Wazzup Pilipinas!
The year 2015 was an eventful one for Philippine real estate. It was a roller-coaster ride that coursed through both news of optimistic growth, and the not-so-positive issues that affected everyone involved in the real estate business. Either way, these happenings helped shape the local real estate scene to what it is now, and could give us an indication of what’s in store for 2016. To refresh your memory, MyProperty.ph offers a look back at 10 of the biggest real estate-related news of the year.
A way to monitor real estate prices. The Bangko Sentral ng Pilipinas (BSP) is preparing to launch a residential real estate price index (RRPI) that aims to track property prices in Metro Manila, as well as nearby provinces. According to the BSP, the RRPI, which will include information on costs of construction materials and types of houses being built, will help determine the formation of a housing bubble so that preventive actions can be taken.
Rise of the townships. The year 2015 saw the rise of townships all over the country by different property giants. Megaworld Corp. alone launched five townships this year: Sta. Barbara Heights (Sta. Barbara, Iloilo), The Upper East and Northill Gateway (both in Bacolod, Negros Occidental), Westside City (Bay City, Parañaque), and a still-unnamed township in San Fernando, Pampanga. Ayala Land added two townships to their growing portfolio: Cloverleaf in Balintawak, Quezon City; and Capitol Central in Bacolod. Meanwhile, Vista Land and Lifescapes, Inc. is ramping up the development of Vista City, a 1,500-hectare “communicity” located at the boundaries of Cavite, Laguna, Las Piñas and Muntinlupa; and SM Prime is continuing to expand the Mall of Asia Complex in Pasay.