2023).
- Loan growth slows in December as interest rate hikes bite
Credit growth slowed down last December due to higher interest rates imposed on bank loans, according to the Bangko Sentral ng Pilipinas. It said loans to production activities increased at a slower rate of 12.1%. The real estate sector was tops in total disbursements, accounting for 20%. Philippine Star
- Megawide, PHirst Park Homes sign supply deals
Affordable residential developer PHirst Park Homes Inc. has tapped Megawide Construction Corp. to supply precast materials for its new projects in Cavite, Bulacan, and Quezon. This is on top of Megawide’s existing supply and build contracts with PPHI, currently totaling 11. To date, Megawide is working on 19,000 PPHI housing units spread out across Luzon. Real Estate News.PH
- Pag-IBIG finances 18,657 socialized homes for low-wage earners in 2022
Last year, Pag-IBIG funded 18,657 homes for low-income and minimum wage earners. These make up 18% of the 105,212 houses that the agency financed in 2022. Pag-IBIG released P8.28 billion for these socialized housing loans. Real Estate News.PH
- Over P3.6B worth of PHL properties sold through app
PropertyAccess, a proptech listing platform, has sold Philippine properties worth more than P3.6 billion in the last seven years. According to its CEO, buyers were mainly from the Japanese market and, just recently, also from the South Korean market. He added that 90% of their Japanese clients are property investors while South Korean clients are either investors, second-home seekers, or retirees. Businessworld
- DMCI Homes unveils 1st Caloocan project
DMCI Homes has launched its first ever condominium project in Caloocan City. The Calinea Tower, rising in Grace Park, will have 48 residential floors and a “resort-inspired condominium-living” vibe. It is due for completion in May 2028 and will feature a co-working space among other amenities. Businessworld
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Featured Image: Philippine Star