The recently concluded 23rd ASEAN Valuers Association (AVA) Congress, hosted by AVA Cambodia, was held virtually on November 24-25, with more than a thousand participants from the ASEAN region, United States of America, European Union, China, Japan, and Korea.
With the theme “Valuation in the Midst of Pandemic (COVID-19)”, the congress aimed to discuss current regional situations, particularly the impact of COVID-19 on the valuation industry and the ASEAN property market. Delegates from the eight (8) ASEAN member countries shared real estate market updates as well as valuation standards and techniques being practiced during the pandemic.
Ms. Hanah De Vera, a Research Analyst from Aviso Valuation and Advisory, was one of the speakers and shared the Philippine economic updates and the property market outlook in 2022.
According to her report, several office buildings offer lower-cost single-office rentals for up to multiple occupants. It is predicted that flexible workspace will grow 10% in the next three years. Coworking spaces will appeal to multinational corporations, outsourcing firms, small businesses, and digital nomads alike.
On the other hand, low-cost housing developments near infrastructure and transportation hubs are expected to be in high demand.
Meanwhile, the local e-commerce markets are sprouting up in the industrial sector. Storage, sorting facilities, and irradiation facilities are in high demand. The next wave of growth is expected in Central Luzon and CALABARZON.
She also discussed the revised rules of Philippine REITs which finally attracted major developers to invest in it, which allowed small players to invest alongside large corporations in high-value real estate.
In her closing remarks, she said that mass vaccinations and optimistic government forecasts are expected to boost the economy by the end of 2021.
About the ASEAN Valuers Association (AVA)
The ASEAN Valuers Association (AVA) was founded in 1981, with Indonesia, Malaysia, the Philippines, Singapore, and Thailand as founding members. AVA’s membership has grown to include Brunei (1990), Vietnam (1997), and Cambodia (2009).
Every year, the association hosts a congress to promote close relationships and cooperation among valuers in ASEAN member countries. It establishes the organizational framework for regional cooperation in the study and research of valuation compliance among ASEAN member countries, as required by the region’s social and economic development.
The association is also one of the pre-eminent platforms for public and private valuers to gain and exchange knowledge, expertise, information, and interactions with professionals, practicing valuers, and academicians in the region.
In response to this year’s economic crisis, AVA President Mr. Chrek Soknim stated in a message that the COVID-19 pandemic has had a great impact on the global economy in almost every sector and the real estate industry is no exception. During the current economic turmoil, the responsibility of property valuation becomes even more crucial.
“For this reason, we will all face challenges. However, I truly believe that we will overcome these difficult times and succeed if we work together as one.” he added.
Aviso Valuation and Advisory Corp. is a real estate consultancy firm that offers valuation and business advisory services compliant to international standards such as the International Valuation Standards (IVS) and International Financial Reporting Standards (IFRS). To assure that we only produce high-quality deliverables, as needed, we do tasks beyond the usual appraisal process like verifying pertinent property documents (i.e. land titles, tax declarations, etc.) with the appropriate government agencies for due diligence purposes prior to the acquisition of the properties.
