The high-density urbanisation of Metro Manila is spreading to VisMin’s growing cities
Visayas and Mindanao (VisMin) are becoming the next big thing for employees and real estate developers alike. Because of today’s work-from-home and hybrid working arrangements, the property market, especially the housing sector, has been in the spotlight. Office expansions are only one of the many things to expect as organisations resume normal operations and employees return to physical offices, reported INQUIRER.net.
The great demand for land, however, is usually disregarded in office development.
The high-density urbanisation of Metro Manila is spreading to VisMin’s growing cities. The 80 percent growth in yearly office transactions in key cities last year, from only 38,000 sqm in 2020, demonstrates this demand.
Following the easing of several mobility restrictions, domestic tourists are likely to swarm to places such as Boracay, Chocolate Hills, and the Hinatuan Enchanted River, among others, in VisMin.
Projected economic recovery and the continuous launch of infrastructure projects in VisMin will keep the real estate potential sector busy this year, according to another report by INQUIRER.net.
The economy of Central Visayas, for example, went up 5.4 percent in 2021 despite the destruction caused by Typhoon Odette (Rai) last December. This rate, however, is lower than the 5.7 percent national rate. It is currently valued at PHP1.2 trillion (USD22.9 billion) as of April 2022, according to SunStar.
Ariel Florenda, director of the PSA in Central Visayas (PSA 7), shared that wholesale and retail trade, the repair of motor vehicles and motorcycles, manufacturing, and professional and business services were key contributors to the economic growth last year.
As indicated by the steady demand for housing and commercial spaces, key regions such as Cebu, Iloilo, Davao, Cagayan de Oro, and Bacolod remain attractive, sustainable real estate investment centres.
Avida Land, Ayala Land’s residential subsidiary that caters to the mid-market segment, is meeting this growing demand for residential developments in VisMin.
The Property Report editors wrote this article. For more information, email: [email protected].
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