Rising demand drives property prices in resort communities higher
The prolonged coronavirus pandemic has spawned strong demand for alternative residences among lockdown-weary affluent folks, perking up property prices across seaside leisure estates outside Metro Manila.
High-net worth individuals tired of being cooped up in the metropolis have been driving purchases in resort communities in Batangas such as Tali Beach, Kawayan Cove, Peninsula de Punta Fuego and surrounding areas, based on a recent study by leading real estate services firm Leechiu Property Consultants (LPC).
“At least 40 properties have changed hands in the past few months in Punta Fuego alone. I haven’t seen this volume of transactions in 20 years,” LPC chief executive officer David Leechiu said.
Consequently, property values in these neighborhoods have risen by 46 percent in Tali Beach and by 20 percent in Kawayan Cove and Punta Fuego, with many transactions done in cash.
Wealthy buyers are seeking healthier environments away from Metro Manila, the local epicenter of the pandemic. Property transactions in major business districts in the metropolis have correspondingly slowed down due to the COVID-19 contagion.
And since working from home is the norm these days, for those who can afford it, they are scrambling to build a second home with a view. Improved internet connectivity offering speeds of up to 100 mbps has supported this leisure estate boom.
The second-home market, focused on gated resort communities in Batangas, has seen rising prices since March this year. New-found accessibility through recently completed expressways have also reduced travel time to these picturesque coastal communities from Metro Manila.
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