Amid new pandemic threats: Property consultant keeps cautious market optimism

CEBU, Philippines —  Real estate consultancy firm JLL Philippines hopes that the economy will continue to hold its grip for the rest of the year, amid the rise of variants and upcoming policies that may impact the movement of the market.

In a recent market briefing, JLL Philippines’ head of research and consultancy Janlo de los Reyes expressed market optimism albeit consciously taking into consideration that the first half of 2021 showed recovering state.

“While we see improvements in the office and logistics sectors, JLL Philippines maintains cautious optimism for the second half of 2021 given the rise of variants and upcoming policies that may impact the movement of the market,” said de los Reyes in a recently concluded virtual market briefing.

“Nevertheless, more investors and developers are now revisiting their real estate portfolios for growth in 2021 and beyond,” he continued.

According to De los Reyes, despite the  distractions in the continuous fight against the virus, developers are looking into portfolio diversification, with many interested in venturing into the logistics and industrial sphere and real estate investment trusts (REITs) for income generating assets and stable returns.

Meanwhile, the local business sector in Cebu expressed dismay on the abrupt decision to place Cebu to Modified Enhanced Community Quarantine (MECQ) from August 1 to 15, 2021.

“With the latest news regarding making Cebu back to MECQ, will set back all the gains for the past few months,” CCCI president Felix Chiu said.

While the business sector hopes to see a manageable turn of economic impact, what is apparent, Chiu said is to see another round of income losses, employment displacement, retraining and other difficulties.