Bullish outlook on local property market highlights need for protection
The local property market is seen to recover this year
as infrastructure projects continue to roll out in the country.
In its Philippine Property Outlook 2021 report, Colliers International Philippines said that the infrastructure push will provide opportunities for the property sector.
In turn, the resurgent property sector will boost economy recover from the lingering effects of the Coronavirus disease 2019 (Covid19).
The report said the completion or upgrading of major infrastructure projects will be catalysts on how property firms will form their development strategies moving forward. These projects are also seen to contribute to higher land and property values.
Condominium developers need to focus on attractive price segments and locations for pre-selling if they are planning to capture pent-up demand this year, since most have held off new launches last year.
Furthermore, it stated that landlords should be proactively offering attractive leasing strategies to their tenants. Apartment landlords, condominium developers, and mixed-use mall operators need to be mindful of the government-projected recovery this year.
According to the report, available residential units are expected to increase by 21 percent year-on-year.
As the property sector is poised for recovery, some risks are still evident in terms of owning a home or renting a space such as floods, typhoons, fires, or instances of burglary.
Non-life insurance companies in the country offers protection for one’s assets like houses, apartments or condominium units, among others, giving peace of mind to policyholders during these trying times.
Malayan Insurance Co. Inc. offers its Renter’s Protect, a complete protection product designed for co-living space renters and condominium/apartment lessees, available for a period of three, six, or 12-months. The new insurance product is ideal for people renting or subletting a single-family home, apartment, duplex, condominium, studio, loft or townhouse that want to be insured for varying periods of time.
Malayan Insurance is the leading non-life insurance company in the Philippines in terms of gross written premiums ranked by the Insurance Commission in 2019. Malayan Insurance is a member of the Yuchengco Group of Companies (YGC).