Real Estate Development Trends We Can Expect in 2023 and Beyond
As the waves of the global pandemic start to wane, various industries expect monumental shifts in how things are done and how business processes are executed. We’ve seen this in healthcare, the workforce, and business arrangements, and now, we’re seeing it in real estate and property development – whether in the Philippines or abroad. This is due to the shifting priorities of real estate buyers, the changes in the amenities they’re looking for, and what type the flexibility real estate properties can offer them to fit their dynamic lifestyles. In this article, we’ll talk about the emerging real estate and condominium development trends that developers and buyers should expect in 2023 and the coming years.
As cities around the Philippines become modernized in a bid to support ongoing globalization, the trend in real estate and residential properties is going in the opposite direction – with residents opting for a more natural and livelier vibe away from the hustle and bustle of the city. This is a far cry from the modern designs and almost stoic architecture of earlier residential establishments in Metro Manila’s business districts.
Today, residents are looking for a closer connection to nature through pocket-sized parks, architecture with natural light and airflow, and amenities that allow families and individuals to enjoy expansive gardens and green places for leisure. This is one of the top reasons why many real estate developers are starting to create more eco-friendly architecture that promotes a more sustainable way of life.
Technological advancements have introduced numerous innovations in how people live their lives, whether through facilitating communication, completing education, or improving safety and security. Today, technology has made its way into people’s homes in the form of smart technology, wherein their day-to-day routines can be started through a single tap on their phones or an access point in their homes.
Because of the convenience and comfort that smart technology offers, residents and clients today are looking for residential options where they can seamlessly incorporate smart technology into the property they’re planning to purchase. This is why real estate developers now need to transition into offering amenities and home features that can target the tech-savvy.
While residential interest in Metro Manila is still high, property buyers are now venturing into buying real estate in other regions in the Philippines, including preselling condos in Davao City and residential lots in Central Luzon. There are numerous reasons why we’re seeing this shift, including the ongoing infrastructures that are aimed to make provincial travel faster and the development of new business districts and commercial centers outside Metro Manila.
With this real estate trend, property owners and investors can expect an influx of interest in residential and commercial developments outside Metro Manila in 2023 and the succeeding years. Therefore, it is also to be expected that many of the top real estate developers are going to foray into property development outside their original geographic scope.
Instead of going back to the traditional face-to-face business operations, many companies and educational institutions have adopted hybrid work arrangements wherein work-from-home models are still incorporated into a work week. Office workers, employees, and students are then tasked to find areas at home or outside where they can enjoy unlimited access to fast internet connections and environments that are conducive to study or work.
To answer this demand, real estate developers are now including co-working spaces, cafes, and common areas in their building plans and amenities as an additional selling point for property buyers in the workforce.
One of the top shifts in real estate demand is the need for master-planned sustainable communities. After strict lockdowns and activity restrictions during the pandemic, families are now looking for locations where they can enjoy unhindered access to their essentials, leisure, and work opportunities within an exclusive community.
This is where master planning can have a significant impact on the population that real estate developers are aiming to serve. Through geographic and layout analysis and economic evaluation, developers can create real estate plans that incorporate the educational, commercial, and residential needs of a community.
Better Real Estate Innovations Are Abound in 2023
Recent global events, technological developments, and economic conditions have ushered in an unpredictable age in real estate development – leading some of the top property developers in the Philippines to completely overhaul their plans in coming years. While these changes have welcomed an unprecedented shift in customer demand and expectations, it has also veered property development toward better home innovations and improved focus on customer satisfaction across the board. However, as far as real estate goes, these trends are nothing but the tip of the iceberg in all the changes that we are yet to see in the world of property development and investment in the Philippines.