CEBU CITY – A leader in the real estate industry is seeing the so-called revenge spending next year that will benefit the industry.
Anthony Gerard Leuterio, president of A Better Real Estate Philippines (ABREP) and founder of Filipino Homes Group, sees a vibrant 2023 for the real estate industry after it was affected by the Covid-19 pandemic.
Leuterio said there was less spending in the past two years because of the pandemic and 2023 will be a different one.
“Watch out for the revenge spending,” said Leuterio.
“Why will the real estate industry bounce back in 2023? The people saved a lot of money like they did not travel. People will look for an investment. There is no other way to grow and they already know that the only way to grow is through real estate investment,” added Leuterio.
Leuterio said that the real estate industry was having a great year in 2019 until the Covid-19 struck late that year.
“So many developers planned to launch (their projects) in 2019 to 2020 but everything stopped because of the pandemic. The 2019 acceleration of the real estate was record-breaking. Year 2019 was the best in the last 10 years,” explained Leuterio.
It will also help that the Covid-19 restrictions have been eased up, allowing Overseas Filipino Workers (OFWs) to return to their respective jobs abroad.
Leuterio said the OFWs remain to be one of the top markets of the real estate industry.
The millennials or those belonging to the 26-32 age bracket is also an emerging market for the industry.
“We as agents, we saw many investors. The millennials are a new market. The market before was people aged 34 to 45 who have families but in 2019, the millennials were a big factor,” said Leuterio.
Leuterio added that the pandemic also taught the people to invest and putting their money in real estate is the way to go.
“The reported scams in stock exchange trading, the crypto trading collapsed. The reason why it collapsed is there is no regulation and now people realized they would rather invest in regulated investment and that’s real estate,” Leuterio said.
(Calvin D. Cordova)