Cavite’s Real Estate May be a Reason for Population Growth
Cavite’s emerging real estate market could be one reason for its population growth in 2015, which was higher than any other province in the country.
The Philippine Statistics Authority’s 2015 population census showed that its population comprised 3.7 million people, followed by 3.3 million residents in Bulacan. Laguna ranked third with a population of 3 million, while Pangasinan and Cebu had 2.95 million and 2.93 million people, respectively.
Real Estate Boom
Cavite used to be known as an agriculture-central province, but many Filipinos have turned their attention to its residential property market due to high prices in Metro Manila. Some find it attractive to live in a place with a lower cost of living, yet still earn the salary rate in the metro. Another reason involves the emergence of many mixed-use developments that offer lifestyle amenities from shopping malls to restaurants. In Lancaster New City, for instance, basic and recreational facilities are within a short distance away from residences.
Due to its proximity to the urban jungle, many real estate investors have also become keen on exploring growth prospects amid the increasing interest in the province. In the future, residents in Cavite may find work in the province much easier, as soaring office rental rates in Metro Manila prompt investors to look elsewhere.
Sheila Lobien, JLL regional director and head of project leasing, office property values in Metro Manila rose in 2016 due to a high demand.
For this reason, investors consider their options in Cavite because of its cheaper labor costs and rental rates, according to Lobien. Aside from Cavite, they also mull over expanding their operations in Laguna and Clark in Pampanga.
The booming population in Cavite can be partly construed as a result of many property developers that take advantage of its growing real estate market.