The Philippines is slowly turning into a foodie nation. Restaurants continue to pop out in different locales. People continue to boast their restaurant haunts in their social media platforms. Suddenly, everyone wants to dine in every single hot spot available in the archipelago.
And of course, the more food establishments, the more properties should be created and sold. Believe it or not, food establishments have high effect on real estate. It’s because restaurants are great value determiner that both buyers and agents can use when they are trying to buy or sell a property. How? Read on to find out.
1. It affects tourism
The Maginhawa Street in the value of the property also elevate. This can also affect the rental industry in the said location since many people would want a place to stay in while they discover the food in that area.
2. Determines the location’s buying power
Fast food chains are all over the Philippines; it’s almost impossible not to miss one when you’re out travelling. The appearance of a Jollibee or a McDonalds in a community often indicates the buying power of the people there. It also adds value to the price of the properties in that area. For buyers, it means that the property that they are about to buy has the potential to increase value as days pass by. For agents, it’s either they can use the restaurants as a selling point or validate the value increase.
3. Grows the local market
High class restaurants like the ones that have a Michelin star was said to help the local real estate growth market. In a study, restaurants that receive not only pulls tourists – they can also help in increasing the residential sales of a location by at least 5 to 10%.
4. Represents the location
The type of restaurant available in a certain place also represents that location. For example, if the restaurant cooks sea food meals, then it’s an indicator that the place’s main source of income is in the marines. This information can help buyers make sound decision in which place should they buy their next property.
5. Business opportunity
Restaurants are also indicator that the place has the capability to host different types of businesses. We all know how tricky having a restaurant can be, and seeing a booming restaurant in a locale means that that place can truly ground many businesses. This means that more commercial properties can be sold in that area.
Food establishment means that the location that you’re looking out for is nourished and truly promising. Find a place that’s worth your money by checking out our portal.
