According to a report from Manila Bulletin , Colliers International has warned that the Philippine property market's recovery will be hindered by weak economic growth. The real estate services firm cited sluggish GDP expansion and lingering uncertainties as key factors slowing down demand for residential, office, and retail spaces.
Colliers noted that the office sector, which previously relied on the Philippine offshore gaming operators (POGOs), is now facing higher vacancy rates due to the industry's decline. Meanwhile, the residential market is grappling with oversupply in certain segments, particularly in the mid-income range, as developers continue to launch new projects despite tepid demand.
The firm expects a gradual recovery only by 2025, contingent on stronger economic performance and policy support. Colliers also emphasized the need for developers to adjust pricing and project timelines to align with current market conditions.