Quezon City ranks first in the list of the most popular real estate locations in Metro Manila, according to the latest trend report from Lamudi Hotspots Unwrapped: 2020’s Most Popular Locations. Last year, it also dominated the list of in-demand spots.
Majority of seekers are interested to rent rather than buy, a similar trend also observed in Makati and Pasig. As cities that host business districts, this reflects the market’s move to find temporary living spaces near places of work amid the pandemic. In contrast, stronger purchase interest is seen in Metro Manila cities outside the CBDs, such as Manila.
In terms of real estate types, houses are the most popular among seekers looking at Quezon City listings. Horizontal developments represent 29.25 percent of the leads.
Interestingly, the largest city in the capital had the most number of active property seekers. More than 20 percent of platform users came from Quezon City.
Infra Boom
Property experts are optimistic that Quezon City’s property market will sustain its popularity in 2021. Government-sponsored infrastructure projects in the area are likely to attract residents and businesses.
Metro Rail Transit Line 7 (MRT-7), which links North Avenue, Quezon City to San Jose del Monte, Bulacan, was already at 60 percent completion back in July 2020, as Manila Bulletin reported. Once the project is finished by 2022, the 14-station railway system will cut travel time from two hours to merely 34 minutes, while decongesting traffic in Quezon City.
The construction for the Unified Grand Central Station, the hub connecting systems of LRT-1, MRT-3, and MRT-7, is likewise ongoing. Its completion will support increased mobility for train passengers.
Meanwhile, Skyway Stage 3 opened last December, CNN Philippines reported. Linking North Luzon Expressway and South Luzon Expressway, the thoroughfare reduces travel time between Balintawak, Quezon City and Magallanes, Makati to 15 minutes from the usual two hours.
Quezon City is set to benefit from the completion of the “project of the century” Metro Manila Subway. In the latest report from the Philippine News Agency (PNA), the Department of Transportation ordered 240 train cars from the Japanese joint venture Japan Transport Engineering Company (JTREC) and Sumitomo Corporation.
The first phase of the project, which involves the construction of a 34-kilometer-long underground railway system stretching from Valenzuela City to Parañaque City, will be operational by 2022. Meanwhile, the construction for the 13 stations from Quezon Avenue Station to Bicutan Station and NAIA Terminal 3 Station will start this year to be operational by 2026.
Considering the rise of these infrastructure projects, property experts once forecasted that Quezon City will be the most connected city in the country.
Business Hub
Companies flocking to Quezon City will likewise spur real estate demand in the area. According to top property consultancy firm Leechiu Properties, there’s a robust appetite in the area coming from information technology-business process management (IT-BPM) firms taking up office spaces vacated by Philippine Offshore Gaming Operators (POGO), as reported in PNA.
These office spaces are accredited by the Philippine Economic Zone Authority (PEZA) and eligible for tax incentives, making them attractive to IT-BPM companies.
The property experts are positive that the industry will continue to expand, as the country remains to be a top outsourcing destination for international businesses looking to reduce costs amid the pandemic.
Last October, two BPO operators announced hiring thousands of employees for new or expanded locations in Quezon City, Manila Standard reported. As more firms are expected to invest in the area, more jobs will be available, providing better buying power for property seekers.
Recently, the local government of Quezon City has turned the existing Ease of Doing Business and Automation Task Force into the Committee on Anti-Red Tape and Ease of Doing Business (CART-EODB) to improve services and policies.
The new task force may establish a single unified application for all offices, use a flexi-time schedule to facilitate services during lunch break or after regular working hours, and limit transactions to not more than three signatories.
The committee may likewise implement digitization of systems, using electronic documents instead of hard copies, allowing citizens to use a single website for transactions, and introducing online payments.
According to Mayor Joy Belmonte, the renewed commitment to improving business processes is to make Quezon City an attractive business destination for investors.
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Article and Photo originally posted by Lamudi last January 11, 2021. Minor edits have been made by REBPH to cater to its own readers.
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