The Department of Human Settlements & Urban Development (DHSUD) revealed the identified areas to be launched for the first 1 million housing units of the Pambansang Pabahay Para sa Pilipino Program of the current administration during the National Real Estate Association (NREA) Philippines’ Online Business Forum last February 15, 2023.
Angelito Aguila, DHSUD officer-in-charge and director for the Housing & Real Estate Development Regulation Bureau, shared that the identified locations for the first 1 million units would spread across areas in Metro Manila, Cavite, Laguna, Rizal, Cebu, Angeles City, Bohol, Iloilo, Bacolod, Davao, Cagayan de Oro, Cotabato, Negros Occidental, Zamboanga, Surigao, Catanduanes, and Sorsogon.
Cities that are included in the first 1 million units like Quezon City, Angeles City, Cebu City, Cagayan de Oro, and Davao City are among the real estate hotspots identified in Lamudi’s trend report.
Location, accessibility, and land values help property seekers consider where to establish their new home and these major cities have seen higher demand, Lamudi Philippines country head Anurag Verma said.
The Pabahay program aims to build one million houses every year throughout the current administration’s term or a total of six million homes to address the housing backlog of the country.
Other government agencies like the Pag-IBIG Fund have also vowed to provide assistance in support of the housing program.
During NREA’s first online business forum for the year, Professional Regulatory Commission’s (PRC) Professional Regulatory Board of Real Estate Service (PRBRES) board member Rafael Fajardo also discussed updates on the real estate service practice in the Philippines, while Verma shared the outlook for the real estate market in 2023.
Proposed Price Ceilings for Socialized Housing of Pabahay Program
During the online forum, Aguila also shared the proposed technical design and maximum ceiling prices for each development.
For highly urbanized cities, component cities, and regional centers, the building requirement ranges from 20 to 30 storey buildings with each unit measuring 24, 27, and 30 square meters. Each unit will have a maximum selling price of Php 1.1, Php 1.3, and Php 1.5 million, respectively.
For buildings that are 10 to 20 storeys high, the 24 square-meter unit’s maximum selling price is Php 1.5 million, the 27-sqm is capped at Php 1.2 million, and the 30-sqm unit’s maximum selling price is Php 1.4 million.
“As we go farther from the Metropolitan areas, people are reluctant to live in vertical structures and they would prefer horizontal socialized subdivision projects,” Aguila said.
As a result, the government agency has proposed 4 to 5 storey low-rise buildings for other urban and urbanizing areas. The maximum selling price of the 24, 27, and 30 square-meter units of the buildings are priced at Php 800,000, Php 900,000, and Php 1 million, respectively.
More Conscious, Digitally Savvy Property Seekers
As we continue to integrate digitalization into the new normal, industry players are working hand in hand to improve their services to address issues swiftly and efficiently. In addition, property seekers have become more practical in choosing their next homes.
“People have become very particular about what amenities they need especially in this price-sensitive market with inflation going up… [They] have become really conscious about where and why they should put their money,” Verma said.
He added that Pag-IBIG houses and “rush sales” for example are some of the most searched terms by various home seekers.
“We do really want to synchronize and align our rules and registration policies with PRC and PRBRES to make it a lot easier for our realtors in the registration requirement with the department,” Aguila shared regarding the digitalization of the DHSUD.
2023 is off to a great start for the real estate industry as various sectors are working together and Lamudi plays a vital role in becoming the bridge between property seekers and sellers.
“Overall, we are seeing [that the market] is coming back strongly. We in fact have come very strongly in terms of demand in the platform versus January 2022,” Verma said.
Visit this page for more real estate news and updates.
