Real Estate Forecast 2014

Last December of 2012, I cited three major items that will occur involving the real estate industry in 2013.

First, demands for socialized housing will substantially increase;

Second, agritourism will flourish; and

Third, 2013 is the right time to buy real estate.

I was right and I was correct. 

Despite the destruction wrought by the typhoons, floods and earthquakes in various parts of the country, they did not deter or discouraged us and those affected by them from pursuing such real estate plans. 

Granting there were delays, people would find 2014 as the time to bounce back and recover from such temporary disruptions. This is the year to continue working on prior plans and pursue new ones.

Now for my forecasts this year, 2014 -

First, there will be a demand for construction and related materials for purposes of fortifying existing houses and buildings against super typhoons, floods and earthquakes. 

Second, families, particularly wealthy ones, may either relocate or establish new residences, away from potential disaster areas like coastal settlements or those within the reach of storm surges, tsunamis or tidal waves, and those prone to landslides and sinkholes.

Third, people and investors will be more meticulous in choosing and buying properties. They will look at the history of the property in terms of ownership, documentation, and also the potential risks and dangers involved. They will be on the lookout against possible fraud, among others.

Fourth, high rise condominium will continue to be built as the market is also growing. Many local residents are already thinking of moving in to a condominium upon retirement. People have been opting to become minimalists and environment friendly.

Fifth, in as much as the majority of our country's working population is still comprised of families, subdivisions are still the best choices, also for investment reasons. 

Sixth, farm lots, manageable ones, will have a soaring demand. Inspired by successful agritourism projects in Central Luzon and Southern Tagalog, people are thinking of farming their own vegetables and going into some kind of animal husbandry.

Seventh, going back to the exercise of prudence, buyers will be meticulous in legal documentation. Transactions will be guarded against fraud and risks of being exposed to fraudulent ownership and questionable documents. There will be requirements which will necessitate additional professional services of experts. 

Eight, foreclosed properties and those made available in public auctions may be good buys. But always secure the professional help of licensed brokers or lawyers just to make sure. Remember, take tab of the date of registration of the certificate of sale as it will be the start of counting for the redemption period.

Ninth, investors will continue to be on the look out for big frontages and along the road properties. Obviously for commercial purposes. They are into land banking.

Tenth, a lot of heirs are now seriously working on or maybe, still looking at intestate matters or probate of wills. The reasons are practical. The longer the properties would remain delayed in their succession concerns and obligations, the more complicated and costly it will be for all of them. 

So there you are. The common denominator in all the forecasts is recognizably "pragmatism". There is nothing earthshakingly greedy or luxurious. There is money to spend. But people would want it spent cautiously and wisely.