Understanding Real Estate Markets & Cycle amidst COVID 19

 

With the current situation of the country and abroad, the global markets have been affected with the COVID 19 pandemic effects to the World Economy. There are current job losses, missed opportunities and money being lost brought about by such health crisis. All industries are dependent on Real Estate Market and are heavily connected with the national economy. In our recent post last February on the Philippine economic outlook for 2020, The Philippines had slowed down and has dipped to -7.3 % based from reports from Asian Development Bank. Contractions have been seen and felt all throughout the closure of the archipelago since March 16, 2020 to June 30, 2020 (Enhanced Community Quarantine) and the post lifting of ECQ to Modified General Community Quarantine in July 2020. A lot of businesses were affected with closures particularly the Micro, Small and Medium Enterprises (MSME) sector, hotel / tourism sector, airline and travel sector. Other sectors have were also affected with this great pandemic which contributed to the negative dip of the world economy in general. These industries are co-existing and reliant with each other and the real estate sector at the same time. In a recent reports from PSA released last month, says "The Philippines records a GDP growth rate of -11.5 percent in the third quarter of 2020".

La Aldea Fernandina II Presents - The Blue Series

With the ongoing pandemic, the developers, Pueblo de Oro Communities, recently launched their new series of affordable home - The Blue Series.

The current designs (Green Series) for the La Aldea Fernandina 2 here in City of San Fernando, Pampanga was launched in 2018 coinciding with the opening of this new subdivision. It has a lot of differences compared with the latter. 

The Blue Series has more modern contemporary design compared to the Green Series. It has more aesthetic appeal in its looks and vibe compared with its predecessor. The second floor will be a loft type structure. The newly launched homes will have provision for a one parking garage for a unit owners' vehicle to utilize as seen on the floor plans below and is almost similar to the first phase located at La Aldea Fernandina in 2011.

Understanding Real Estate Market Valuation Reports (Real Estate Appraisal): Basics of the Narrative Report

 

 

With the recent COVID 19 pandemic, people are more having a tighter grip on their funds and some have opted to forego their plans for acquisition of properties or other investments. The future seems to be a bit dim right now but there is a glimmer of hope over the horizon on the course of  vaccination discovery in the time of this writing and full production in the coming months by 2021.

We recently received a call from Mr. C who happens to own a vacant residential lot somewhere in the town of Floridablanca, Pampanga. He was referred to us by a colleague and fellow real estate broker by Ms. DD. He was requesting if we can make an appointment with them on the property and possibly discuss the hiring the services of a professional real estate appraiser. However, in our recent discussions with Mr. C as he was hesitant in getting his property appraised because it is an added cost and burden in his part as we have told him that appraisal report may be a cost a bit for the owners but the benefits of the market valuation report could benefit him more and give him another perspective if he decides to stay or build his house on the subject property or just sell it off as it is if he intends to?