After recuperating from the pandemic-induced economic challenges, the luxury property market is seen to sustain its recovery this 2023.
Experts predict the momentum for the market will be maintained as demand will likely remain robust for the sector, with investors presented with opportunities for stable returns.
“Now is the time to explore more real estate investment options, especially seeing the overall positive outlook on the luxury property market in the near future,” said Jenna Belardo, Ortigas Land assistant vice president and Residential Business Unit head.
“As the economy continues its recovery to pre-pandemic levels, individuals looking for a stream of stable, passive income can maximize the growth potential of luxury developments.”
Real estate experts at Colliers Philippines share optimistic growth projections for the Philippine residential market following substantial recovery rates in 2022. Findings indicate that in the previous year, about 20,000 condominium units were sold in the pre-selling sector alone.
This led to a 17.6 percent drop in vacancies which is also expected to improve until 2025 steadily. The numbers shared prove that increased latency and sustained market growth are evident throughout the different property segments in the country, according to Ortigas Land.
Findings from Colliers state the luxury residential segment made up 28 percent of total take-up in September 2022, up from −1.6 percent during the same period in 2021. This suggests growing investor confidence in luxury real estate in the past year.
“This market will remain resilient amid the rising interest and mortgage rates,” said Colliers in its Philippine Property Outlook report for 2023. Based on the numbers, Colliers projects demand for luxury developments will likely remain due to investors anchoring on these properties for capital appreciation.
One of Ortigas Land’s luxury offerings is The Galleon, a two-tower, mixed-use project anchored at the heart of the Ortigas central business district. The Galleon is of a modern and sophisticated design inspired by a ship, highlighting elegance from every angle.
Its two towers consist of Offices at The Galleon, a 38-level premier office tower that is able to cater to various organizations, from start-up companies to large-scale corporations.
The development also offers residential spaces at Residences at The Galleon, which boasts 51 floors of high-end interiors and amenities.
The Galleon is the prime location for various target markets, such as C-level employees working within the Ortigas CBD or families looking to embrace an urban lifestyle, because of the convenience and accessibility it brings.
The Galleon maximizes the luxury of space with its upscale amenities for residential, office, and retail spaces, as well as modern living with eco-conscious features, built-in smart home systems, and high-speed fiber connectivity.
The Galleon also has numerous surrounding infrastructure projects underway such as the BGC-Ortigas Center Link Road Project, Metro Manila Subway Project, and MRT-4 that will push the value appreciation of the property even more.
“These factors working together show that in the coming years, with The Galleon, you can expect a good return on investment,” she added.
