The property market recovery in suburban Manila is being boosted by infrastructure spending, in particular road and air improvements. According to Colliers International Philippines, areas outside Metro Manila will continue to see prices for both land and property rise in the coming years.
Two major airport projects are stimulating the property market to the north of Metro Manila. New Manila International Airport in Bulacan and New Clark International Airport will support the growth of surrounding areas.
“New Manila International Airport will have an initial capacity of 100 million passengers a year which could expand to 200 million passengers. The airport is likely to be completed by 2025,” Joey Roi Bondoc, Senior Research Manager at Colliers, told the Business Inquirer. “New Clark International Airport will have a new terminal building that can handle up to eight million passengers annually. In our view, the expanded and modernized airport is likely to further buoy Pampanga’s stature as a property development hub in Central Luzon.”
Related: JLL Philippines latest to hail the potential of Metro Clark
Meanwhile, the “New Normal” and work from home policies have seen an increasing number of people look to escape city living for more flexible lifestyles. Real estate seekers are actively searching for house and lots in provincial areas adjacent to the National Capital Region while many Philippine businesses are moving to suburban townships. Road improvements in these areas are supporting this trend which is supporting the property market recovery in suburban Manila.
“Other infrastructure projects that will likely drive major office and residential developments around Metro Manila are the BGC-Ortigas Link Bridge, Estrella-Pantaleon Bridge and the Skyway SLEx Extension,” Bondoc reported. “The projects’ completion should further raise the established business hubs’ attractiveness as outsourcing locations as they improve the mobility of employees.”
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