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Housing Trends To Watch Out For In 2023

The beginning of 2023 marks a fresh start for the housing market. As the year opens, housing market predictions are beginning to come out, as buyers and sellers show interest in entering the market in 2023.

Housing trends are affected by several factors, and the changes in these factors dictate what you can expect for the year. Investments are never to be made lightly and being aware of the current trends, and market insights will help you make the best decision for your investments and your future.

2023 Housing Trends

To help you get started on your real estate journey for 2023, you will need some general information and market insights. Here is a quick compilation of 2023 housing trends you should be aware of before you invest in luxury real estate this year.

Location Preference

The advent of the pandemic has changed the preferences of homebuyers in regard to the location of their home according to 2023 housing trends. With the normalization of work-from-home and hybrid work set-ups, buyers preferred finding house and lots for sale locations that can offer them convenience and a better quality of living. With the option to stay home while working, more and more homebuyers are looking at homes that are located outside the metro while still maintaining easy access to the city and business sectors as needed. This change in location preference may also be affected by lifestyle preference, costs of living, and access to nature and the outdoors.

Popular locations in 2023 include Laguna, Daang Hari, and Tagaytay. Some interested buyers are also looking at luxury homes in locations such as Baguio, Davao, and Boracay. Brittany Corporation has several luxury real estate listings in these communities, making it the perfect choice for a change of location for you and your family.

Outdoor Space and Amenities

Classic and Timeless Design

A beautiful home in the Philippines is an investment for the future. And when it comes to finding a dream home, classic and timeless designs are projected to be the top of the housing trends in 2023. Classic and timeless homes speak to luxury living and the image of long-lasting legacy.

Housing trends 2023 will likely stay true to houses that look timeless as they are the perfect canvas that families can use to build their dream life. If you are scouring the 2023 housing market looking for a classic home, then a Brittany luxury home is perfect for you. Brittany Corporation is a premier luxury real estate developer that specializes in exclusive luxury homes inspired by the architecture of Italy, England, and America. Luxury and classic styles go hand in hand, and Brittany will give you the best luxury home options.

Outdoor Space and Amenities

Housing market predictions also point toward buyers looking for a home with access to outdoor space and amenities. This year, families are reluctant to give up extra outdoor space in the real estate options they are viewing. The housing market in the Philippines has seen home sales increase in areas like Tagaytay and Laguna, which both have great connections to natural spaces. Baguio is also seeing a spike in interest in the housing market.

As for amenities, more home buyers are looking to maximise their real estate investments by purchasing homes in communities that offer luxury amenities like playgrounds, gardens, clubhouse, swimming pools, and fitness gyms. Luxury home sales for the year will likely center around communities that offer more than just a comfortable home. During the pandemic, being stuck at home means that now buyers are looking for homes that will give them the most bang for their buck when it comes to features, space, and community amenities.

Families in search of new homes will make a great choice in investing in a Brittany luxury home. At Vista Alabang, a Brittany development, homeowners get to live in beautiful Italian-themed homes. They will also have access to amenities such as basketball and tennis courts, swimming pool, kiddie pool, children’s playground, and clubhouse. These amenities are also present in Brittany’s luxury communities in Santa Rosa, Laguna. Home prices in these locations will include the privilege of access to these premium amenities and outdoor spaces.

Increase in Real Estate Prices

For the housing market in 2023, predictions point to an increase in home prices. Real estate and home prices will continue to rise in 2023. This can be due to several factors, including inflation, supply, and demand.

The biggest driving factor for the increase in home prices is inflation. The current rate of inflation in the Philippines is a big concern for the economy. The market, especially the housing market is greatly affected by inflation. According to the mandate by a chief economist at a central bank, inflation rates should be kep below 4% to keep the market and home prices stable and profitable for both sellers and buyers.

Majority of rising inflation rates are attributed to the cost of food and energy imports from markets outside of the Philippines. A lot of rising prices can affect living costs, production costs, and construction costs, which also affects the final prices of homes on the real estate market.

Rising Interest Rates for House and Lots For Sale

Predictions for 2023 housing trends state that higher interest rates are expected. Rising interest rates makes it more costly to arrange loans for real estate purchases. This increase in interest rates may then affect housing market demand and home prices.

You are likely to see the effects of high interest rates through the change in mortgage rates. The Bangko Sentral ng Pilipinas increased the policy and mortgage rates by 225 basis points, brining interest rates to 4.25 percent.

Rising interest rates can affect the price of a home for sale because developers may turn to current interest rates to determine their pricing structures.

rising interest rates for houses and lots for sale

Increase in Mortgage Rates

2023 housing market trends is predicted to see a rise in mortgage rates as well. During the latter half of 2022, bank mortgage rates on average were at 7.8 percent, which shows an increase in mortgage rates from the 7.3 percent of second quarter 2022. For reference, the average mortgage rate in 2021 during that same period was at 7.4 percent.

Interest rates and mortgage rates both affect the housing market, especially when it comes to home sales. Prices and mortgage rates will always be in tandem, with a change in one affecting the rate of the other.

As you venture into the real estate market in 2023, it is essential you study the current market, interest rates, and mortgage rates. Doing so will prepare you and help you make well-informed decisions regarding your investment in luxury homes and luxury real estate.

High Supply of Housing Inventory

The demand for housing in the Philippines, especially in Metro Manila remains high. Return to on-site work as well as face-to-face classes have made families consider buying homes that are conveniently located closer to workplaces and schools.

That being said, there remains a high supply of real estate available on the market. Luxury homes have been seeing a rise in demand, and supply is projected to remain stable for 2023, revitalizing the economy.

Brittany Corporation has several RFO luxury homes ready for interested buyers. With sprawling properties located in some of the most sought-after destinations in and out of the metro, Brittany can give you an edge in the luxury housing market in 2023. Several luxury lots in exclusive Brittany communities are also available for you to build your dream luxury home.

Start the Year Right With an Investment in Brittany

Brittany Corporation is one of the country’s top luxury real estate developer with years of experience creating beautiful luxury communities for families seeking a world-class lifestyle. Investing in a home by Brittany will give you and our family a home that exudes class and luxury.

Brittany Corporation has several luxury communities in sought-after locales like Alabang, Santa Rosa, and Tagaytay. A new luxury community is also in the works in Daang Hari, which will also be the site of an upcoming central business district.

Luxury, convenience, and access has marked the different Brittany properties. Each one offers residents a luxury experience inspired by beautiful destinations such as Italy, England, America, and Switzerland. To buy a Brittany luxury home is to buy into a luxury world-class lifestyle.

To learn more about the luxury listings offered by Brittany Corporation, simply browse our website. And to keep updated on the latest luxury real estate news and trends, follow Brittany on LinkedIn and YouTube.

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