Rising Home Prices in NCR Further Compel Property Buyers to Look Elsewhere

Makati skyline

Most buyers of homes in Metro Manila will find it even more difficult to have their own house, which makes nearby provinces an appealing destination for them.

Some of the developments near the metro include the Lancaster New City in Cavite. As prices rose 5% higher by the end of June, it makes sense to find properties in nearby provinces, especially if you want an affordable house.

Emerging Markets

Infrastructure projects within Metro Manila will only drive higher prices for properties. Colliers International Philippines said that this would sustain a trend of Filipinos looking elsewhere in Cavite, Laguna and even Pampanga. The Bulacan Airport Project would also make real estate an appealing investment near the development.

It’s rare to find a low-priced standalone house in Metro Manila, which is also one reason more people are flocking to other places in Luzon. If you’re planning to rent, the rates in the region are the 10th most expensive in Asia.

Expensive Rent

Foreign professionals might not have a problem with paying rentals in Metro Manila, but local workers should know that growing demand for rental properties also causes prices to increase, particularly in Makati and Taguig.

However, the average rental rates in Hong Kong continued to be the most expensive since the previous year. A three-bedroom unit in the city costs more than $10,400, while Tokyo ranked next, with median prices for the same property amounting to around $2,000 lower. If developers in Metro Manila struggle to find available land, the problem is twice as prominent in Hong Kong.

A house in Cavite or Laguna no longer seems a bad option, due to the availability of transport links connecting these provinces to Metro Manila. Some communities in these regions even offer the same amenities found in urban areas, without the stress of dealing with heavy traffic.