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Pangasinan Real Estate Landscape Outlook

Pangasinan Real Estate Outlook

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40 views12 pages

Pangasinan Real Estate Landscape Outlook

Pangasinan Real Estate Outlook

Uploaded by

sferaro.fng
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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PANGASINAN REAL ESTATE

LANDSCAPE: CHALLENGES &


OPPORTUNITIES

Simeon Ferdinand E. Feraro, REB, EnP


Philippine Real Estate Industry
Post-Pandemic
According to the OECD (2020), “The COVID-19
pandemic has severely disrupted construction,
made it difficult for many households to pay for
shelter, and seriously hurt the housing sector.
Governments have responded with a wide array of
measures to protect tenants and mortgage-
holders, as well as support builders and lenders..”

Source: OECD (22 July 2020), Housing amid Covid-


19: Policy responses and challenges.
https://www.oecd.org/coronavirus/policy-responses/h
ousing-amid-covid-19-policy-responses-and-
challenges-cfdc08a8/
Impact of Covid-19 on Real Estate

Source: OECD (22 July 2020.


https://www.oecd.org/coronavirus/policy-responses/housing-
amid-covid-19-policy-responses-and-challenges-cfdc08a8/)
Real Estate Resiliency & Recovery
 According to the PSA (2022), The Philippine economy grew by 7.6% for the
full year of 2022, following a 5.7% expansion in 2021 and a 9.5% decline in
2020, mainly buoyed by strong growth in wholesale and retail trade,
manufacturing, repair of motor vehicles, and construction.
 According to Lobien (2023), “ Philippine economy still grew 6.4 percent in the
first quarter despite the high inflation and high interest rates, which beat
analysts’ estimates of 6.1 percent—thus maintaining the possibility of falling
within the government’s target range of 6 to 7 percent for the year.” The
housing market also showed signs of improvement. On a quarterly basis, house
prices rose by 1.59% in Q4 2022 but declined slightly by 0.62% in real terms
(Colliers International, 2022).
 Rental rates and office space vacancies are mostly stable.
 In 2022, the total number of employed persons was estimated at 46.89 million
or 94.6 percent Filipinos who were at work or with a job out of 49.56 million
Filipinos in the labor force.
 The employment rate in the country was 95.5 percent in September 2023,
which was higher than the 95.0 percent rate in September 2022.
 Pangasinan’s employment rate is 94.46% (PPDO)
Employment Rate
Real Estate Trends

1. Preference for more eco-friendly residential and urban development.


2. Smart home ready condominiums.
3. Influx of property buyers/ investors outside Metro Manila.
4. Properties conducive to hybrid work arrangements.
5. Self-sufficient communities through master-planned township
developments.
6. The proliferation of transit-oriented residential and urban developments.
7. Medical tourism
8. Development of tourism-oriented projects (vacation houses and hotels)
due to the new phenomenon of “bleisure” traveling and “flexcation”.
9. Establishments of more quality schools
Flexcation

 A new traveling trend wherein people mix


vacation travel and leisure activities.
 Basically a Work-from-Anywhere arrangement
 Preferred by millennials and Generation Z’s.
 Conducive to the mantra of work-life-balance
preferred by the younger generation.
Pangasinan Real Estate
Landscape
 INFRASTRUCTURE
1. Pangasinan Link Expressway (PLEX)-42.76 kms
2. Bolinao Airport- 23 hectares
3. Seaport facilities
4. Hospitals- upgrading of provincial hospitals in the cities of Urdaneta and
San Carlos, and the towns of Lingayen, Tayug, Binalonan, and
Umingan.
5. Convention Centre in Bolinao to tap the MICE market
6. Eco-tourism project- Salt farm (473 has), Bangrin Marine Protected
Area(42.25 has), and improvement of the Hundred Island National Park
7. Education- establishment of the Pangasinan Polytechnic College
8. Housing- establishment of townships under BBM’s 4PH
Pangasinan Real Estate
Landscape

 BUSINESS ENVIRONMENT
1. Pangasinan is the richest province in the Ilocos Region with 4 cities (Urdaneta
City, Dagupan City, San Carlos City, & Alaminos City)
2. The Economy is still largely agro-industrial
3. The province has around 40 malls in strategically located areas
4. Has around 684 accommodation facilities that can accommodate 30,582 persons
per day, 41 registered Call Centers / Business Process Outsourcing or BPO as of
CY 2019
5. There are 13,821 registered business establishments

Source: PPDO, 2022


Challenges

1. Economic stability- increase in inflation and interest rates


2. Environmental degradation and global warming
3. Ease of doing business
4. Proliferation of colorum practitioners in the industry
5. Premature conversion of agricultural lands
6. Lack of or poor urban planning
7. Lack of quality infrastructure
8. Informal settler families
Opportunities
1. Housing- Pangasinan has an overall housing
backlog of 170,000 units until 2028.
2. Development of affordable master planned
township projects
3. Tourism projects and facilities
-Retirement villages
-Staycation houses
-Convention centers
-Eco-tourism projects
4. Health
-Medical tourism
-Hospitals
5. Industries- BPOs and manufacturing
6. Education

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