Home-buyers should consider acquiring land in Cavite due to relatively affordable prices, as acquisitions can only require between PHP 700 and PHP 1,200 per square meter when it comes to market value, according to Pronove Tai International.
Monique Pronove, CEO of the real estate consulting firm, said that buying a home makes sense in the province since labor costs only amount up to PHP 300 per day. While prices may vary for certain properties such as a Lancaster City’s house and lot in Cavite, the presence of many projects have led developers to outsmart their competitors.
A 300% increase in land values also served as another reason why Cavite registered on the radar of real estate investors and businesses. A typical price for land in an exclusive village used to cost only PHP 10,000 in 2007. It has now amounted to an estimated PHP 40,000, according to Pronove Tai International. Real estate developers have sought to build properties in Cavite, partly because of the congestion of Metro Manila when it comes to traffic and real estate.
Several developers aim to launch new residential areas and neighborhoods in Metro Manila, particularly in Makati. Prices in the city have been considered to be the most expensive nationwide, especially in the central business district.
This scenario caused home buyers to look for other properties that can offer the same modern amenities. Thanks to infrastructure developments such as the newly built Manila–Cavite Expressway, residents in the province can now travel faster to and from the metro. Aside from this, Cavite’s proximity to key holiday destinations such as Tagaytay also attracts home buyers.
Affordable property prices, along with easy access to Metro Manila and vacation spots, have turned Cavite as a promising venture for both home buyers and investors.