As the Bangko Sentral ng Pilipinas poises more rate hikes and the borrowing rates remain high, the mortgage rates will remain higher and will continue to be a drag on the country’s property sector. Know more:
AS the Bangko Sentral ng Pilipinas poises more rate hikes and the borrowing rates remain high, the mortgage rates will remain higher and will continue to be a drag on the country’s property sector, online stockbroker Col Financial Group Inc. said in a paper.
The soft drop in take-up sales was also attributed to higher demand brought by the reopening of the economy. “While most developers have started to shorten their payment periods, they are still far from prepandemic levels. This means that residential units sold since the pandemic started will take a lot longer to book, which in turn will lead to slower top line growth. Also, the stretched payment terms mean developers need to put more of their own capital to work during the construction period. This puts some strain on the balance sheet of smaller developers,” the broker said.
Despite the positive outlook on demand and take-ups, the office segment will continue to see higher vacancy rates primarily due to scheduled completion of more projects. Leasing revenues will grow an average of 6.4 percent, slower than the 9.4 percent growth in the first nine months of last year.
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