Demand for countryside properties on the rise

CEBU, Philippines —  Demand for real estate properties in the provinces is seen to rise further, as developers are now eyeing residential developments in countryside and sub-urban areas.

“For many, the countryside -- with its freer, less polluted environment – is now seen as a second home and no longer simply a vacation spot,” said Filipino Homes founder and chief executive officer (CEO) Anthony Leuterio. 

This trend prompted developers to actively look for properties in the countryside, including far-flung provinces.

“Balik-probinsya is back,” said Leuterio adding that the quarantine reinforced to many city dwellers the not-so-pleasant realities that they now want to avoid such as traffic gridlock, noisy neighborhoods, cramped streets, and thickening pollution, among others.

According to Leuterio, with the work-from-home arrangement, and companies embracing remote working, many are considering to go back to their respective provinces and invest for a property there.

“Many are seriously considering investing in or moving to nearby cleaner, friendlier provincial towns and cities,” added Leuterio explaining why developers are also negotiating for property acquisition or joint venture offers with landl owners in the provinces.

“Developers are expanding to far-flung areas and buying affordable provincial lands to develop economic socialized areas,” Leuterio noted.

“People want to live in the province,” he reiterated.

While numerous global industries have been greatly affected by the pandemic, nationwide residential property prices in the Philippines recorded a 27.1 percent growth in second quarter 2020, according to the Bangko Sentral ng Pilipinas. The highest growth rate recorded since the first quarter of 2016, the numbers indicate that the industry remains aggressive and competitive.

“There is a lot of demand in the areas of suburban residential developments and affordable housing,” he added.

Leuterio expects more residential projects to be built in the countryside and other provinces starting this year.