If there is anything the Philippines’ real estate industry proved in 2020, it is its resilience and adaptability. Despite the decrease in outdoor activities and the drastic change in work arrangements, many cities have managed to rise and maintain a strong market. With more relaxed quarantine protocols in the second half of 2020, the real estate market saw certain areas getting higher demand.
Amid economic uncertainty and work restrictions brought by the new normal, some cities continue to attract potential real estate clients and investors. Let us look at the cities that held market interest in 2020.
Top Cities in Metro Manila
Despite the decline in activities around Metro Manila due to the pandemic, some cities still managed to receive market interest.
As the largest city in Metro Manila that houses some of the Philippines’ major health institutions, Quezon City is the Property Seekers’ Choice, getting the highest number of leads among the top five cities in Metro Manila. Quezon City received more leads than the combined leads of Makati, Manila, Parañaque, and Pasig. Properties in Quezon City have a broad price range because of the city’s vast land area, providing more affordable options to the middle class.
Makati is 2020’s Millennials’ Choice, with 39.51% of leads for Makati properties coming from property seekers aged 25 to 34 years old. As Metro Manila’s business capital, Makati attracts young job seekers looking to start a stable career in companies situated in Makati. With the new blended work set up, many employees consider renting or owning property near their workplace.
Manila and Parañaque are tied as the Buyers’ Choice in Metro Manila, with 51.19% of leads in Manila and 51.15% of leads in Parañaque going to buy transactions. Being the Philippines’ capital and a highly urbanized city, Manila remains one of the priorities when deciding on the location. Despite being part of Metro Manila, properties in Parañaque are offered at a lower cost as it is a fringe city. The growing number of real estate developments in the area may also contribute to the high number of leads.
Pasig is 2020’s Rising Investment Destination as it earned market interest for both homeownership and property investment, with 29.53% of leads in Pasig going to houses and 29.41% to condominiums.
Top Provincial Cities
The new normal has impacted the preferences of most property seekers. In The Outlook on the Residential Market: Property investment as a safe haven during a crisis, it was discussed that there had been a significant increase in the number of property seekers looking for non-CBD areas. From 25%, the number spiked up to 83% during the enhanced community quarantine (ECQ).
Despite the pandemic, Cebu remained one of the most popular real estate hotspots outside Metro Manila. As 2020’s Renters’ Choice for Provincial Cities, Cebu City received the highest number of leads for rent transactions among the top five provincial cities. The new blended work setup can be attributed to the increased market interest for rent as many clients seek to rent near Cebu’s business district to adapt to the new normal.
With the growing number of real estate developments and the increasing market value of the place, Davao City received the highest number of leads for buy transactions among the top five provincial cities, making it the Buyers’ Choice for Provincial Cities in 2020.
As one of the 2020 real estate hotspots outside Metro Manila, Angeles City garnered a high interest for property-seeking retirees. Of the top five provincial cities, Angeles received the highest number of leads from the 65+ age bracket, making it 2020’s Retiree Haven. The ECQ has pushed property seekers, especially retirees, to rethink their priorities and look for cities that could still provide leisure activities in case of events like the ECQ.
Of the top five provincial cities, houses in Bacoor received the highest number of leads, making it the Property Seekers’ Choice for Houses. With the highly anticipated LRT Cavite extension, Bacoor provides easier access due to its proximity to Metro Manila’s CBDs while offering an affordable price range for houses.
Antipolo is the Property Seekers’ Choice for Condominiums in 2020. Known for its impressive mountain view, Antipolo received the highest number of leads for condominiums among the top five provincial cities. Antipolo is near Metro Manila, making it an ideal location for those who need to travel to Metro Manila for work.
Despite the crisis that affected all industries in 2020, the real estate industry still managed to continue achieving positive outcomes and steady progress. With 2020 ending on a positive note for the real estate industry, the real estate market is expected to see promising growth for 2021.
Article and Photo originally posted by Lamudi last January 22, 2021.