There is a movement of young aspiring professionals from the regions to the country’s capital. However, this trend is bound to make a turn-around with the developing regional urban centers.
Investors from around the country are realizing that instead of taking chances in the now-rising-now-falling investment climate in Metro Manila, holding their breath while it seesaws with the pressure of urban saturation, it is much more sustainable to bring the money home.
While the Urban Land Insitute survey and ULI-PwC annual reports show that Manila is a 2014 top real estate destination due to the rising economy of the Philippines in general (see story here), we should remember that this rising economy is still largely comprised of the regional investments.
Cagayan de Oro, a fast rising economy in the country, for example, is a busy hub servicing the vast agricultural lands of Northern Mindanao and the industries and aquatic resource developments along the Macajalar Bay.
As the jump-off point to many tourist destinations like Camiguin Island and the outdoor adventure centers in Bukidnon and Misamis Oriental, Cagayan de Oro is also growing its own community of tourism entrepreneurs. It is an investment destination for those engaging in the business of hotels, restaurants, and service providers.
As people – both national and international investors – are coming in, they see the ideal position of the city. While it is an active business hub, it is still a laid-back city, the beach only 15 minutes away from the city center, the mountains barely an hour’s drive. Urban comforts and rural charm define this city. Because of this, the city is also fast becoming a hotspot for Philippine real estate.
Proof of it is the active CdO real estate development scene – the city boasts of the first green building in Mindanao, the condominium towers of Primavera; it has the Pueblo de Oro subdivisions, micro centers themselves with restaurants, schools and even reforestation areas inside the communities.
So while Manila is attracting people who want to live life like it’s a rat race, this city down south is attracting people who dream big but want to enjoy every moment of getting to the realization of that dream.