Strong property sales are often a precursor of economic recovery. The construction phase that follows such sales will lead to a demand for materials such as cement, iron, galvanized sheets, wood panels, nails and copper wirings.
The construction activity will directly create thousands of employment and open more job opportunities in the allied sectors through increased factory orders.
Ayala Land Inc., the country’s biggest real estate company, noted last week a recovery in the high-end property market as reflected by a resurgence in reservation sales from March to May this year. Prospective local buyers accounted for the bulk of the sales, filling up the slack of foreign buyers, especially migrant Filipino workers in the United States.
Ayala Land said a sister company catering to the high-end market reported sales growth of 52 percent in March, 7 percent in April and 52 percent in May. Early reservation sales in June indicate they will approximate the growth in May.
The sales figures are a turnaround from recent months when the global financial crisis and high inflation crimped the pockets of the high-end market.
“It was really the high-end market that was affected by the global financial crisis. … what we are seeing now is that high-end market is on the upswing. Over the last four months, we see positive trend in terms of sales for the high end segment,” says an Ayala Land executive.
The high-end market may not make a significant dent on the whole property sector but its behavior suggests that the middle- and high-income groups are now starting or ready to spend in the coming months. Their outlook on the economy has improved and their confidence to spend is being restored after withholding their purchases in the past.
Increased consumer spending through the creation of more jobs in the construction sector and more factory orders will drive the economy in the months ahead. It is up to the government to respond accordingly to this economic trend. A timely response will move the country farther from the brink of recession. –Manila Standard Today
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
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Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
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Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
