The condominium and dormitory market is projected to grow on the back of the country’s traffic problems, a property consultancy executive said on Wednesday.
“[People] want halfway homes–they sleep in Makati or wherever they work nearby, they have a condo there, and then during the weekends they go home,” Jones Lang Lasalle Philippines Regional Director Sheila Lobien told The Manila Times.
Those unable to afford condominiums, she said, will opt for dormitory space.
President Rodrigo Duterte’s infrastructure program will also aid industry growth, Lobien said.
“In the short run, people are somehow rejecting [and]not welcoming it because of the traffic but that … is also giving another revenue stream to the real estate people who are in the condominium market,” Lobien said.
In the long run, she said the government’s infrastructure projects would attract more investors, also benefiting the real estate market.
The industry is expected to growing on the back of a bullish economy as shown by strong office takeup that is still mainly being driven by the outsourcing sector, Lobien noted.
“The office takeup, I think, is the best indicator of a growing economy. When offices are leased, it means jobs are created in the market”.