If you’ve lived in Metro Manila all your life, moving to Visayas or Mindanao can be a daunting prospect. But with huge developments and infrastructures spreading to these regions, moving south seems to become an increasingly attractive option.
According to the Philippine Statistics Authority, the Philippine economy posted a 6.7% growth in 2017. Several Visayas and Mindanao regions – like Davao, Western Visayas, SOCCKSARGEN, and ARMM – even recorded a GDP growth rate of 7.3% and above.
One of the biggest contributors to the fast-paced growth in the provinces is the rise of the business process outsourcing or BPO sector. Many BPO companies are relocating to cities down south like Cagayan de Oro (CDO) because of its healthy labor pool, fiber optic connectivity, accessibility, and local government support.
Thus, if you’re living in suburban areas within Visayas and Mindanao, moving to city centers like Cebu, Davao, and CDO opens up more opportunities in the job market.
Another growth factor is the tourism industry, which led to the rise of both budget and luxury hotels and resort destinations in Cebu, Bacolod, and Davao. The surge of tourists also increased the occupancy rate in Cebu condos for rent, making it a good real estate investment.
Being an early investor in these areas puts you in the perfect position to take advantage of rising property values. Properties located within the city center generally command a higher rent, as much as 50%, than those located outside the center.
If you’re thinking of packing your bags and flying south to the Visayas or Mindanao, it is best to consider these factors.
Visayas and Mindanao cities offer a similar urban lifestyle that you get from Metro Manila. You have the option to buy a condo for yourself or lease it out for a viable source of passive income. If you’re toying with the idea of living in these laidback urban spaces, don’t forget to check out Avida Land’s latest developments in the cities of Cebu, Iloilo, Talisay, Davao, and Cagayan de Oro.