This year will mark opposing trends in the residential real estate markets of Metro Manila and nearby provinces, according to a Colliers International Philippines report.
More home builders plan to develop townships in Cavite, where existing properties such as the Lancaster New City have become popular. If you plan to buy or market properties in Lancaster, reviews on Property Survey will help you reach an informed decision.
Aside from Cavite, real estate companies will continue to look for building opportunities in Laguna, Bulacan and Pampanga. Some of them will even consider township projects in Cebu and Davao. Colliers attributed this expansion drive to the increase in land values due to more road projects.
This trend of scouting for potential projects in provinces may have been a result of difficult leasing conditions in Metro Manila. The launch of new condominiums in the region has made it more challenging for property developers to fill vacant units, which led them to consider residential projects in second- and third-tier cities across the country.
The expected entry of more Chinese investors in the country this year will also help the residential real estate market. Rick Santos, chairman and CEO of Santos Knight Frank, said that more mainland Chinese firms would invest in condominiums apart from offices, hotels and resorts.
Santos believes that Chinese firms have become interested in venturing into the office market, following the profitability of investing in the Philippine Offshore Gaming Operator sector. This heightened interest will also be a factor for the addition of more than 1.5 million square meters of leasable office space this year, according to Santos Knight Frank.
Whether you plan to buy a new home or invest in existing properties, it seems that nearby provinces outside Metro Manila have become more attractive. What is your outlook for residential property sector this year?