Manila, 7 May 2019 – Thanks to a booming economy, the real estate
sector of several progressive cities outside of the metro are on a roll,
growing remarkably well over the last few years and expected to continue
soaring to new heights in the next decade or so.
More and more property
developers are answering the growing demand for residential and commercial
properties in Cebu, Cavite, Davao, Iloilo, Bacolod, and Pampanga as their
property landscapes evolve and are expected to be at the forefront of a
property development boom in the country.
Mr. Charles Ong, Chief Operating Officer of Innoland Development Corporation
A pronounced surge in
demand and supply
The growing interest
from local and foreign investors, as bolstered by the national government’s
robust infrastructure projects in these provincial cities, attracted a surge in
interest among property buyers from here and abroad.
From 2017 to 2018, Pampanga
registered a whopping 873-percent increase in leads on the Lamudi platform. During the
same time frame, Cavite witnessed a 298-percent increase in leads, Davao raked
in 69 percent, while Cebu and Iloilo also increased by 274 and 214 percent,
respectively. Page views among properties in Bacolod likewise spiked by 38
percent.
These numbers go to show
that these cities are currently enjoying a shining moment in their real estate
sector. In conjunction with this impressive upward trend in demand, the
property supply in these cities followed suit.
Based on Lamudi listings
from 2017 to 2018, Davao enjoyed a 102-percent increase in listings while
Pampanga saw a 202-percent spike. Likewise, Cavite’s listings spiked by 188
percent. Cebu-based listings increased by 27 percent while Iloilo grew by 29
percent. Bacolod, however, had more property searches than the available supply
during the time period, where apartment and land searches were seven (7)
percent and 12 percent higher than the supply, respectively. This could mean
that there is a well of opportunity for property developers in the city to
answer to the growing demand that is yet to be addressed.
Average prices and a
notable increase in page visits
Page visits, which
likewise signify interest among property buyers, in these provincial cities
also increased. From 2017 to 2018, Pampanga, Cebu, and Bacolod grew by 65
percent, 23 percent, and 38 percent respectively.
Iloilo, on the other
hand, rose by 22 percent from the first quarter of 2018 to the first quarter of
2019.
Davao, despite being one
of the country’s most competitive cities and investment hubs, remains
affordable for prospective investors and home seekers. The average price of a
condo property in the city is Php4,622,195, where the average price per square
meter is tagged at Php 100,377.
Meanwhile, Cavite’s
residential sector also maintains its relative affordability, with an average
price of Php 6,372,632 for houses. The average price per square meter is Php
50,576.
Bhavna Suresh, CEO of Lamudi, moderated the media roundtable discussion. The panelists of the media roundtable were Joey Bondoc, Senior Research Manager of Colliers International Philippines; Charles Ong, Chief Operating Officer of Innoland Development Corporation; Fernando Camus, Senior Consultant of Berthaphil, Inc.; Emmanuel Rapadas, Chief Financial Officer of Torre Lorenzo Development Corporation; and Richard Tay, Business Unit Head of the Commercial Business Group of Property Company of Friends, Inc.
The most searched for
areas in Davao that property seekers searched for are Buhangin and Sasa. These
were followed by Barangay 19-B, Ma-A, Talomo, Barangay 20-B, Bucana, Barangay
34-D, Matina Crossing, and Matina Aplaya.
In Cebu, the most
searched for properties were those in Cebu City, followed by those in
Lapu-Lapu, Mandaue, Talisay, Consolacion, Minglanilla, and Liloan.
Bacoor, Dasmariñas,
Tagaytay, General Trias, and Imus were the most searched cities in Cavite.
On the other hand, the
towns of Pavia, Jaro, Oton, Guimbal, and Mandurriao generated the most interest
in Iloilo.
In Pampanga, Angeles,
San Fernando, Mabalacat, Arayat, Mexico, Bacolor, and Magalang.
For Bacolod, the towns of
Alijis, Estefania, Mansilingan, and Tangub drew in the most interest.
House and lots dominate
property types
Majority of these
property seekers are interested in house and lots, although there’s also a
growing interest for residential condo units. The majority also prefer to buy
these types of properties compared to those who want to rent them. In Iloilo,
for instance, the page views for houses were close to 62 percent among property
seekers, about 52 percent when it comes to sessions, and 59 percent for leads
generated, based on Lamudi’s data. The same is true for Cavite, where about 64
percent of the leads came from house searches.
The preference for house
and lots, as well as lands, in these provincial cities, show that the prices of
these property types in Cavite, Pampanga, Cebu, Bohol, Davao, and Iloilo are
still relatively more affordable compared to those in Metro Manila. Many of
those who were also searching for properties in most of these progressive
provincial cities are from Metro Manila, according to Lamudi data. In Pampanga,
for instance, although the number one city that searched for a property there
came from Angeles City, the next three came from Quezon City, Makati, and
Manila, data from the property portal shows. Pampanga’s proximity to Metro
Manila has attracted quite a number of property seekers from Quezon City,
Makati, and Manila who are planning to relocate in the province, live a more
relaxed lifestyle and escape from the urban chaos of the metropolis while also
pursuing great careers with the growing number of companies opening their
offices there.
With the property sector of these thriving provincial cities on the upswing, expect their economic landscape to evolve and benefit nearby towns and municipalities as well.
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