The real estate industry continued to be robust, registering a record quarterly volume of transaction of P23.23 billion ($505 million) in the second quarter driven by large-scale land deals.
 
Some of the major transactions include SM Prime’s EDSA Guadalupe property worth P1.6 billion; the Hyundai Balintawak property,  P1.2 billion and; 8990 Holdings’ EDSA Cubao property, worth P366 million.
 
These major transactions have confirmed that strong economic policies and a stable political environment will sustain the real estate industry,” said Michael McCullough,  KMC MAG Group managing director. 
 
“While investment banks are scaling down their growth forecasts, we believe that the long-term economic outlook remains positive, which will provide a favorable foundation for the property market,” McCullough  said
 
KMC MAG Group said the Philippine real estate industry is set to continue on its positive trajectory and will continue to outpace Southeast Asian peers but the country needs more infrastructure if it wants to sustain such growth ,
 
McCullough said poor infrastructure and connectivity remain to be drawbacks in the country. 
 
The government should pay extra attention to the two issues,  “as these can dictate the country’s future economic growth, as well as its attractiveness to foreign investors,” he added.
 
“Low rental costs can bring investors into the Philippines, but the quality of the infrastructure and the limitations in connectivity can keep (it)  from sustaining and even improving on its growth,” McCullough said. 
 
“The government cannot afford to have these issues further impact the ease of doing business and the quality of life,”  he added. 
 
McCullough said government should  make transportation and communication easier across the islands, and ensure that this experience is consistent throughout the country.
 
“Otherwise, other markets will find a way to take up the slack, and the rest of its advantages will become irrelevant,” he said.