How Much is a Home in Metro Manila?
Investing in real estate is always a good idea, but many OFWs are wondering if investing in real estate in Metro Manila is still ideal.
In the past, Metro Manila has been the go-to for investments of all kinds – whether that’s for personal real estate, opening a business, or a combination of the two.
Today, we’re seeing real estate prices in Metro Manila slowly declining, while prices in areas everywhere else in the country steadily rise.
Average Real Estate Price in Metro Manila
The average price of a premium 3-bedroom condominium in a CBD in Metro Manila, such as Makati, rose only 0.87% in 2019 to P232,000 per sqm as compared to the 15.55% rise in 2018. When adjusted for inflation, it the real estate value even dropped 1.03%.
Real Estate Growth in the Philippines
While still growing, the change in property prices in Metro Manila were not as significant in 2019 as compared to earlier years.
This is how much property prices increased in 2019 by property type (adjusted for inflation):
- Condominium unit: 28.6%
- Single detached/attached house: 2.1%
- Duplex houses: 24.4%
- Townhouse: 5.7%
The COVID-19 pandemic has slowed down the growth of real estate in Metro Manila, as reports are showing that more and more condominium units, even those in prime CBD locations, are still vacant. This is partly because of an over-supply as well, as many investors are now looking outside Metro Manila for their real estate investments.
Outside Metro Manila, real estate is experiencing a major boom. Residential prices grew 10.4% according to the Bangko Sentral ng Pilipinas.
A Move South
While developers continue to build, build, build in Metro Manila, more and more Filipinos looking to invest in real estate, particularly OFWs, have set their eyes down south. Provinces like Cavite, Laguna, and Batangas are becoming more and more developed with each passing month, thanks to more master planned communities and industrial parks being conceptualized and developed.
With thoroughfares and transportation hubs such as the Cavite Expressway (CAVITEX), South Luzon Expressway (SLEx), Cavite-Laguna Express (CALAX), and Parañaque Integrated Terminal Exchange (PITX) making mobility to and from provinces even easier, Filipinos are seeing the hidden value that the provinces have to offer.
Cavite: A Growing Powerhouse
There really is no denying Cavite’s growth. Mixed-use developments, industrial parks, major expressways, and gated subdivisions now pepper the once isolated province, helping it to become one of the country’s fastest growing provinces today.
One of the latest industrial parks to open in the province, the Suntech iPark in Tanza, Cavite, brings about 70,000 new jobs both to current Cavitenos and eager new residents, raising the already rising land value of Tanza.
Cavite’s popularity is due in part to its location. Located only two hours away from Metro Manila, it is close enough that residents can choose to work in the capital and live in Cavite, enjoying a lower cost of living and more laid-back lifestyle while still holding onto their metropolitan careers.
On the weekends, residents can easily drive to popular tourist sites such as Tagaytay City or the many beaches of Quezon or Batangas.
Cavite’s real estate has become so valuable that it rose from P23,000 per square meter in 2019 to P31,000 per square meter in May 2020. That’s P8,000 per square meter in just six months’ time.
Cavite is also home to many of our country’s esteemed colleges and universities. Schools such as the De La Salle University, Far Eastern University, Lyceum College, and the Polytechnic University of the Philippines have all chosen Cavite as their satellite campuses.
Welcome to Micara Estates - Tanza
Micara Estates – Tanza takes pride in being a factor in Cavite’s growth. We aim to uplift the lifestyles of Cavitenos by creating a master-planned community that gives our residents easy access to their daily necessities.
Our 70-hectare gated community is conveniently located next to several schools, hospitals, and commercial establishments so our residents won’t need to drive far to get the things they need.
Within our master planned community, we have commercial and retail establishments to provide our Micara residents with shopping, dining, and entertainment options.
Because we value open spaces, we’ve designed our community to have lots of parks and playgrounds where families can spend time with their children. Residents can take leisurely walks, bike around, or play basketball for free.
Investing in Cavite
This is truly the best time to invest in a pre-selling home in Micara Estates – Tanza while prices remain relatively low and all reports show that they will appreciate in a short amount of time. Whether you choose to buy a home for yourself or as an investment option, it will surely provide you with a return on your investment with a few years’ time.