As commercial activities continue to increase in Iloilo, Colliers expects the province to continue rising as a viable residential investment location in the Visayas.
Being among the preferred locations for outsourcing companies that are expanding outside Metro Manila, we believe Iloilo will continue to rise as a viable residential investment location as commercial activities continue to increase in the province.
According to Karla Domingo, Colliers Director of Advisory Services: “Iloilo is quickly becoming a viable residential investment location with the increasing economic and commercial activity seen in and around the city.”
Domingo added that the province has shown resilience in terms of sales even during the Covid-19 pandemic, posting numbers better than pre-pandemic period. “We expect this trend to continue as developers prime up the province with mixed-use communities, supported by the completion of infrastructure projects.”
Colliers believes that office leasing recovery and sustained introduction of new supply are factors that will positively influence demand for condominium units in Iloilo. Sustained regional economic growth supported by massive infrastructure completions should buoy end-user demand for horizontal projects.
In 2022, Colliers sees sustained demand for condominiums anchored by remittances from overseas Filipino workers (OFW) and an improvement of the regional economy. From 2022 to 2026, we project the delivery of about 860 units annually, with the Mandurriao District accounting for 84% of the new condominium supply in 2022.
Colliers encourages local and national real estate developers to continue with their land-banking initiatives especially outside of business districts. They should also maximize available infrastructure and continue monitoring demand from Filipinos working abroad.