The pandemic may have posed challenges to the real estate industry, but a quick resurgence can be witnessed now that the country is getting back on its feet. Visayas and MIndanao (collectively referred to as VisMin) have been on the radar of investors thanks to the strong real estate potential of the regions. A testament to their promise, these areas have sustained their economies even during the pandemic. This made them all the more appealing to investors and businesses alike who now seek properties in the provinces.
If you’re looking to get a property in VisMin, it’s smart to first know what makes these areas an excellent location for your next investment.
Why Invest in the Real Estate Potential of Visayas and Mindanao?Visayas and Mindanao are considered the next big thing when it comes to real estate development. Investors and international companies have expressed interest in securing properties in key locations in either region, most notably in Cebu, Iloilo, Davao, Cagayan de Oro, and Bacolod.
What fills these areas with real estate potential that led to these numerous investment opportunities? Below are some of the factors that make VisMin worth investing in.
Increase in demand
Demand is already healthy for real estate projects in Visayas and Mindanao. However, investors and property developers are expecting the economic rebound from the pandemic to boost this demand even further. This is in particular to integrated mixed-use communities in areas like Davao and Cebu, among others. These communities will accommodate both commercial and residential projects such as office towers, residential condominiums, malls, and institutional facilities.
The addition of major infrastructure will also prompt more demand for residential properties, allowing for higher rental prospects and potential for price appreciation.
This increase in demand for condominium units in Cebu will likely pick up later this year. Roughly 10,270 new condominium units in the province are expected to be completed within the year, with a price increase of 2.5 percent.
Viable location for investmentVisayas is also an emerging location for residential investment properties, reports say. This is primarily due to more outsourcing companies that choose to build offices in the region, specifically in Iloilo and Butuan. As commercial activities increase, it is expected to positively affect the demand for residential units.
Budding homeowners and residential investors will likely take interest in these opportunities and opt for condominium living. This also results in the continuous demand for horizontal developments (for house-and-lot for sale).
Opportunity for quick recovery
Real estate developers expect Mindanao to remain an attractive hub for residential investments. As the economy recovers and pandemic restrictions ease, the residential market is also likely to grow. Primary investors come from the OFW sector, the majority of which takes great interest in horizontal development projects.
In Davao, specifically, around 1,790 condominium units are bound for completion. Prices will grow by an average of 3 percent a year from 2022 to 2026 as the market becomes more competitive with new real estate players planning to launch new projects.
Overall, Mindanao will experience improved demand from 2023 onwards. Experts say this will be vital in rising property prices and developing more alternative sites for residential projects.
Take Advantage of VisMin’s Real Estate Potential
If you want to be smart about how you invest your hard-earned money, then you should take these factors into serious consideration. Visayas and Mindanao continue to prove, time and again, that their real estate potential is worth supporting. By investing in a property in these areas, you too can enjoy the benefits of a fast-rising real estate location with several opportunities for economic growth.
Build your future with the best real estate firm in Cebu. For over three decades, we have been offering diversified and superior property ventures across Visayas and Mindanao. From commercial projects to residential properties, our expertise has been instrumental in helping people lead better lives and businesses. Visit us online to view our available properties.