CEBU, Las Pinas and Iloilo are some of the top cities that property hunters should watch this year because of the growth of their real estate markets, according to a top property listing site.
In a statement over the weekend, Lamudi Philippines said growth in the country’s real estate industry, underpinned by a sound economy, is creating new opportunities for property developments in various cities.
“With sustained progress in the real estate industry, backed by an overall economy that various financial institutions predict will grow [from]6 to almost 7 percent in 2017, many places in the Philippines are becoming increasingly ideal to live and/or invest in,” Lamudi Philippines said.
As development is spreading outside of the main Metro Manila cities, Lamudi named the top 10 cities to watch this year.
“Whichever reason to move: a fresh start, exploring new career and business opportunities, or a growing a family, ten of these places in the country, compiled by global real estate website Lamudi Philippines, stand out, and are worth your consideration for this year, and even beyond,” the property listing site said.
Cebu City ranked number one on Lamudi’s list because of its robust outsourcing industry.
“Ranked seventh by strategic advisory firm Tholons among best outsourcing destinations in the world due to the quality of workforce and tertiary education; relatively cheaper business cost; infrastructure network; and quality of life, Cebu is also a city to watch, thanks to its considerable proximity to several of the Philippines’ best tropical destinations and affordable secondary cities,” Lamudi said.
It noted that property listings on its site for 2016 averaged P2,900 per month, more affordable compared to Makati (P5,680), Quezon City (P5,560), and Taguig (P3,400).
“Upcoming real estate projects likes Solinea and Gatewalk Central (both by Ayala Land) and Cebu Exchange (Arthaland) are likely to boost inventory in the future,” it said.
Following Cebu is Las Pinas City, which caters to property hunters looking for houses. “The average price of two-bedroom houses in the city was P2.8 million, compared to P3.68 million in Quezon City,” Lamudi said.
Despite the city offering mid-priced residences at more affordable rates compared to its Metro Manila neighbors, property values in Las Piñas may soon catch up as a result of major developments taking place in the city, according to Lamudi.
“Projects in Las Piñas include Alabang West, a mixed-use development by Megaworld featuring a Beverly Hills-themed lifestyle concept, and a yet-to-be-named 3.4-hectare property owned and being developed by 8990 Holdings Inc,” the property listing site explained.
Also in the top three is Iloilo City, which also ranked in Tholons’ best outsourcing destinations in the world, bagging the 91st spot.
“Seemingly in time for property investors is the rise of several developments in Iloilo, led by the continued expansion of Megaworld’s Iloilo Business Park, and the initial establishment of Ayala Land’s Atria Park District,” Lamudi said.
Other cities on the list are Cagayan De Oro City, Bacolod City, Lapu-Lapu City, Mandaue City and Davao City in the Visayas and Mindanao regions. In addition, the cities of Dasmarinas and General Trias in Cavite also made it to the top 10.