They say there are three things to consider when investing in property: Location, location, and location. Whether it’s all about hard-headed considerations of future value growth, lifestyle considerations or just sentimental attachment — there are a lot of competing factors that go into deciding where to buy. While locations like Makati, Taguig and Cebu continue to draw investors, here are five lesser-known alternatives as recommended by property website Lamudi:
Las Piñas City
Despite being in Metro Manila, Las Piñas continues to receive less attention from potential real estate investors compared to the other 16 other cities.
This will likely change in the foreseeable future, as highly anticipated developments like Megaworld’s Alabang West are soon to rise in the city.
For now, Las Piñas remains an under-the-radar location to buy properties, with homes for sale in the city listed on Lamudi having an average price of P6.28 million in 2016. In contrast, homes in places like Makati and Las Piñas’ neighbour, Muntinlupa, have average prices of P207.19 million and P58.3 million, respectively.
The same can be said for condos, with two-bedroom units in Las Piñas averaging a selling price of P2.86 million in 2016, while those in Makati were for P16.7 million and units in Taguig were placed on the market for P10.85 million. Apart from Alabang West, notable upcoming developments in Las Piñas include a yet-to-be-named 3.4-hectare property owned and being developed by 8990 Holdings, Inc.
Lapu Lapu City
Cebu City and the rest of Metro Cebu receives the largest demand for real estate in the Visayas, thanks to it being the region’s economic and commercial centre. As such, property prices in Cebu City are at the highest in the Visayas, with Cebu homes listed for sale on Lamudi averaging prices of P16.45 million in 2016.
By contrast, homes in Lapu-Lapu City averaged a price of P6.5 million. Despite being in Metro Cebu, it has remained under-the-radar in terms of real estate sales, no thanks to it being better known for its beach resorts and vacation spots like the Shangri-La’s Mactan Resort and Spa and Soto Grande Hotel & Resort.
New developments like the Mactan Newtown and the Arterra Bayfront Residences, however, will soon see completion in Lapu-Lapu, increasing its appeal as a business and residential location. In 2016, the average price of one bedroom condos in the city was P2.6 million, which may soon change due to expected increase in demand from young professionals coming into the city as a result of the new businesses being established within the new developments.
The Province of Pampanga
Pampanga is considered by many as the next big location to live or invest in.
Along with its location at the heart of Central Luzon, the province is can be easily accessed through its network of roads and the Clark International Airport. More recently, it has seen a surge in the number of property developments, as evidenced by the presences of three SM malls, three Robinsons malls and one Ayala mall in the area.
Developers such as Ayala Land have actually already begun recognising Pampanga as viable place for development despite its being underrated in the real estate market.
Upcoming Ayala Land developments in the province include Alviera, a 1,100-hectare master-planned township in the town of Porac that is the company’s first large-scale property development in the province. Other notable developments include the 30-hectare residential MarQuee Place and MarQuee Residences in Angeles City, Pampanga.
As the majority of these projects are yet to be completed, the prices of residential and commercial properties in Pampanga are still favourable, but not likely for too long. At present, a number of homes in Pampanga are listed on Lamudi with prices for as low as between P600,000 to P1,000,000, where the property features as many as two to three bedrooms.
The Province of Laguna
According to a 2016 report by Pinnacle Real Estate Consulting Services, “the robust demand for office space from the BPO industry is changing the landscape of a number of cities.”
It further elaborated that “apart from office spaces, these markets would probably experience developments of the residential and commercial retail spaces, and perhaps, hotel rooms as well.”
Among those considered as the Philippines’ “Next 10” in the 2016 Pinnacle report are the cities of Calamba and Santa Rosa, and the town of Los Baños in Laguna. While Laguna is already of note in terms or real estate due to the said demand for office space and the relative popularity of Nuvali, the 1,700-hectare Ayala project spanning the cities of Calamba, Cabuyao, and Santa Rosa, it has yet to fully catch on with the general property-buying public as a location to give serious consideration to live, work, and invest in.
For the time being, property prices in Laguna remain favourable, as many still prefer living and working in nearby Metro Manila. However, with new property developments taking shape, the demand for real estate and property prices are expected to increase. Notable new developments in Laguna include the Megaworld’s 561-hectare Southwoods City in Biñan, and eight different Avida Land projects in Nuvali and other areas of the province.
General Trias, Cavite
Cavite is one of the most popular destination for real estate investors outside of Metro Manila due to its close proximity to the metropolis and multiple vertical or horizontal property development options.
Perhaps no other place in Cavite is often checked out for available real estate properties than Tagaytay, thanks to its reputation as a tourist spot and its relatively cool climate; and Imus and Bacoor, for their location immediately to the south of Metro Manila. General Trias, however, is often overlooked by property investors despite having upcoming residential projects of different types.
Upcoming projects in General Trias include Megaworld’s Maple Grove Township, the developer’s 21st mixed used development project in the Philippines; and Lancaster New City, a mixed-use community that features affordable residential properties.