The preferences of Filipino property buyers change as they become more meticulous, this has pushed developers to ensure that their plans and project concepts are integrated to the buyer’s demands.
The Philippine real-estate market is maintaining its strong growth with the country’s young demographics and consumption-driven market. Besides having increasing demand in the real estate market, its economy is thriving in other industries such as manufacturing, shipbuilding, mining, electronics, and agriculture.
Having said that, the top five known real estate locations in the Philippines currently are Makati, Bonifacio Global City (BGC), Manila Bay, Cebu, and Davao.
- Makati, dubbed as the “Financial Capital of the Philippines” and the “Wall Street” of Metro Manila. Jones Lang Lasalle Philippines stated in their research that it will always retain its premium edge over other locations due to the ongoing project developments and the presence of various major and multinational companies and businesses. The driving factor for developers putting up residential projects in Makati is the fast turn over, stated Michael McCullough of KMC Mag Group.
- Bonifacio Global City (BGC), considered as the third Central Business District of Metro Manila and is filled with new offices and commercial establishments. The land prices in BGC are 30 percent higher now compared to Makati and the volume of transactions is 10 times bigger. According to reports, BGC will produce most of the office supply pipeline by 2020. Investors are attracted to this area due to the more advanced master planning and architecture and the entire area exudes an entirely different vibe from other parts of Metro Manila. The government has also adopted a green approach to the master planning of this area.
- Manila Bay, also known as the Las Vegas of Asia. Demand in this area is beginning to pick up as more Integrated Resorts are being completed, the latest one being Okada Manila. A second Resorts World Manila is also scheduled for completion in the year 2020. Located along the bay of Manila, it is also minutes away from Mall of Asia, one of the top 10 largest malls in the world. Since the middle of 2017, the area has been experiencing increased interests from the Chinese, Koreans and Japanese buyers. According to the National Economic and Development Authority, an agreement was reached with the Netherlands to design a master plan for the continual development in the area.
- Cebu, the Queen City of the south is the second most important metropolitan in the country. The supply of condominiums has risen over the years due to the booming IT and BPO sectors. It has the second highest concentration of condominiums in the Philippines and most of these developments are considered high-end.
- Davao, the hometown of the current president Rodrigo Duterte has become a hotspot for businesses and infrastructure projects. Davao is the country’s largest city outside of Manila and the only Philippine City to reach the top 100 in the London-based City Mayors Foundation’s world’s fastest growing city 2011. The interest from investors is growing as major developers start to establish their foothold.
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