Whether it’s because you’re looking to make major lifestyle changes or are just interested in maintaining and growing your wealth, you should never feel like you’re rushing when it comes to buying a new home. It’s a decision that you should be at peace with from the get-go even with the sentimentality or risk.
Now that the kids are all grown up and you can finally transition into the next phase of your life in a new property. Sure, renovation is fine and all, but trust us when we say that the bill is going to cost a whole lot more than your initial computation.
Look at the Philippine property market today and you will see some very encouraging signs, too. We’ll discuss them here for you. By all accounts, 2022 looks to be a year of renewed residential demand and consumer confidence.
Data from the Census and Economic Information Center shows that the Philippines’ recorded property price growth on a year-on-year basis was at a respectable 3.3% from March 2015 to June 2021. That number would be much higher if it weren’t for the economic contraction during the pandemic, US-China trade war, and a slowing domestic economy from 2018 up to now. The country was in the middle of its biggest real estate boom from 2010 to 2018, after all.
If, for instance, you bought a middle-income property like a duplex, condo, single attached/detached, at ₱5,000,000 in 2017, chances are your property will now be valued at roughly ₱6,000,000 million now. If it weren’t for the aforementioned factors, that number would’ve been ₱7,500,000, more or less. if you were to resell that property, you’d make roughly ₱1,000,000 and more off of it.
The Bangko Sentral ng Pilipinas also looks to keep interest rates at 2%, which are meant to encourage residential sales. Low rates mean more savings for you in the long run. Now is the perfect time to buy a house in the Philippines, coupled with the deceleration of inflation, flexible payment terms, and higher Overseas Filipino Worker (OFW) remittances.
What Other Buyers Are Looking At
According to data from Statistica.com released last July 2021, 38.7 percent of all households in the Philippines say that they intend to buy a single-detached house in the next year.
Colliers International Philippines also reports that demand for mid-market residential units in provinces will be vital to take up. Developers, on the other hand, are looking to areas with strong demand for a mid-income house and lot. Some key provinces include Cavite, Laguna, Pampanga, Batangas, Davao, and Bulacan. These sites are located in regions that grew by about 7.4% a year from 2010 to 2018, as well.
In Cavite and Laguna, projects like Park Residences, Amaia Scapes General Trias, and The Gentri Heights offer community spaces geared towards families, with direct access to roadways and essentials. Units for single-detached units here range from around ₱3,000,000 to ₱6,000,000. Buy real estate now and in 2026, your property investment can be valued at ₱7,000,000.
Meanwhile, in Davao, developments such as Camella Toril and Camella Buhangin boast communities near top commercial areas, schools, and airports. Investors can buy a single-family unit here for roughly ₱4,000,000 to ₱10,000,000.
Davao City has been one of the most competitive cities in all of Mindanao. Davao was even ranked the third most competitive highly urbanized city in the 2019 Cities and Municipalities Competitiveness Index report.
It has become an attractive investment hub for business and real estate because of its high growth rate. Davao grew by an average of 5.5% over the course of the past two decades, bettering the national domestic product average of 4.8%. Region 11 also had an average growth rate of 7.3% in the 10 years leading up to the pandemic.
Middle-income, single-detached house and lots continue to be buyers’ preferred choice for a decent family home and because of the stability and security each community provides. Invest in Cavite, Cavite, Laguna, Pampanga, Batangas, Davao, and Bulacan now and you can expect stable capital appreciation potential now that the Philippine economy and property industry stabilizes and regains their old form.
Are you looking to buy a home in and around these locations? Book a free consultation with an Ohmyhome property agent today to get started! For more information on the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps investors like you, visit Ohmyhome.com or download the official Ohmyhome app.
Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.
Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.
Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.
The company’s Real Estate Agents not only help in the shortlisting of options but also provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.
Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.