Residential demand in Davao is nearing pre-pandemic levels as the region continues to benefit from above-average economic growth. According to Colliers International Philippines, condo prices, in particular, should rise as increasing remittances from OFWs and infrastructure development support a flourishing real estate market.
“The Davao City residential market has finally turned a corner and is seeing take-up rates reminiscent of 2016-2017 figures of around 3,500 to 3,700 units annually,” Colliers Director for Advisory Services Karla Domingo was quoted as saying by SunStar Davao.
Making progress on local infrastructure improvements could boost that growth further. Colliers has previously highlighted the Davao Coastal Road, Davao Monorail, Mindanao Railway Project and Davao Bus Rapid Transit as projects that needed to be assessed for their feasibility for residential developments.
“In our view, the (Davao) economy is ripe for further expansion and development,” Joey Roi Bondoc, Senior Research Manager at Colliers, told the Philippine Daily Inquirer. “With a thriving real estate market, an abundant pool of quality labor, and a competitive business environment, Davao is set to attract future property investors to operate in the area.”
Meanwhile, some significant new developments have already been launched in recent times. For example, Damosa Land unveiled a major Davao mixed-use development last year that was unlike anything seen before in the region. The 13-hectare low-density project is situated on the sea and features a design inspired by quaint New England townships found along the United States’ east coast.
“Kicking off 2022 with the launch of Bridgeport exemplifies the capabilities and opportunities Damosa Land has to offer in the evolving real-estate landscape,” Damosa Land President Ricardo F. Lagdameo told local media during an event. “Bridgeport does not only offer a scenic waterfront location where accomplished individuals can call their home but also brings in investment opportunities given its strategic location and distinct lifestyle experience. Those aspiring to live a quality life without compromising work and business can look to Bridgeport to grow their business or family.”
Elsewhere, 202 Peaklane is an exciting project springing up in the Poblacion district of Davao City. This two-tower, 28-story prime residential condominium designed to meet the demands of the future. Developer Anchor Land has promised an elevated standard of living with its smart features, efficient configuration, cutting-edge design, and profitable business proposition through rental-ready units befitting the needs of the next generation.
Related: 4 things to know about Philippine property investment in 2023