In terms of what we call synergistic, which means various parts are working together to produce an enhanced result, or a cooperative efforts played well together to accomplished better results is an exact example in which the Property Market Development and Population are both the emergent partners, a combination and the two way connection in an equilibrium. In their synergistic role to each other let us radically regard how Population Growth related Property Market Development in the Philippines.
Population Growth: The Current Philippine Population
A total 112,508,994 the current population of Philippines based on the latest United Nations Data. They are also estimating a population growth of 112,508,994 on July 1, 2022. The Philippines Population projected to its recurring year on 2023 will have 113,964,104, with 1.33 percent growth rate, on the year 2024 with 1.31 growth rate it will rise at 115, 406,856 and on year 2025 it is projected at 116, 833,059 with 1.29 percent growth rate. Although the estimated total fertility rate has been consistently on a downward trend in the past two decades and was recorded at 1.8 children in 2021.
Philippine Economy Returns
According to National Economic and Development Authority the Philippine Economy took positive turn in 2021 and grew by 5.7 percent this is because of the powerful development of the success of country’s vaccination program which marks the economy to slowly open. As the economy is moving forward the National Economic and Development (NEDA) emphasis to put the poor and vulnerable at the center of development strategies. The Philippine Development plan includes prioritizing smart infrastructure, regional equity, innovation and climate change to achieve rapid and exclusive growth
As of March 16, 2022, 70 percent of the economy has already repositioned to alert leve1. This means that there are fewer restrictions on travel and capacity limits of establishment that means a PHP10.8 billion per week of economic activity for our country.
As the Philippine economy is starting to roll out on its feet and the Government Build, Build, Build projects are already running for the benefit of the people, to accommodate the population growth and to create a settlement base for all of us, thus population plays major impact with all the current development around our economy.
To elaborate if population growth is good or bad, here are the FOUR (4) thump of the Population impact and its relationship to Property Market Development
The population growth can change the market demand for property. It can lead to a greater number growth in housing demand, economic asset, strong property market as well as real estate. When there is high in demand the prices are automatically going up.
Migration Population Levels
In the migration levels, going and sending like our Overseas Filipino Workers plays a higher role impacting a good contribution in Property Market Development, the remittance resulting to ease poverty, promotes economic development and improvement of health and education. The migrated Filipinos fulfilling their dreams by investing to properties, buying house and lot and other business which Migration Population leads the economic development. Data released from Bangko Sentral ng Plipinas (BSP)wherein an estimated a total of 1.77 million Overseas Filipino Workers with cash remittance as of February 2022 total of $2.007 billion for land base and total of $501 million for sea based . In this trend of migration levels population a major impact to property market development, Overseas Filipino workers are primarily considering their hard earn money to invest or acquired low cost housing or business that will make their financial security as their baseline something to pull back as an emergency in case of urgency. To add, since the economic crisis occurred during pandemic the Migration Population rethinks how their hard earn money equally be a safe haven to their families and consider investing whatever properties they think suited their lifestyle.
Read Also: Top Ten Countries Where OFWs Work
What does demographics relationship to property Market development?
Demographics are the population-based information about age, race, ethnicity, gender, marital status, income, education and employment. The composition of demographics has impact to property market development since these statistics will be the command of the price of property, what kind of property needed and where to demographically safe to develop property. Demographic information and its factors will determine the market: your future markets, it is your basis to see which population is increasing or decreasing. Whereas if a certain area’s population is growing there is a great future of opportunities to develop on.
In the long run population decline leads to decrease in housing demand. However, we need to emphasize that the impact of property market development does not imply to the number of individuals in the entire population rather it is based on the household count who partake the roles of the buying and the household size that needs properties.
The Key points: Is the population good or bad in property market development?
Rapid population growth density in population requires a sustainable future developments since growing means emerging and so the people needs and wants are laddering, a challenge of simultanously of growth and progress to meet the needs of both sides. In the side of Population growth there is always a business opportunity which leads to a high demand of acquiring properties. The migration levels that also contribute to the economy, a great eye to property business and a great shot to pacify as target market for the property ventures like investment and low cost housing. In demographics population it will give us data as our mapping for property development because of its factual statistics and location proximities that are valuable for future developments, ventures and target market.
Since population and property market development are connected to each other the Government has also doing his best role to balance the needs and wants of the people, with the National Economic and Development, they already made an effort and implementation of National Program on Population and Family Planning (NPPFP) last 2019 which its goal is to be “Responsible Parenthood and Reproductive Health (RPRH) Law, aims to reduce unplanned and unwanted pregnancies by enabling couples and individuals to attain their desired number of children within the context of responsible parenthood” this will enable couples to invest to their kids future better. They will be able to make sure that the county’s population is well managed and all the programs are aligning with the development plans.
The link between households, property development market and the government aims to have that stable living from both ends and it is called balance. The manageable population can be equally leveled to opportunities and an elbow to future property developments and future market targets, an easy schematic and diagrammatic way to government roles in implementing plans for the nation. In other words it is always easy to oversee and laid plans when there is balance and when there is properly plotted integration of population.
In that balance, the individuals are properly receiving their needs, property markets are properly engaging in their leads and the governments are properly serving their fields. Balance to sustainable and ratio to feasible. Balance is important, it is not something we need to discover it something we need to create.
Written by Rowena Lansang