In August 2020, amid the challenging backdrop of the Covid-19 pandemic, I embarked on my real estate career in the Philippines, leaving a secure position at a top local bank, without a plan B. It was a gamble for me.

Surprisingly, the industry not only endured but thrived, with prices steadily rising despite the situation at that time. As the pandemic drew to a close, my personal sales indicated that residential lots were the most sought-after property, attracting families transitioning from Manila's condominium living to more spacious environments. 

Additionally, international clients sought retirement homes, favoring the serene suburban lifestyle of Santa Rosa, Laguna, offering convenient access to Metro Manila and the international airport.

In the current year, I would like to share insights into the trends gleaned from my 2023 sales:

Best-selling property type

The nature of property investment often hinges on the buyer's purpose — “Why do you want to buy a property?” 

In 2023, a notable trend was the increased demand for real estate as a source of passive income, with 65 percent of my sales attributed to condominium investments. Particularly in Santa Rosa, Laguna, where rising demand for hotel stays from expats and professionals on short to medium-term assignments (about three to six months) led to condominiums becoming lucrative assets.  This type of property is where you can generate income through AirBNB, or for short- or long-term lease. 

Pre-selling condos, featuring extended payment terms and low monthly downpayments, were particularly popular. Notably, Zadia by Greenfield City emerged as the most sought-after condo project, boasting affordable per-square-meter prices, a prime location within Greenfield City and Nuvali, and a no-downpayment option.

Buyer demographics

Two major markets dominated my client base in 2023 — Filipinos residing abroad and emerging professionals in the country. 

An overwhelming 70 percent of buyers were Filipinos living abroad, seeking either a retirement home or a source of rental income upon returning to the Philippines permanently. Their preferred acquisitions included condominiums for rental income and residential lots for future retirement homes. Still, Santa Rosa in Laguna is their best option because, according to them, it’s not that different from the environment they were accustomed to in the US or Canada since they want more spaces, greener environment, and commercial outlets where they can shop, dine, and do recreational activities.

Millennials, displaying a growing interest in real estate investment, constituted the second largest market segment, displaying a preference for pre-selling properties, especially condominiums.

Location dynamics

Amidst numerous township developments nationwide, Santa Rosa, Laguna, stood out as a pioneering self-sustaining community. Thanks to various developers, it hosts business districts, major universities, outdoor parks, commercial developments, and prime residential communities — all within a single locale. 

Unlike other township developments in Luzon, Santa Rosa consistently fulfills its promises and continues to be recognized as the next prime address in the country.

Reflecting on 2023, it has been a standout year in my real estate career. Notably, I witnessed a remarkable 220 percent increase in sales, facilitated property transactions for Filipinos abroad, and expanded my reach through diverse platforms. For prospective investors, there is still a brief window to capitalize on the market, as prices are anticipated to climb further with the approaching new calendar year.

Jireh V. Mamaclay, 27, is an industrial engineer by profession. Recognized as The Property Geek across Facebook, TikTok, and YouTube, he has transitioned from a banking role to a dedicated realtor in the South. Presently, he manages a team as the sales director of a realty enterprise. He intends to assist fellow Filipinos, particularly those within his generation, in attaining their property investment goals.