Demand for residential property picking up

The demand for residential property has continued to pick up since last year’s dip as more investors take advantage of promotional payment terms in anticipation of market recovery from the pandemic, a property expert said.

Leechiu Property Consultants chief executive officer David Leechiu said the demand rebounded for the second quarter in a row this year, with overseas Filipino workers’ remittances showing “great influence” in the movement of the residential real estate price index.

He said, “Capital values were modestly affected, thanks to developers who were quick to pivot and maintain market velocity.”

Leechiu said the pandemic affected residential condominium sales in Metro Manila last year, prompting developers to delay launches till the second half of 2020 and offering unprecedented payment terms.

Unit sales are up by 5.7 percent in the first quarter of 2021 from the fourth quarter last year.

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