Locations in the Philippines where buying property is worth it in 2022

While many industries were derailed by the ongoing COVID-19 pandemic, the same cannot be said about the real estate industry. Land continues to appreciate, and home prices keep growing.

A 2017 study conducted by the Oxford Business Group found that “years of investment and strong economic development in the Philippines have fostered a robust real estate sector that now extends outside of the greater Metro Manila region and into secondary markets around the country.”

This was brought about by several factors including the Philippines’ strong macroeconomic environment, strong OFW remittances, and a steadily growing urban population that have increased the need for condominiums and detached homes.

The recent initiatives to build better roadways and transportation options have made what once were far-flung provinces more accessible.

If you’re in the market to purchase your first home or move into a new one, here are the best real estate locations to invest in, inside and outside the Metro.

1. Quezon City

Quezon City is the biggest city in all of NCR and has the highest recorded population in the country. It houses many different business districts, prominent schools, medical institutions, and industrial parks. This makes it an ideal location for professionals and families alike.

Apart from the existing establishments in Quezon City, there are several more under development, which will further drive up its real estate value.

2. Makati City

Also known as the “Financial Capital of the Philippines” and the “Wall Street” of Metro Manila, Makati City is a hotspot for investors. The strong interest from local and foreign investors continues to boost Makati’s land value, making it a good real estate investment to make.

3. Cavite City

It’s now quicker than ever to reach Cavite. The recently completed CAVITEX as well as the Cavite-Laguna Expressway (CALAX) make it easier for people to move to and from places. This is why many investors and businesses choose to put up shop in Cavite, bringing more jobs to residents of this once quiet province.

Cavite gives its residents the opportunity to live a slow-paced provincial lifestyle while still having the comforts of urban living within close proximity.

4. Iloilo City

Iloilo is poised to become the next highly-urbanized city in the Philippines as more information technology hubs and business process outsourcing (BPO) corporations build new offices and branches here. A new international airport is also in the works, which makes traveling more convenient for its residents.

All of these developments and investments contribute to Iloilo’s strong growth and real estate appreciation.

5. Davao City

Davao City is the most populous city in Mindanao. Despite this, it is still more spacious than many cities in Metro Manila or even Cebu City. The presence of various local and foreign corporations helps ensure a stable economy and multiple employment opportunities. These make Davao City a good place to grow your roots and build a family.

What factors to consider when choosing a home

The real estate location is only one of the things you should look into when picking a home. Here are the other factors that should guide what home you purchase.

     Accessibility

Accessibility refers to the home’s proximity to daily necessities such as schools, hospitals, places of worship, and even leisure. Having all of these near your home makes life more convenient and, in a way, safer, especially in cases of emergencies.

     Affordability

When it comes to affordability, the most important factor is how much of your income will go towards buying and maintaining the space. You might find yourself with different expenses when you move to a new place, so you need to budget these costs accordingly. These include groceries, gasoline prices, and electricity rates which vary by city or province.

     Safety

When it comes to safety, you should always make sure your investment is worth the extra cost. For example, if a neighborhood has a low crime rate and a good reputation for police presence, then this may be a good area for a home. There are plenty of residential areas in the Philippines (like subdivisions and condominiums) that offer additional security services. Although they're more expensive than most regular neighborhoods, the safety outweighs any financial burden imposed by having such services installed within one’s home.

     Current Finances

When purchasing a house, it is important to take the time to evaluate your current financial situation before making any long-term commitments. Make sure your income is enough to meet your expenses on top of the amortizations. You also need to think about utility bills, maintenance costs, and taxes related to real estate.

It may take a while to find your ideal home, but it’s worth the effort to do your research before making a decision. A home, after all, is one of the biggest investments you will ever make in your life. If you find you need a little financial help to secure your dream home, we can help you.

Metrobank offers home loans so you can move into your new home sooner. Apply for a Metrobank Home Loan today.