Property sector undeterred by Duterte arrest, focuses on reforms and alternative markets

The Philippines' property sector remains undeterred by political noise following the arrest of former president Rodrigo Duterte for crimes against humanity.

Colliers International Philippines' senior research manager Joey Bondoc stated that investors and developers are focusing on implementing reforms to make the country an attractive investment destination, emphasizing the need for legislators to pass key legislation such as the National Land Use Bill and the Right of Way Acquisition Act Amendment.

Bondoc noted a shift in focus among property developers to areas outside Metro Manila due to reduced demand in the capital region following the exit of Philippine Offshore Gaming Operators (POGOs), with office vacancies expected to rise to 22% this year from 19.8% at the end of 2024.

Developers are also looking for alternative demand drivers and offering more attractive payment terms such as extended downpayment options and higher cash discounts, which could gain momentum in the coming months.

Midterm elections scheduled for May 12 typically have a positive impact on property sales, with condo sales usually picking up 12 months after the conclusion of every election.