According to market research and statistics provided by an independent property consulting firm, property values in Alabang are expected to range between PHP 30,000 and 80,000 and could go as high as PHP 100,000 per sqm in 2019.
The Possible Rising Business District
One key factor that is propelling growth is the shrinking supply of land and growth in demand in the Southern Metro-west region. This because of a network of roadways being developed, including the Muntinlupa-Cavite Expressway (MCX). This expressway connects Cavite and Muntinlupa, which could help drastically cut down travel time for commuters. Thanks to this easy access between towns, Alabang is expected to follow Makati, Ortigas, and Fort Bonifacio in becoming another business district close to Manila.
Real estate developers like Filinvest, Megaworld, Ayaland, and Rockwell Primaries have started working on different projects in these places. For instance, Alabang West (a Megaland Project) is a residential township spread over 62 hectares and has an exclusive gated community with around 780 lots. Another development project is East Bay (by Rockwell Primaries), one of the many condominiums for sale in Alabang, Muntinlupa City, which features the beauty of living in the South.
All of these are exciting for young Filipinos, as they see a chance to realize their dreams. There are many areas around Manila that are being designed and developed as multi-use projects — commercial and residential — so that people can stay close to work and not spend hours commuting. They can choose from condominiums, apartments, and single family homes to name a few.
Before Anything Else
Before investing in a home, it pays to do some research. If you hear terms like amortization, tripping, and other terms, be sure to look it up or ask your real estate agent to explain it. If a condo is listed for sale for PHP 7500 a month, it’s best to know that charges like down payments and reservation fees will be added, which can drive up the price.
Home buyers also have to pay closing costs. Saving up for initial expenses and not being aware of other fees can shock any new and prospective homeowner. Real estate agents suggest that it is good to have at least 20% of the purchase price saved up for the down payment. If you are planning to invest in a brand new property, you are in luck. Developers offer home buyers with affordable payment plans, making it easy to buy.
When searching for the right home, you’ll meet a lot of real estate agents and among them, maybe only one or two will meet your requirements. Being direct and patient is a good strategy. Once you have settled into your new home, remember that you have to pay real estate tax annually. Being familiar with its structures in the area you live in is mandatory. Some local governments offer discounts for early payment of your property taxes.
The preparation process for buying a home is a long one, but when done right, it’s worth it. Developers and real estate agents are open to negotiations, so talk to them to buy the home of your dreams.