Home Editors' Picks Demand for vacation homes rise
Demand for vacation homes rise
GATED RESORT property prices outside Metro Manila have surged in 2021 as the pandemic fueled demand for vacation homes, Leechiu Property Consultants (LPC) said.
The land values of gated residential resorts increased, with Peninsula de Punta Fuego prices rising to P20,000-P100,000 per square meter this year, from P14,000-P50,000 in 2019.
Neighboring subdivisions Kawayan Cove and Tali Beach also saw price increases above 200% compared to 2019.
“The demand for second homes in the Batangas area has increased tremendously, mainly because of the COVID-19 restrictions. The inability of rich families to go around the city in Metro Manila, and thus they’re moving out to these residential resorts for a more open and a more free environment,” LPC Research Director Roy Amado Golez said in a virtual briefing on July 13.
“There will be more projects launched, especially catering to the high-end second home market.”
Infrastructure projects like CALAX (Cavite-Laguna Expressway) will also cut travel time to this region from the capital and appreciate prices, he added.
Subsection 5 or a 7.2-kilometer segment of the CALAX set to be finished by the third quarter was reported 93% complete in April. The segment links Sta. Rosa-Tagaytay Interchange to Silang East Interchange.
The completion of the 45-kilometer expressway is set for 2023.
Gated residential developments outside the capital has attracted more demand, led by Ayala Land, which saw “tremendous sales” in Laguna, Bataan and Cavite areas.
“We’re seeing a pick-up of 21 units to 77 units sold per month. These were launched during the pandemic, but despite that, they’re generating land values of P24,000 to P35,000 per square meter,” Mr. Golez said.
OFFICE DEMAND SURGES
Meanwhile, LPC has said that office demand surged to its highest since the start of the pandemic due to interest from outsourcing firms. Total office space demand in the first half reached 291,000 square meters, or 75% of total 2020 demand.
The company said that Philippine Offshore Gaming Operators are set to make a comeback, amid a clearer tax regime for the sector.
“What I have been told by very prominent players in the industry is that they have a revenge comeback for Philippines,” Chief Executive Officer David T. Leechiu said. — Jenina P. Ibañez