Being the center of the Iloilo–Guimaras Metropolitan Area and the regional center of Western Visayas, Iloilo City is indeed one of the Philippines’ fastest rising cities. The entry of national developers, such as Ayala Land, Megaworld Corp., and Cebu Landmasters, has helped stir interest in the city’s real estate market, while upcoming infrastructure projects, such as the Panay–Negros–Guimaras Island Bridge, will help stoke residential demand in Iloilo Province.
Despite market disruptions due to the Covid-19 pandemic, property developers continue to line up new residential projects in Iloilo City. Colliers sees an increased demand for condominiums with the rising business interest and commercial activities in Iloilo City. Investors looking to capitalize on the heightened commercial activity have been the main drivers of demand, while end users, particularly overseas Filipinos, keep the demand for house and lot units afloat.
Colliers also urges property developers to continue with their landbanking initiatives, especially outside business districts. They should also maximize available infrastructure and continue monitoring demand from Filipinos working abroad. In addition, we sustained demand beyond 2021 and this should partly buoy price appreciation potential in the city and its fringes.
