By BERNIE CAHILES-MAGKILAT
Value of real estate in Tagaytay and adjacent municipalities where Taal Volcano is situated is expected to take a dive following the impact of the eruption.
Janlo de los Reyes, head of research and consultancy of property and management consultancy firm JLL Philippines, said at the JLL briefing on Real Estate Market 2020 Outlook that the Taal Volcano eruption will impact negatively on property valuation in nearby towns of Taal.
“In areas affected by Taal, they are experiencing weaker demand,” he said.
Delos Reyes noted that prices may plateau in the short term as residents hold on and retain their homes.
Tagaytay, which overlooks Taal Volcano and Taal Lakes, has the most number of business and tourism establishments.
In terms of investments, De los Reyes said capital may move away from the affected areas.
But recovery is expected to be short term of 12 months based on the recovery period of areas affected by the Yolanda and Ondoy typhoons.
He said growth in the Tagaytay and nearby towns will be driven by the opening of Cavite-Laguna Expressway (CALAX). It will open traffic towards the south and ramp up investments.
He cited big property developers like Ayala Land are consolidating lands in the Laguna, Cavite, Batangas areas for further developments.
Meantime, the overall property outlook in the Philippines remained positive in 2020.
Most of the positive economic indicators in 2019 are expected to carry over in 2020.
Online gaming, which grew exponentially in 2019 in office space take up, is expected to continue.
The JLL market outlook also pointed to a sustainable growth in co-working, co-living and co-storage space.