While 2020 won’t see major growth, several local experts are optimistic about the Davao property market outlook for the remainder of the year. That is due in part to the region’s expected gross regional domestic product (GRDP) growth which is estimated to be 3.4 percent this year.
National Economic Development Authority – Davao Region Director Maria Lourdes Lim told MindaNews that the region’s discipline and resiliency to adhere to the minimum health standards and accept measures under the “new normal” will help Davao reach positive GRDP growth despite the COVID-19 pandemic straining the economy this year.
Pre-pandemic GRDP projections for Davao were more than 10 percent, but the COVID-19 lockdown has hampered growth throughout the country. However, avoiding GRDP contraction is seen as a positive for the tourism, real estate and agriculture sectors in the region.
“With that momentum, we want to still lead the pace in terms of economic performance despite the crisis, that we are facing now with COVID-19, as we have said earlier, with investors still pouring in their funds in our key drivers for Davao Region, we’re confident that we will not hit a negative growth rate for the rest of this plan period all the way to 2022,” Lim explained to the website.
Davao property market outlook led by townships
Townships have been the most popular real estate projects this year with Prime Philippines Regional Director for Davao, Ma. Luisa Abaya, noting that developers have been aggressively completing these due to strong demand for them.
According to local experts, the popularity of townships during this time is due to two factors. Firstly, there are still many local investors who see real estate as a safe place to keep their money, especially given Davao’s economic outlook. Secondly, townships are designed for the new normal which means they are more competitive than traditional projects.
“Definitely townships… planned unit developments that combine residential, commercial and workspaces, they become like bubbles so the workers do not need to commute anymore to work. That puts the township at an advantage,” Davao City Chamber of Commerce and Industry President John Carlo B. Tria was quoted as saying by Business World Online.
