With the upsurge of condominiums in the Philippines, the idea of property investments has become further appealing—particularly in areas that continue to see steady growth in demand and value.
Arguably the most recognized island in the Philippines, Luzon is one of these locations where the real estate market is booming. Divided into four sections (Northern, Central, and Southern Luzon, as well as the National Capital Region), with eight regions and over a dozen cities, Luzon leads the race with the highest demand rate in the real estate market among the three islands of the country.
This is in large part due to the National Capital Region (NCR) or Metro Manila, unquestionably the most in-demand metropolises in the country, and arguably the world, for real estate overall. As the Philippine’s financial capital, it is highly populated, and vertical developments have become very common in the area as it continues to be the best way to meet the growing demand for residence.
This is evident even now, as cities in the region were the most viewed for condominium for listings on the Lamudi website from January 1, 2017, to March 16, 2018.
Most buyers check out the properties located in Makati, Taguig, Quezon City, Mandaluyong, and Pasig when browsing the site.
Makati
One of the advantages of investing in Makati is that it is the long-time richest city in the country. Numerous jobs and business opportunities are available in the Philippines’ business center, and are complemented by lifestyle and entertainment hubs, creative centers like museums, and popular leisure spots.
This has led to the city having the most views of listings of condominiums for sale recently on Lamudi’s website, accounting for 18.7 percent of the page views, showing how it indeed is the most popular city for condominium searches online.
Taguig
Career and lifestyle benefits also await prospective condo buyers in the multi-faceted city of Taguig. Within the vicinity is well-known modern business hub, Bonifacio Global Center (BGC). The city offers an abundance of world-class commercial establishments and modern recreational facilities. The city accounted for the second most views for condo for sale listing on Lamudi, with as much as 15.8 percent of the page views from January 2017 to mid-March 2018.
Quezon City
Receiving 12.5-percent of the views for condos for sale in Quezon City. One of the most populous cities of Metro Manila, and the largest in the region in terms of land area, QC is widely known for being the location of top universities like the University of the Philippines-Diliman and the Ateneo de Manila University.
There are several existing and new condominiums on the rise in the city as well, several from notable developers like Ayala Land, SMDC, and DMCI.
Mandaluyong
Mandaluyong is widely known as an ideal place to live in Metro Manila because of its central location, catering to residents who are working or studying in surrounding areas like Makati, BGC, and Ortigas. Not only does commuting from the city other areas in the region slightly shorter compared to if one were to cross the entire metro, but the property prices are also some of the most favorable compared to other major cities.
That is why eight-percent of the views in Lamudi’s listing in the previous year belong to Mandaluyong. More buyers are considering living in the city because of accessibility to shopping and office districts.
Pasig
As one of the largest cities in Metro Manila and having shared boundaries with the cities of Mandaluyong and Taguig, including the province of Rizal, Pasig has become popular to potential buyers. The city boasts of its green practices that started upon the rehabilitation of the Pasig River, which makes it ideal for families who want to move in. The city is also ideal for residents who aim to work around the metro as they can get around with various transportation options. Pasig placed fifth in terms of cities with most views of listing scraping 7.9 percent.
Mega Manila Top Picks
Expectedly, apart from the cities in Metro Manila, there are also areas outside the NCR that also receive a significant amount of interest for condos for sale. Among the most notable are Cebu City, which accounted for 6.7-percent of the views, Baguio City (2.2%), and Tagaytay (2.2%).
Search data gathered from the Lamudi website also reveals that most users viewing condominium for sale listings are those aged 25 – 34 years (37% of all users), with over half of this demographic being female (55%).
While the trends observed in the data is indicative of how many home seekers prefer Metro Manila over other locations, this is also indicative of how supply parallels the demand. Customers typically visit retail centers with a wide range of choices, and in terms of real estate put on the market online, Metro Manila continues to be the location with the most listings.
Highrises Beyond the Metro
Indeed while majority of residents continue to look for condominium units for sale in Metro Manila, it doesn’t mean that condo is not a worthwhile investment elsewhere.
In fact, property developers are eyeing provincial expansion. In her presentation during The Outlook by Lamudi event in November 2017, Estrelita Tan, president of Vista Land subsidiary Lumina made it clear that there is an incentive for major real estate players to venture into the provinces.
According to Tan, “the government gives good guidance to business expansion through the NEDA national special strategy; thus, developers can expand the demographic base.”
Lamudi’s Outlook report also revealed that “Three of the country’s [largest] regions—NCR, CALABARZON, and Central Luzon—contribute approximately two-thirds to the country’s economy. Although Metro Manila hogs the lion’s share of country’s GDP at 36 percent, CALABARZON (composed of the Southern Luzon provinces of Cavite, Laguna, Batangas, Rizal, and Quezon) contributes 17 percent, while Central Luzon about 9.2 percent.”
The real estate industry evidently plays a big role in the economic growth of the country. As urban populations continue to grow, and housing become sparse in the city, there is a need to increase supply to sustain the demand. Thus, more and more dwellers resort to condo living as it is the most convenient and viable option since the majority of these are at the heart of the city.
Main image via Deposit Photos
