With the arrival of new job opportunities in business and industrial districts and communities planned around convenience, today’s real estate buyers are getting more out of homes south of Metro Manila than they did before.
One of the main challenges faced by many young Filipinos in the real estate marketplace today is the prohibitive cost of urban real estate within the National Capital Region. For many young professionals in the big city, the traditional real estate investment available to their income bracket is the condominium, which while ideal for single people just starting, is hardly optimal for those who wish to put down roots and start a family in a place with elbow room.
For many young Filipino professionals looking for a place to call their own, the south provides an attractive alternative. Real estate developments in southern cities such as Imus in Cavite offer a plethora of residential real estate investment opportunities that match the environments of upmarket subdivisions across Manila at a fraction of the cost.
The Challenge of Cost
It is no secret that people prefer to live closer to where they work, given the gravity of Manila traffic that only gets worse on a bad day. However, people who are otherwise willing to invest in real estate are put off by the lack of convenient options within the city itself. Too often, the considerations for location are scuttled by the bottom line; up until recently, the most affordable properties are located far from where the jobs are, and would-be homeowners had to choose between ownership and convenience.
And for the past few decades, this has been the case. Most of the real estate expansion has been restricted to the cities closest to Metro Manila, such as Imus and Bacoor, which have served mainly as bedroom communities for people who commute to Manila.
The development of new roadways, meanwhile, means that more areas have quickly become viable for people who commute to Metro Manila for work.
A Changing Reality
This is all becoming a thing of the past. Whereas a decade ago anyone looking for a house and lot in for sale in Cavite and the surrounding area was looking only because of price, today’s buyers can look forward to master-planned communities built close to developing business centers and modern commercial spaces. The challenges once faced by people looking southward to invest are slowly being overcome.
However, as provincial city limits open their doors to developers, so do the job opportunities. Commercial and industrial developments open the door for new jobs in the south, and these are not just limited to business process outsourcing and knowledge industries, which have been a common source of employment for many young Filipinos new to the workforce. This is followed by the arrival of retail businesses that bring the sophisticated commercial lifestyles further south.
Despite the influx of development, many homes to the south of Metro Manila remain attractive because of the lower-than-average property values and their relative proximity to major thoroughfares. A house and lot in Cavite will be much roomier and have bigger provisions for expansion than a similarly priced condo in the middle of Makati.
Today, however, said home would also be in a community that’s nearby not only to a variety of leisure amenities but also to shopping areas, churches, and schools. Some places can even expect office developments.
And with more developments underway in Cavite alone, today’s real estate buyers have a golden opportunity to take advantage of the hot new market and lower-than-average prices.