Rich Filipinos boosting beach home sales near Manila

Manila

PRICES of seaside properties near Manila are rising, as rich Filipinos look for second homes away from the Philippine capital region, said broker Leechiu Property Consultants.

Land values in gated resort communities in Batangas, a province south of Manila, increased between 20 per cent and 46 per cent in October from year ago, the broker said in a report on Friday. Non-listed transaction value for 400 to 800 square-metres lots go as high as 50 million pesos (S$1.40 million).

"High net worth individuals tired of being cooped up in Metro Manila and looking for investment opportunities have been driving purchases," it said.

They are also "seeking healthier environments" away from business districts amid high daily infections in the capital.

Properties in gated villages in suburbs in the capital and surrounds are also getting a boost, said Joey Bondoc, senior research manager at broker Colliers International Group in Manila. The rich are buying prime real estate to "preserve wealth", he said.

Prime property in beach and suburban communities is among the few real estate segments to see an upside amid the pandemic. Manila's high-rise residential condominiums, office and retail have been beat up by the recession.

Leechiu said it sees increasing demand for resort properties in Subic and La Union, north of Manila, as new expressways are built and Internet connectivity improves.

"Popularity of second homes and resort properties are not just impulse buys," it said. "The pandemic has merely re-focused attention on these seaside havens." BLOOMBERG