With the amount of upcoming projects in its pipeline aligned with affordability, Quezon City tops the list of cities to watch out for in 2016, according to Lamudi Philippines.
1. Quezon City
In a report, the online property-listing firm said Quezon City could be the largest city in Metro Manila by 2020, estimating that the city’s population would hit 3.5 million by then.
Lamudi noted that many people are looking at relocating to the city, as reflected by the searches made on its website.
In a separate report, Lamudi noted that Quezon City is the most searched-for city in the country, as far as its listed properties are concerned.
It said 27 percent of the searches for for-sale properties in its website were looking at Quezon City, while 28 percent of those looking for properties for rent also had their eyes on QC.
“Some of the reasons behind Quezon City’s appeal is its relative affordability,” Lamudi said. “Compared with Makati and Taguig, Quezon City offers plenty of options to homebuyers, and there are plenty of new developments in the pipeline.”
It cited for instance that Ayala Land subsidiary Avida Land announced in 2015 the development of its Cloverleaf mixed-use project within the busy intersection of EDSA and North Luzon Expressway.
Next to Quezon City on the list is Makati City, the country’s major financial business district.
“Although average rental rate in the Makati CBD is expected to decrease 3.39 percent year-on-year to the third quarter of 2016, while vacancies to increase to 10.19 percent across all condo grades, fringe areas are starting to see an uptick in real estate activity, particularly Brgy. San Antonio, which is a stone’s throw away from Ayala Avenue,” Lamudi said.
Lamudi emphasized that the worsening traffic condition in Metro Manila is making Makati attractive to renters and homebuyers, as it would place them closer to where they work.
On the third spot is emerging central business district Taguig City.
Lamudi projected Taguig’s population to reach almost a million by 2020, which would make it the National Capital Region’s fourth most populous city, after Quezon City, Caloocan, and Manila, and the ninth in the entire Philippines.
Lamudi said Taguig’s real estate market has been on an upswing ever since Fort Bonifacio was privatised.
Several projects are now underway in Taguig, most notably, Megaworld’s McKinley West and Ayala Land’s Arca South.
Access to the Manila’s international airport and to the Coastal Road would improve, noted Lamudi, when the flyover connecting C.P. Garcia Avenue to the Moonwalk Access Road and West Service Road is finally completed.
Fourth on the list is Pasay City, whose claim to fame in the real estate arena is the Bay City—the reclamation area along Manila Bay that now hosts SM Mall of Asia and other lifestyle hubs, particularly, the Entertainment City and Aseana City.
The country’s biggest mall developer has already incorporated office and residential components in its MOA Complex, while Federal Land is set to complete its SixSenses Residences in 2016, and its first tower in its Palm Beach project in 2017.
Lamudi said infrastructure is expected to improve in Pasay, when the NAIA Expressway connecting the Metro Manila Skyway to the Manila-Cavite Expressway and Entertainment City is completed.
Bacolod is fifth, as per Lamudi, whose data showed that the city in the Visayas region was one of the most popular cities among online property hunters in 2015.
Lamudi said 2016 would not be different.
Again, Ayala Land has sealed an agreement with the provincial government of Negros Occidental to build the mixed-use Capitol Central.
The booming Davao lands on the sixth spot of Lamudi’s list, as the city remains southern Philippines’ economic and business center.
Lamudi said Davao is one of the most-searched cities in its website in 2015, and projected its population to balloon to 1.83 million by 2020.
According to Lamudi, Davao consistently figures among the most searched by online property hunters, and is the sixth and third most search city by property hunters based in the United States and Saudi Arabia, respectively.
Cebu, dubbed the Queen City of the South, is on the seventh spot on Lamudi’s list.
Lamudi said Cebu City is one of Tholon’s top 10 outsourcing destinations in the world, and second in the Philippines after Metro Manila.
In 2015, the country’s two top mall developers opened their respective landmark complexes in the city—the SM Seaside City Cebu and Robinsons Galleria Cebu, both complete with office and commercial spaces to meet the city’s increasing demand.
Finally, Muntinlupa caps Lamudi’s list on the eighth spot.
Lamudi said Muntinlupa, which is the south of Metro Manila, is also expected to perform well this year, with the launch of several high-profile projects from the country’s biggest developers.
One of these is Avida’s South Park District, a mixed-use development sitting on the former Nestle plant in Alabang.
There are also the established Filinvest and Madrigal business districts.
Lamudi noted that in anticipation of infrastructure projects that could ease travel to the south, property developers, including Rockwell Primaries and housing mogul Manny Villar’s Vista Land, are now eyeing Muntinlupa as their next focus area.