The real estate market in the Philippines, in general, has been steadily growing in recent years. And although cities like Makati, Quezon, and Cebu are more established and have a much bigger market, Cagayan de Oro is arguably one of the fastest growing cities in the country. With that said, CDO is ripe with business opportunities, especially in the real estate industry. As of late, there are several condominiums currently being constructed in and around CDO. Local and international investors are confident that the growing number of middle class residents can help support the emerging real estate market in the city and sustain its continued growth.
The last couple of years have been rather lucrative for the real estate industry in Cagayan de Oro, even with the recent floods brought on by the typhoon season. There are quite a few trends and changes that have played a major role in the rise of condominiums and apartments for rent in Cagayan de Oro City and the growing interest among its residents to invest in the real estate business.
The Recent Trends in the Real Estate Industry
Growth in the Middle Class Sector
The middle class sector is the backbone of any economy. They are the driving force behind economic growth and prosperity. With that said, the number of people showing interest in the real estate business has steadily increased as more and more wise consumers and investors become involved, especially from among the middle class. This is why condominiums and apartment units are in such high demand these days, especially in Cagayan de Oro, where residents are eager to invest and are beginning to acquire the taste for condo living.
Increase in Investor Interest
If you find a country, a city, or a municipality with a growing population of middle class residents, it’s natural to expect an increase in investor interest, especially when the consumer market begins to diversify and expand. As people earn more money, they will find themselves wanting to invest in something that could earn them more money in the future. And when it comes to investment opportunities, there is nothing more lucrative than the real estate sector.
The Changing Foreign Ownership Laws
As the economic landscape in the Philippines continues to grow, we will see more and more foreign investors wanting to tap into the ripe real estate industry. The confidence of foreign investors will grow in conjunction with the stability of the economy and the ability of the nation’s laws to protect foreign investments. With that in mind, it is important to know that this is also the perfect time for Overseas Filipino Workers to invest in condominiums, mixed-use development properties, office real estate, retail real estate, industrial real estate, or even in hotel real estate as tourist influx continues to grow strong.
Things to Consider When Buying a Condo or Finding Apartments for Rent in Cagayan de Oro City
Determine Your Short- and Long-Term Goals
Before you go out searching for condo/apartment units for rent or for sale, you first need to evaluate your immediate needs and lifelong goals. Although condominiums are a lucrative investment and a cost-effective housing alternative, you have to consider your long term goals. Can you pass the property on to your children and grandchildren 30 to 40 years into the future? Or are you just looking for a place to live for the next three to five years? Ask yourself questions that could present serious changes in your life in the near future and how it may have an effect to the choice you are about to make, to invest or not to invest in a condo?
Learn Everything You Can about the Real Estate Market
Before you invest in real estate, you need to learn about the current trends, conditions, and pricing of properties in different locations. In the real estate business, location is a decisive factor that has a huge influence on the value of a property. Properties that are closer to the central business districts are more valuable than those located in the suburbs or outskirts of the city.
Choose a Property That Can Accommodate Your Needs the Best
If you’re single and have no plans of marrying and starting a family anytime soon, then perhaps a one-bedroom apartment with decent living room and kitchen space should be enough for you. One of the perks of buying a condo unit in Cagayan de Oro is that there are still quite a few options available as developments in some of the properties are still ongoing.
Pre-selling condos are now available in Cagayan de Oro. This allows you to buy very affordable condo units that are custom-built to your specifications. The downside, however, and perhaps the one factor that may cause some anxiety among inexperienced investors, is the fact that in pre-selling condos, you are essentially buying a property that doesn’t exist yet or is still in the developmental process. But if you do thorough research, educate yourself about the subject, and seek advice from real estate professionals, you can save a lot of money on pre-selling condos.