Prices of prime lots in the city have risen by about a fourth of their prices about two years ago, a new property market report of Prime Philippines bared.
Maria Luisa R. Abaya, regional operations head of the property consulting company, said that among the properties most attractive to buyers are the stretch between Lanang and Bajada with the prices can go as high as between P65,000 and P135,000 per square meter from between P50,000 and P100,000 in 2017.
“The major (market value) is really in Bajada and Lanang area, Matina is also following, but right now it is Lanang, Poblacion and Bajada. Those are the real central areas in the city of Davao,” said Abaya during the weekly Wednesdays @ Habi at Kape – ABreeza.
In the Poblacion area, the market value of commercial lots can go between P45,000 to P85,000 per square meter from P40,000 to P70,000 two years ago. Matina prime lots can fetch as high as P65,000 per square meter from P50,000 per square meter, depending on the location.
Dr. Maria Lourdes G. Monteverde, herself a real property consultant and former president of the Davao City Chamber of Commerce and Industry (DCCCI), said that value of property is not the main factor that affects the decision of investors, but the profitability of their proposed investments and other advantages that they can get in investing in an area.
Monteverde added that even though the land value will continue to increase, investors will still continue investing the city because of its “very competitive labor force” and more marketing possibilities as well as the linkages that it has developed with other countries.
John Carlo Tria, another business group official, said that even if the prices of locating in the city are bit higher, these are well below the lowest prices in other urban centers in Metro Manila and Cebu.
This has made the city more attractive to investors, he added.