CONSIDERING the market options in Bacolod City, a global real estate services company is projecting a healthy increase in the costs of condominium as well as house and lot units in the Negros Occidental capital city until the next two years.
Colliers International Philippines, in its report furnished to SunStar Bacolod, said the firm sees about three percent annual rise in condominium prices versus a slower two percent for house and lot units from 2019 to 2021.
A slower acceleration of houses and lot prices is projected given the wider options in the market.
Colliers, on the other hand, projects a faster rise in the price of condominium projects due to limited options with condominium projects mostly situated along Lacson Street.
“Though, the growth of the business process outsourcing (BPO) sector, rise in foreign tourists, and expansion of the city’s economy should help prop up condominium and house and lot prices in the next two to three years,” it said.
The firm earlier reported that there is a rising demand on condominium in Bacolod City.
About 560 condominium units were sold in 2018, which is 93 percent higher than the 290 units taken up in 2017.
For house and lot, the firm also projects a sustained take-up.
In 2018, about 1,490 horizontal units were sold which are 14 percent lower than the 1,730 units taken up in 2017 due to slower launches.
Economic projects with costs worth P450,000 to P1.7 million per unit or 8,500 US dollars to 32,100 US dollars continue to account for bulk of take-up, or about 71 percent of all units sold last year, it reported.
Among the top-performing economic house and lot projects include East Homes by Bacolod South Homes, Lessandra Series by Camella Homes, and Lumina Bacolod by Lumina Homes.
“From 2019 to 2021, we see an annual take-up of 1,410 units. We expect economic house and lots driving the demand during the period,” Colliers said.
It further reported that as of the end of 2018, actively selling house and lot commands an average price of P2 million or 37,700 US dollars.
The figure is higher 2.3 percent from P1.96 million or 37,000 US dollars during the last quarter of 2017.
For condominium, meanwhile, the average condominium prices grew by one percent or about P2.1 million or 39,600 US dollars per unit in 2018, it added.