Iloilo’s Booming Property Market: What’s Driving the Growth?

Iloilo City is quickly becoming one of the hottest real estate markets in the Philippines, and for good reason. Thanks to its growing economy, strategic location, and a slew of exciting new projects, the city is attracting big players in both business and real estate. In an article by Joey Roi Bondoc published on October 12, 2024, Iloilo’s property market is described as “resplendent”—and that’s not an exaggeration. Let’s break down why this city is on the rise and what’s fueling its booming property scene.

A Thriving Office Market

First off, Iloilo has become a magnet for outsourcing companies. With a talented, young workforce (about 7,000 graduates every year), it’s no wonder big names in the business process outsourcing (BPO) industry are setting up shop here. Companies like Teletech, IQor, Concentrix, and more are already operating in Iloilo, and many are planning to expand further.

In the first half of 2024, Iloilo captured 13% of all office space deals outside Metro Manila, equivalent to 16,000 square meters. That’s a big deal for a city that used to be under the radar! And with upcoming developments like SM Strata Tower 1 and Robinsons Cybergate Iloilo Tower 3, there’s no sign of slowing down. By the end of 2024, the city is expected to add a whopping 116,400 square meters of new office space—perfect for the growing demand from BPOs and other businesses.

Residential Market on the Rise

If you’re thinking about buying a house or lot in Iloilo, now might be the time. The residential market has been growing at a steady pace, with house-and-lot prices rising by an average of 6% per year from 2016 to 2023. The pandemic has also pushed people to look for bigger, more open spaces, which has led to a 12% yearly price increase in lot-only developments. It seems like everyone’s on the hunt for more space!

Developers are also stepping up their game by adding cool features to their projects. Iloilo Business Park boasts the impressive Iloilo Convention Center, while Atria Park District has its own hospital and university. And there’s more to come: the soon-to-be-developed Iloilo Centrale will include parks and open spaces, making it an appealing spot for homebuyers.

Game-Changing Infrastructure Projects

One of the biggest reasons Iloilo’s property market is on fire is the slew of infrastructure projects underway. These are set to transform not just the city, but the entire region. One standout project is the Panay-Guimaras-Negros Inter-Island Link Bridge, which will connect three islands in Western Visayas and is expected to be completed by 2030. This 32.5-kilometer bridge will improve regional connectivity and is likely to skyrocket land values in the area.

Other major projects include the P14.7-billion Iloilo International Airport Rehabilitation, which will expand the airport’s capacity, and the Panay Railway project, which is expected to be finished after 2028. Plus, the Iloilo-Capiz-Aklan Expressway (ICAEx), a massive 210-kilometer, eight-lane expressway, will connect three provinces, further improving transportation and boosting the local economy.

What’s Next for Iloilo?

With all these developments, Iloilo is shaping up to be a major player in the Philippine property market. The combination of economic growth, a strong workforce, and large-scale infrastructure projects is setting the stage for long-term success. As property values keep climbing and more businesses pour into the city, Iloilo is becoming a top destination for investors, homebuyers, and companies looking to expand outside of Metro Manila.

In short, if you’re looking for a city with tons of potential and room to grow, Iloilo is definitely one to watch. Whether you’re interested in commercial space, residential properties, or even just curious about what’s happening in the region, it’s clear that Iloilo is on a path to becoming one of the most exciting real estate markets in the country. So, keep an eye out—this city’s just getting started!