Property consultant Colliers said Davao is establishing itself as a primary residential investment hub of the Visayas and Mindanao.
Colliers noted that the southern city gained attention during the term of former President Rodrigo Duterte and this will be sustained beyond 2022.
“The national government has lined up vital infrastructure projects in the city and surrounding areas which, once completed, should further solidify the city’s attractiveness as a residential investment hub,” Colliers said.
In the first half of the year, 1,656 condominium units were sold in Davao, up 160 percent, with the mid-income segment accounting for about 63 percent of total take-up during that period, it said.
“In terms of new supply, Colliers projects the annual completion of 3,030 units from 2022 to 2026, with bulk of the new supply concentrated in Poblacion, Buhangin, Lanang, and Talomo districts. Whole condominium prices are projected to grow by an average of 3.2 percent annually over the next five years. Residential demand in Davao should be buoyed by the continued inflow of remittances from overseas Filipino workers and regional economic growth,” it added. – Ruelle Albert Castro
