When we talk about the Philippine economy during the COVID-19 crisis, it’s always best to set politics aside and look at hard numbers, and the numbers-at least for the real estate market-are promising. It’s safe to say that the Philippine real estate market isn’t just surviving; it’s thriving.

This article takes a look at some factors that have contributed to the positive growth of the Philippine real estate market. Why did it seem to be insulated against the worldwide recession brought by the coronavirus pandemic, and why is investing in Filipino real estate something that you should have done yesterday?

The Departure of Illegal POGOs

POGOs, or Philippine Off-Shore Gaming Operations, were a double-edged sword for many investors. On the one hand, many of these POGOs (mostly from China, as gambling is illegal in their country) operated illegally, with many of them having unpaid taxes worth billions. On the other hand, a lot of these POGOs also offered investment opportunities for many local businesses: Chinese gambling companies would ship in hundreds of thousands of Chinese workers and rent out massive swaths of development in major cities across Metro Manila, usually for double, or in some cases, even treble the price.

But now that the government is cracking down on these illegal operations, many real estate properties are being left empty, ripe for the picking by local and other foreign investors. In many cases, these properties are being sold or rented at lower-than-usual prices -most condos for rent, which is the downtown/business center of the capital district, are seeing a slight dip in prices.

Despite this dip, however, the sheer volume of now-available properties acts as a counterbalance: because it’s more affordable, more people will be investing, which in turn, will positively affect the market and thus raise it back to premium prices over the next few months/years.

Green Developments are Growing

Perhaps one of the biggest indicators of the Filipino real estate market’s resiliency is the rise and popularity of ‘green developments’: commercial and real estate developments that are designed to incorporate as much natural beauty into its design.

It’s a win-win-win situation for everyone: developers are making good use of the limited space they’re working with while being environmentally-conscious, investors like the idea of owning property in aesthetically beautiful locales, and the environment is preserved as best as possible.

A Brief Dip Followed by a Strong Resurgence

Of all the countries in Southeast Asia, the Philippines is the only one that has consistently enjoyed a robust and growing real estate market throughout the 2010s and even during the 2020 pandemic, despite having the longest pandemic lock-down in the world.

Yes, the nationwide lock-downs in the early days of the COVID-19 outbreak did a number on the country’s economy. Still, private corporations and business collectives banded together to not only stop the slow slide into ruin, but reverse it and create a business environment that is healthy, ripe for investment, and promising in returns. Whether it’s a modest home or a luxury penthouse, the Philippine real estate market is looking to finish 2020 with a strong and stable dismount.