Why Filipinos Are Investing in Single Detached Houses

Reasons to Buy Single Detached Houses in the Philippines
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Many Filipinos seem to prefer single detached homes rather than townhouses and condos, and why is that? Whether you’re looking to acquire a property in Metro Manila, Baguio City, or anywhere in the country, now is the right time to invest your hard-earned money in real estate. Let’s break down the reasons why a lot of home buyers and investors are choosing single-detached houses over other types of housing units available in the market.

Better Affordability, More Spacious

According to Bangko Sentral ng Pilipinas’ latest residential real estate price index report, a majority of property buyers in the Philippines are purchasing attached houses instead of duplexes, condominiums, and townhouses. The BSP also revealed that 78.7% of the total real estate loan transactions during this year’s second quarter were used to acquire these new properties. Apparently, housing developments outside the metro are getting attention from buyers because they are more spacious and affordable compared to condos in the city.

Greater Convenience and Connectivity

With new infrastructure developments and integrated townships, the promising conveniences and improving connectivity offered by such housing units are attracting more home buyers in certain locations. Some of the township hotspots seen with potential to flourish rapidly in the northern part are Clark Global City, Filinvest Mimosa, Alviera, Rockwell at Nepo, and other surrounding areas in Clark International Airport.

Condos Getting More ExpensiveIn the first quarter of this year, housing prices increased by 1.8% including condominium units and townhouses. As a result, home buyers are more drawn to buying a house rather than a condo in the NCR with the decrease in prices for single-detached and attached houses. For those who want to buy a new home with a limited budget, it would be best to explore options in the single-detached housing units.

Increasing Value per Square Meter

The BSP said that the appraised value of new units is at Php 83,759 for every square meter. On the other hand, the appraised value of housing units in AONCR is different than that of the NCR value. This explains why it’s more affordable to buy units outside Metro Manila, hence Filipinos are choosing to purchase properties in nearby provinces. The changes in housing unit prices are based on the mortgage loans from banks used to buy new units, except foreclosed and pre-owned properties.

Final Thoughts

When buying a property in the Philippines, it’s important to understand the real estate market trends in order to get the best option. If you’re currently looking for a new house to buy, remember to contact a reliable real estate agent to assist you throughout the buying process. Having a professional who understands the ins and outs of the Philippine real estate industry will help you get the most ideal investment that increases in value over time. Lastly, always be aware of the ongoing prices and shop around to ensure you get your money’s worth.

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