Property prices in the Philippines have gone up, or at least held their ground since the coronavirus hit, according to a property specialist.
David Leechiu, the founder of Leechiu Property Consultants, said this showed that real estate is still “the best asset” to hold as it withstood the pandemic.
He added he is optimistic about the property sector, noting that property prices appreciated by 12 percent in the past 18 months, in contrast to the 50 to 60 percent slump of the stock market and the near 10-percent contraction of the economy.
The recent favorable ruling of the Supreme Court on Philippine Offshore Gaming Operators is also welcome. The SC ruling arrested the exodus of POGOs, which had already vacated around 20 percent or 300,000 square meters of revenue-generating gaming and leisure spaces.
Leechiu added, “If this didn’t happen, they might have vacated another 200,000 to 300,000 square meters in the next six months.”