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Top Real Estate News of the Week – Oct. 28-Nov. 3, 2022

Need to catch up with what’s happening in the Philippine real estate industry? Here’s a roundup of the top real estate news this week (Oct. 28-Nov. 3, 2022).

  1. Rising interest rates to impact housing market

Professional management services Colliers Philippines cautioned developers on the negative impact of rising interest rates and higher construction costs on the residential property market. It specified the mortgage rate as being impacted the most. Philippine Star

  1. Concrete, cement push prices of construction materials higher

Wholesale prices of construction materials in Metro Manila went up in September. This was mainly due to the double-digit rise in prices of concrete products and cements. Also increasing in prices were sand and gravel, hardware, plywood, lumber, GI sheet, and other commodity groups. Philippine Star

  1. IT-BPM office space demand seen slowing down in Q4

The Information Technology-Business Process Management (IT-BPM) sector might lower its demand for office space this quarter. This is because of the 100% work from home or remote work setup that the government has allowed, according to JLL Philippines. Philippine Star

  1. PDIC to auction lots of closed banks

Residential and commercial lots owned by padlocked banks and worth P123.8 million are up for sale, according to the Philippine Deposit Insurance Corp. The PDIC will hold the electronic bidding that will auction the 58 real estate properties located in Luzon and Visayas. Philippine Star

  1. ‘POGO ban won’t lead to collapse of real estate market’

The real estate market won’t collapse even if all Philippine offshore gaming operators (POGOs) leave the country. This was the assessment of Colliers Philippines, a global real estate management company. It added that right now, POGOs only account for 5% of the country’s total leasable office space. Philippine Star

  1. Property valuation reform seen unlocking housing potential, firming up LGU finances

Economists believe the housing industry will grow further with the reform of the property valuation system and the digitalization of records. These will also boost the revenue of local government units with higher property tax assessments, they added. Businessworld

  1. High Street to rise in Azuela Cove

Bonifacio Global City’s High Street will soon have its counterpart in Davao City. Ayala Land Inc. and the Alcantara Group recently broke ground at the Azuela Cove for its projected seaside lifestyle district to be known as Azuela High Street. It will feature retail and dining spots similar to BGC’s popular location. Businessworld

Interested to experience the sights and sounds in Bonifacio Global City? Them you must check out our piece on the best dining places in BGC. Browse through our articles on helpful tips when it comes to real estate properties in our resource page. And of course, you can get more real estate news here at Enta so bookmark us now.

Featured Image: Philippine Star | Michael Varcas