THE appetite for luxury condominiums in the Philippines rebounded strongly despite rising interest rates, according to Colliers.
In a statement, Colliers said the luxury condominium market bounced back in the first nine months of 2022, thanks to strong demand for projects in central business districts such as Fort Bonifacio and Ortigas Center.
Improving consumer and business sentiment will support demand for residential properties, but rising interest rates may pose a risk to this outlook. “Despite higher interest rates, we have seen a stable demand for upscale to ultraluxury condominium projects in Metro Manila… We believe that the ultraluxury segment will likely remain resilient amid the rising interest and mortgage rates,” Joey Roi Bondoc, associate director and head of research at Colliers, said in a statement.In the last few years, Colliers said there has been a “healthy level of price increases” for luxury residential projects.
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