A robust economy and shifting market trends are driving growth in the Philippine real estate market in 2024. Increased public spending, particularly on urban revitalization and infrastructure development, has been a significant driver since the third quarter of 2023. Government initiatives are creating opportunities for real estate development, with growing demand boosting rental returns.
Residential property prices rose 12.9% in Q3 2023, and commercial real estate saw growth between 11% and 35%. The business process outsourcing (BPO) sector is also fueling demand in emerging cities like Dumaguete, where office take-up has outpaced traditional central business districts (CBDs) like Metro Manila and Cebu. Lower operational costs and investment incentives from PEZA and BOI are attracting developers and landlords to these hubs.
Additionally, working from one’s hometown appeals to those seeking a more relaxed lifestyle and proximity to family. The hospitality market shows promise, with occupancy rates nearing pre-pandemic levels. In Makati CBD and BGC, rates were at 74% and 89%, respectively. Ambitious infrastructure projects aimed at improving inter-island connectivity are expected to further boost hospitality sector growth. Foreign arrivals in 2023 exceeded expectations, with 4.88 million visitors from January to November. RLC Residences is leading this real estate boom with its innovative projects.
Masters of the Metropolis
RLC Residences, the residential arm of Robinsons Land Corporation, brings to life projects that meet customer needs. Its developments feature smart home technology, storage solutions, daycare centers, study halls, and work-from-home spaces, catering to start-ups, growing families, and career-driven professionals. Located in bustling CBDs or destination estates, RLC Residences’ projects are transit-oriented and include amenities for relaxation and bonding. These features provide time and energy savings, allowing homeowners to be with loved ones sooner.
It promises to deliver innovation with the provision of smart home features and storage solutions to address the lifestyle needs of start-ups and growing families as well as the highly driven and career-orientated young professionals. It also provides venues for daycare centres or study halls and incorporates work-from-home spaces in the developments, making work-life integration possible. RLC Residences projects are smartly placed in destination estates or the bustling or emerging CBDs. Developments are also transit-oriented and boast of rest and recreational amenities suited for bonding and relaxation. These elements combined provide time and energy savings for homeowners so that they can swiftly be in places and with people who matter to them the most.
RLC Residences has built a reputation for delivering quality projects in Filipino real estate. For example, MIRA Tower Phase 2 sold out in just a few months, while Le Pont Residences became the fastest-selling property in Bridgetowne Destination Estate, popular among high-net-worth individuals. Sierra Valley Gardens in Cainta, Rizal, was designed to meet millennials’ demand for wellness, peaceful living, and entertainment.
In line with its sustainability commitment, RLC Residences aims to deliver one million square meters of net-zero carbon and resilient condominiums by 2031, in partnership with the International Finance Corporation (IFC). This effort earned RLC Residences the title of Leading Real Estate Developer Philippines 2024 from International Business Magazine.
Building Dreams
RLC Residences embraces the future with much optimism. It brings with it experience and credibility in delivering an impressive and growing portfolio of projects over the last 30 years and its redefined purpose of building beautifully designed residential projects that all of its stakeholders will be proud of. The Philippine real estate market is poised for a transformative year in 2024. Changing market dynamics stand to benefit landlords and developers to venture outside the typical CBDs with a rising demand in housing and office spaces outside Metro Manila. The retail sector’s resilience, demand for collaborative and social office spaces, and the rebound of hospitality add to the optimistic outlook; the real estate sector remains at the forefront of these dynamic changes.
Blog by Tamanna Shaikh
