Cavite and other provinces near Metro Manila will continue to be a hotspot for property developers in the country for 2018, as expanding road networks in these regions improve land values.
As early as now, real estate agents need to be aware of different pricing points in nearby provinces from the metro, including properties such as Lancaster New City. A review website serves as one option to know the different trends on what drives land values in emerging housing markets for this year.
Township developments will be more popular in the coming months, as these communities provide residents with a place near work, shopping and leisure centers. These amenities are not found on standalone projects like in Metro Manila. If there are any, however, these properties in metropolis often come at a high price.
For instance, an average price for a home at Forbes Park in Makati cost more than P283,000 per square meter in 2017. Residents in the luxury village live within proximity to the Manila Polo Club and the Manila Golf and Country Club. The country’s financial center has been known for sky-high housing prices, which has driven many Filipinos to look for properties elsewhere.
Challenging Condominium Market
Another reason why developers may focus on other markets outside Metro Manila involves a constrained activity for rental condominiums. Property agents and builders alike will still find it challenging to market homes in central business districts, as many properties pop up along these areas.
While supply remains stable, leasing prices remain expensive for the average buyer due to the accessibility of these areas from almost every part of the metro.
Demand from end-user buyers of homes in second- and third-tier cities in the country will likely increase, which is why agents need to be updated on prices to provide a realistic range for properties to prospective clients.