Wednesday, May 8, 2019

Beyond the Metro: Property Sector of Several Progressive Provincial Cities on an Upswing

Wazzup Pilipinas!

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.

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.

Most Searched Areas

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, DasmariƱas, 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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