PHL property market resilient amid challenges, says SKF

THE PHILIPPINE real estate sector is expected to remain resilient despite ongoing political controversies, presenting opportunities for developers to reset strategies and increase transparency in their projects, according to Santos Knight Frank (SKF).

- By Beatriz Marie D. Cruz

“I think real estate is always seen as a safe haven in times of trouble,” SKF Chairman and Chief Executive Officer Rick M. Santos said during a briefing on Wednesday.

He added that today’s political and economic challenges provide an “opportunity for a reset, a repositioning, and a real look at transparency.”

Mr. Santos noted that Republic Act (RA) No. 12252, which extends the allowable lease period for foreign investors to 99 years, is expected to unlock opportunities for large-scale projects.

He also cited the proposed Condominium Redevelopment Act, which seeks to improve the safety of older buildings, as a measure that could reduce the vulnerability of residential towers to disasters such as floods and earthquakes.

Despite reports that corruption scandals have slowed demand for luxury real estate, the high-end residential market remains robust, Mr. Santos said.