The real estate market in the Philippines has seen a growth trend for close to a decade now. That is in spite of a decline in the availability of condos, plots, or individual homes that one can buy. From statistics published in 2017, growth in the demand for condo units was at 5.1% over the previous year and expected to go higher in 2019. Thanks to the availability of statistics and other information, Filipino investors have educated themselves and become far more meticulous in their investments. Developers are ensuring that they are able to meet consumer demand by offering world-class amenities in their new projects.
What to Expect
Just like everywhere in the world, it is a dream for a Filipino to own a home. To cater to this segment of the market, developers are offering house and lot packages in areas, such as Calabarzon, Central Luzon, and Visayas, to mention a few, to 48% of overseas workers. Cities in the southern region of the Philippines are also quite popular with buyers who want to put down their roots and construct a family home. Some areas to look at are as follows:
Bonifacio Global City
As a master-planned commercial and residential complex, BGC is managed by the country’s two biggest developers. As a prime business location, there are quite a few commercial and office complexes, which make it attractive for youngsters and other employees who are on a good career track. This development aims to be the exact opposite of Manila and other developed areas with heavy traffic and high rents.
Davao
Next to Manila, this is the second largest city, and it is growing the fastest. Its growth has been quite impressive. It is also the hometown of current Philippine President Rodrigo Duterte. In the real estate sector, the condo market is picking up speed. There are quite a few parcels of land also available for sale to those who can afford to invest here. Its gross regional domestic product numbers are higher than the national average, which makes it very attractive for investors, local and foreign alike.
Makati
This city is another popular area for new investors. Well-maintained streets, easy access to transport, and many malls and restaurants, Makati is ideal for those who want to have a good life and live close to work. It is also called the financial capital of the Philippines, and it is home to many well-known international companies as well as local ones. Property rates per square meter are pretty high, whether the property is for sale or rent, and the demand is pretty high among expats as well as locals.
Baguio
This is another area that is garnering attention. Also, the summer capital of the Philippines, it is yet another clean and orderly town. Anyone who invests in either a home or condo here can expect great returns on their investment as development is picking. What sets it apart is that it has managed to retain its old-world charm in spite of rapid development. It is best known for all the academic institutions, including the country’s flagship institution—the University of the Philippines.
There is no doubt that real estate is one area where investments will likely stay stable for the long term. Picking the right place to invest is a sure way to reduce the impact of market volatility and get the best returns on income in case of a sale in the future.
