Condo Investments in CALABARZON are the Next Big Thing, Industry Experts Say

2023 Wrap Up and 2024 Outlook on Philippine Real Estate Panelists

Real estate industry experts discuss last year’s market highlights and 2024 projections at the Lamudi webinar in collaboration with Westwind at Lancaster New City last January 31, 2024. (Upper Left: Tina Valencia-Ramos of Lamudi Philippines, Upper Right: Associate Director for Corporate Accounts Management at Lamudi Philippines Mark Bailey, Lower Left: Chief Executive Officer at Lobien Realty Group, Inc. Sheila Lobien, Lower Right: Research Director at Colliers Philippines Joey Roi Bondoc).

The urbanization of cities outside of the National Capital Region (NCR) has brought upon increased demand in various residential segments, particularly in vertical developments, real estate industry experts shared during the Lamudi webinar in collaboration with Westwind at Lancaster New City, last January 31, 2024.

Lamudi Philippines Associate Director for Corporate Accounts Management Mark Bailey said while demand for condos in Metro Manila last 2023 was stable, CALABARZON, especially Cavite, will follow suit.

“Cavite was the most viewed location for condominium projects [on Lamudi…] With the added infrastructure developments and incentives, it is becoming more interesting to look at condo investments in South [Luzon],” he added.

Research Director at Colliers Philippines Joey Roi Bondoc added that developers have been launching a lot of residential projects outside of Metro Manila. “[Developers] have been aggressively looking at these locations and the potential for the second and third-tier cities for further launches and developments moving forward.”


An Optimistic Future for the Property Market in the South

As someone from Southern Luzon who has seen the region develop for the past two decades, Sheila Lobien, Chief Executive Officer at Lobien Realty Group, Inc., shared that Filipinos are buying properties in CALABARZON because of its affordability compared to Metro Manila real estate prices.

“Right now, most of the economic activities are still centered here in Metro [Manila] and land values have increased tremendously in the last years. So if you are a first-time investor, first-time buyer of a condo or house, you will look outside Metro Manila because you get bigger space and affordable rate compared to buying a place in NCR,” Lobien said.

The development of vertical buildings in the South helps lower the entry price for property seekers, Bailey said.

Meanwhile, Iloilo has proven to be an emerging destination for property seekers in the Visayas region. Rental leads have increased by 45% during the second half of 2023, likely due to the growing BPO sector in the region, Bailey added.


On the Road to Offset Global Climate Risks

Real estate developers are actively contributing towards a more sustainable and green community through their projects to offset climate risks, and property seekers are at the cusp of this movement.

“Sustainability is a key consideration for many property buyers, whether you’re an investor or an end user… [It] is every Filipino’s responsibility, and it should be a key [concern], not just for property firms and developers, but also for investors and end users for the years to come,” Bondoc said.

Top real estate developer Profriends is one of the market players dedicated to creating communities with Filipino families and the well-being of the environment in mind. Profriends’ newest vertical project Westwind at Lancaster New City will have solar-powered lamp posts, feature rainfall pocket gardens, and drought-resistant softscapes. The 13-hectare residential community will set Cavite as one of the future condo hotspots in CALABARZON.

In addition to its eco-friendly assets, investing in Westwind at Lancaster New City will allow residents to have access to wellness-focused amenities, be near major road networks, and give a sense of community and camaraderie in the neighborhood.

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