Davao City, the largest city in the Philippines by land area, has seen a steady increase in housing prices in recent years. The cost of living in Davao is significantly lower than in many other cities in the country, making it an attractive location for both locals and expats. However, this does not mean that housing prices are cheap.
According to data from Lamudi, a leading property portal in the Philippines, the average price for a house in Davao City is around PHP 7.6 million ($156,000 USD) as of 2021. On the other hand, the average price for a condominium unit is PHP 4.4 million ($91,000 USD), while apartments range from PHP 12,000 ($248 USD) to PHP 50,000 ($1,033 USD) per month depending on the location and amenities.
One of the main factors that affect housing prices in Davao City is location. Properties located in prime areas such as downtown and near malls, hospitals, and schools tend to be more expensive than those in less central locations. For example, a two-bedroom condominium unit in a prime location can cost up to PHP 8.5 million ($175,000 USD), while a similar unit in a less central area may only cost PHP 2.9 million ($60,000 USD).
Another factor that contributes to housing prices is the availability of amenities. Properties with access to swimming pools, gyms, and other recreational facilities tend to be more expensive than those without. Additionally, properties with 24-hour security and parking facilities also command higher prices.
Infrastructure also plays a significant role in housing prices. Areas with good road networks, public transportation, and easy access to airports and seaports tend to have higher prices. This is because these locations are more convenient and accessible, making them more desirable to potential buyers or renters.
The COVID-19 pandemic has also had an impact on the housing market in Davao City. According to Lamudi, there has been a significant increase in demand for properties with outdoor spaces, such as balconies and gardens, since the start of the pandemic. This is due to the need for more living space as people spend more time at home.
As for the future of the housing market in Davao City, experts predict that prices will continue to rise but at a slower pace than in previous years. This is due to the ongoing pandemic and its impact on the economy. However, there are still many upcoming developments and projects in the city, such as the Davao City Coastal Road Project and the Davao City Bulk Water Project, which may have an impact on housing prices in the future.
For those looking to purchase or rent a property in Davao City, it is important to consider factors such as location, amenities, and infrastructure. It is also advisable to work with a reputable real estate agent who can provide insights into the current market trends and help find a property that fits within one’s budget and needs.
Overall, while housing prices in Davao City may not be as high as in other major cities in the Philippines, they still require careful consideration and research before making any decisions.