The Bacolod property market isn’t one most experts would point to as a hotspot. Located west of Cebu on the northwest coast of Negros Island, the city hasn’t grown quite as fast as its more prominent neighbor. But a strong local economy is helping stimulate the city’s real estate market.
Known as the “City of Smiles”, Bacolod certainly has a lot to smile about these days. The Bacolod Economic-Highway, a drainage master plan, the Bacolod Welcome Park and Esplanade are just a few of the infrastructure projects that have been completed or started in the past few years.
Additionally, the local economy continues to diversify. Roberto L. Montelibano, Chairman of the Metro Bacolod Chamber of Commerce and Industry (MBCCI), told The Inquirer that while the sugar industry continues to account for the bulk of the island’s economy, there are new industries emerging and thriving.
This diversification, as well as an influx of BPO firms, saw Bacolod named as a center of excellence by the Information Technology and Business Process Association of the Philippines. Meanwhile, a report from the Commission on Information and Communications Technology hailed Bacolod as a “Next Wave Cities” of the Philippines when it comes to best BPO locations.
Bacolod property market benefits
The surging economy has helped establish the Bacolod property market in the process. Colliers International Philippines is predicting that both demand and supply will increase once various township projects in the city are completed.
The firm also noted that demand for house and lots remains strong with OFWs and investors looking to acquire homes. According to Colliers International Philippines, stock in Bacolod is limited with only 17,660 house and lot units and 1,308 condo units in the city.
Megaworld has made a play in Bacolod launching a township community along with a new shopping center. The developer is targeting the upscale and luxury market segments believing those are currently underserved.
It’s not just national developers making moves in the Bacolod property market. Local firms are also building good reputations for their work. Furen Land And Housing Development Corp. has been a fixture in the city and the company’s Golden River Village was a Dot Property Philippines Awards winner.
The development caters to families and features a number of facilities designed specifically for their unique lifestyle needs. Golden River Village is also close to several prominent schools adding an extra level of convenience.