The residential property sector is anticipated to witness improvements in the upcoming year, with notable expansion projected outside the confines of Metro Manila. Moreover, the retail sector is expected to sustain its recovery momentum. According to David Leechiu, the founder and chief executive officer of Leechiu Property Consultants, Inc. (LPC), there remains ample potential for growth in the residential sector throughout 2024. However, he also emphasized the need for appropriate government policies to be put in place to further fuel this growth.
Leechiu highlighted the positive outlook for the residential property market, particularly beyond the boundaries of Metro Manila. The demand for housing in areas outside the capital region is poised to rise, driven by various factors such as urbanization, decentralization efforts, and the availability of job opportunities in other regions. As a result, real estate developers are urged to focus their attention on these emerging markets to fully capitalize on the growing demand.
Furthermore, Leechiu explained that the retail sector is expected to continue its path to recovery. After experiencing significant challenges due to the COVID-19 pandemic, the sector has gradually regained its footing. The renewed consumer confidence, along with easing restrictions and the resumption of economic activities, has contributed to the sector’s revival. Retail businesses are advised to adapt to the evolving consumer preferences and embrace digital technologies to stay competitive in the ever-changing landscape.
In order to sustain the growth trajectory of the residential and retail sectors, Leechiu stressed the importance of supportive government policies. He called for the implementation of measures that encourage investment in infrastructure development, as well as streamline bureaucratic processes. These initiatives would not only attract more investors but also bolster economic growth at large.
Additionally, Leechiu emphasized the need for continued collaboration between the public and private sectors. He advocated for partnerships that foster innovation, promote sustainable practices, and address the evolving needs of the real estate industry. Such collaborations can pave the way for the creation of vibrant and resilient communities, while ensuring the long-term growth and stability of the property market.
In conclusion, the residential property sector is expected to witness growth in 2024, particularly in areas outside Metro Manila. The retail sector, on the other hand, will continue its recovery journey. To fully realize the potential in these sectors, it is crucial for the government to implement supportive policies and streamline bureaucratic processes. Collaboration between the public and private sectors remains vital for fostering innovation and addressing the evolving needs of the real estate industry. By doing so, the country can build sustainable and thriving communities while driving economic growth.
