Davao City is a leading economic center in Mindanao. It’s such a developed city that it rivals other metro cities in the Philippines, including Metro Manila and Metro Cebu.
As the city progresses and becomes a bigger economic center, more and more people are starting to move to Davao City to work, study, or settle down. Developments of several residential properties resumed when the city started recovering from the effects of the pandemic. Businesses have also once again opened their doors to patrons. Aside from that, investors are coming back, providing more opportunities for people in and outside Davao City.
Because of these events, it’s more likely for the city to retain its status as one of the leading residential markets in the region. The reopening of various businesses and the influx of investors post-pandemic only marks the start of Davao City’s campaign to become the largest residential hub in the Philippines.
With the resumption of the operation of businesses and the presence of more investors, there is no doubt that Davao City will be flocked by individuals who want to jumpstart their careers or start a business in the city. This would cause a surge of people who need to reside in the city in order to go to their jobs or manage their businesses.
Davao City is also a popular outsourcing hub across different businesses around the world. As the global market recovers from the pandemic, it is more likely that companies from different countries will start resuming their outsourcing processes. When this happens, more people will be attracted to move to Davao City to get a job in the outsourcing industry.
These events will ultimately create a higher demand for residential properties in Davao City, making the city one of the leading residential hubs in the Philippines.
Aside from job and investment opportunities, exceptional infrastructures make Davao City an attractive place to live for several people. And to make the city more appealing, the government is continuously working on various projects to make transportation easier, provide better public services, and create a more comfortable living environment.
As the city rebuilds after the pandemic, several developments are being started or resumed by the local and national governments. Some of the larger projects being worked on are the Davao City Coastal Road Project, Samal Island-Davao City Connector (SIDC) Project, and Davao City Bypass Construction Project, which will make driving around the city much easier.
The government is also making sure to think about the commuters in the city by launching two major projects that will make traveling using public transportation more efficient. The first project being developed is the High Priority Bus System, a bold move in modernizing the bus-based public transport in the city. It’s also meant to help decongest traffic in Davao City, which will benefit everyone.
Another project that will make commuting in Mindanao easier is the Mindanao Railway Project. Right now, its first segment is being developed in different areas of the island, including Davao City.
Even after going through a pandemic, there is still an increase in condominium units sold in Davao City. According to a report by Colliers, more than 1,600 condo units were sold in Davao City during the first half of 2022. It’s also estimated that 3,500 units will be sold by the end of 2022, with an average of 4,100 units sold per year from 2022 to 2026.
In anticipation of this demand for condo units for sale in Davao City, 1,529 will be constructed in the area. Although this is a 147% decrease in the year-on-year rate of the city, it is understandable because the economy hasn’t fully recovered yet.
It is predicted that the rate of construction of new condominium units will pick up by 2023. There are more than 7,000 new condominium units that will be completed next year, which will help meet the demand for residential properties in the city. An average of 3,400 units is also expected to be built yearly from 2023 to 2026.
As the economy recovers and people start to look for more opportunities, Davao City is expected to become one of the major residential hubs in the Philippines. With the increase in job and investment opportunities, along with the development of several infrastructure projects and the construction of condominium units, now is the perfect time to invest in a real estate property in the city.