Lockdown? No Worries, Wealthy Filipinos Are Buying Beach Houses
Despite the pandemic, or perhaps because of it, the wealthiest of the Philippines are investing their money in beach houses, resort properties, and second homes in the provinces. Filipinos have been placed under what is arguably the longest lockdown in the world, so it’s no surprise many have developed cabin fever and are looking for an escape outside Metro Manila. The fresh air of the province also doesn’t hurt, and lockdown is teaching Filipinos that it’s a wise choice to invest in a productive and positive home environment.
According to Leechiu Properties Consultants Inc., land values in gated resort communities in Batangas boomed by 20 to 46 percent in October compared to the same values in 2019. Some lots have been valued as high as P50 million, which is rare in provinces outside the metro.
“High net worth individuals tired of being cooped up in Metro Manila and looking for investment opportunities have been driving purchases,” said Leechiu.
The land value of resort properties in Subic and La Union are also rising as demand is expected to increase as well in these beach communities. But Leechiu asserts that these are not “impulse buys” by bored Filipinos who need a vacation. They're simply re-focusing on other avenues of investment, such as property, which can provide stability during times of crisis.
In Metro Manila, Colliers International Group reports that houses in gated villages are in demand as wealthy Filipinos seek to “preserve wealth” through property investments. This is in stark contrast to commercial and residential spaces in Metro Manila’s high rises, which are quickly being emptied as more companies migrate to work-from-home setups, and as foreign workers clear out of the Philippines, which continues to be under lockdown.