The Philippines property market is forecasted to grow at an annual average of 31.4% by 2026, as per the findings by Ken Research
1. Of the Total 109.5 Mn Population in the Philippines, more than 80 Mn are Internet Users, the Second Largest in Southeast Asia.
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Philippines has 82.3 Mn Smartphone users in 2021; increasing smartphone users acts as a driver for this market. With increasing smartphone penetration and rise in residential segment the market offers ample opportunities for Property Classified investors in Philippines.
2. The number of Residential and Non-Residential constructions in the first quarter of 2021 recorded over 33,500, indicating an annual expansion of ~1.5%.
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Q1 2021 seen an increase in Total number of constructions around (33,500) compared to 33,000 constructions with an annual drop of -23%, Q1 2020. By type of construction, residential reported the highest number of constructions during the Q1 2021 at nearly 70% of the total number of constructions. Non-residential constructions, which accounted for almost 15% of the total constructions during Q1 2021, ranked second.
3. The residential segment will be boosted by the government’s backing to bridge the 5.7 Mn housing backlog in the country through the construction of affordable housing.
The 5.7-million housing backlog nationwide remains to be the top challenge in the real estate sector, citing that the 40 percent unused land regulation triggered hesitation on the part of investors to engage in housing. The housing backlog nationwide rose to 5.7 million in the country.
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