The Rising Trend of Second Homes Outside of Metro Manila
Here's where they are flocking to.
(SPOT.ph) Looking for a second home? You’re in good company, joining a growing number of Filipinos who are finding themselves eyeing the charm of suburban life. In recent years, a significant trend has emerged among the middle and upper-middle classes: the pursuit of second homes outside Metro Manila.
Recent data from real estate agency Santos Knight Frank reveals a surge in interest in residential leisure condos in picturesque locales such as Tagaytay, Batangas, Pampanga, Bulacan, Cavite, and Laguna.
“As one of the key economic centers in the Philippines, Metro Manila remained the homestead of CBDs in Luzon. To keep work and life balance seamlessly, more and more people are living on the outskirts of Metro Manila,” according to Santos Knight Frank.
Also read: How Much Are Houses in the Most Expensive Subdivisions of Metro Manila?
Where are the popular places to get a second home in the Philippines?
Tagaytay
Tagaytay leads as the top choice for second homes, with 8,669 units in its inventory by the third quarter of 2023 as per Santos Knight Frank. Its proximity to Taal Lake, favorable climate, and lifestyle hubs make it a prime choice of retreat from the chaos of the Metro. Not to mention the new Cavite-Laguna Expressway (CALAX) Silang-Aguinaldo Interchange has lessened travel time from Mamplasan Rotonda to Tagaytay from one hour to just around 30 minutes.
The rising property prices reflect the growing demand as well, jumping from P92,411 per square meter in 2020 to P110,276 in 2023.
Batangas
Next to Tagaytay, Batangas is another hotspot, especially with its laid-back coastal areas like Laiya and Nasugbu. The region has been part of a broader surge in the Metro Luzon market, contributing significantly to the new housing stock. In April 2023, Batangas recorded 688,569 domestic travelers visiting San Juan alone.
Cavite
Other areas in Metro Luzon are also witnessing substantial growth in the second home market.
Cavite ended the third quarter of 2023 with 24.96% of the new housing stock in the region with an average selling price of P90,018 per square meter.
Pampanga
Pampanga has the highest price per square meter at P126,374. Much of its appeal is driven by its strategic position serving as a gateway to Northern and Central Luzon, with an additional gateway to the rest of the world in Clark International Airport.
What is a second home?
A second home is a residence that a person owns in addition to their primary residence. Typically, second homes are used for leisure or vacation purposes. They can be in popular vacation spots like beach towns, mountainous areas, or rural countryside.
Often, they are also used as investment properties that are rented out in booking platforms like Airbnb when not in use by the owner.
Also read: How Much Are the Most Expensive Condos in Metro Manila?