Baguio City is one of the most well-known tourist destinations in the Philippines. It is dubbed as the “Summer Capital of the Philippines” due to its chilly climate, perfect for cooling off during hot seasons. Baguio’s tourism contributed to its economic growth and made it a suitable residential area for those who love the city’s mountainside lifestyle.
The latest trend report by Lamudi ranked Baguio as the sixth real estate hotspot of 2020. Lamudi data also shows that seekers are interested in for-sale properties, revealing that 57.23 percent of the leads were for buy transactions. Besides its growing popularity, Baguio City’s resilience in this COVID-19 pandemic also attracts potential investors to venture into various development projects in multiple areas of the city.
These may convince you to invest in a property in Baguio City:
Baguio as a New Wave City
As a thriving city, Baguio has been identified as a secondary investment hub outside of Metro Manila. The City of Pines is also hailed as a New Wave City due to having over 2,500 job openings in its prime business hubs.
Besides offering a wide range of employment opportunities, Baguio City began operating as a smart city in June of 2020. The city’s initiative as a smart city starts with automation systems in traffic routing, street surveillance, government transactions, elections, and sewage and pollution control. The installation of automation systems also aids Baguio in its plan to recover its economy from the pandemic and create a safer environment for locals and tourists.
Sustainability in Real Estate Development
Baguio City’s plans toward becoming a New Wave City are also anchored on sustainability. Last year, Baguio secured Php 255 million for its first socialized housing project. The project is a permaculture community in Barangay Irisan that covers 1.8 hectares and comprises eight structures with 270 housing units each. Solar panels will be installed on the roofs, and 60 percent of the community will be wide green spaces.
The permaculture community is one of Baguio City’s plans to introduce and reinvent sustainability to its residents. Permaculture redesigns communities where people will live harmoniously with the natural environment. These communities promote growing and using natural resources, fostering seed care, and responsible waste management. Such actions contribute to reducing the negative impacts on the environment. Even housing and condominium Pag-IBIG foreclosed properties in Baguio and other cities will have sustainable features in the future, which will cater to their resident’s safety, comfort, and wellness.
Besides being a solution to pressing environmental concerns, the introduction of permaculture design also contributes to improving Baguio City’s housing and development sector.
Rise of New Facilities
Other than sustainability, the Baguio City government has also put efforts into developing new facilities and infrastructures that will plummet Baguio’s economy upwards. Baguio City Mayor Benjamin Magalong recently announced that these “high-impact” flagship projects would launch in 2021.
These flagship projects include a low-cost housing development for indigents that will start construction for the first quarter of this year. Bidding for construction of the youth convergence, sports center, and mini-parking area at the Baguio Athletic Bowl will begin this February.
Burnham Park, a popular destination in Baguio, will undergo construction in its main drainage at Lake Drive. This project is a joint venture between the Department of Public Works and Highways (DPWH) and the Baguio City District Engineering Office and costs Php 95 million.
The rise of these new facilities is projected to fuel Baguio City’s economic growth to better heights. They will also bolster a more robust real estate appetite for interested seekers and investors nationwide.
As a whole, Baguio City’s plans for reinventing and improving its sustainability and introducing flagship infrastructure projects are designed to recover its economy and industries from the pandemic’s wrath. They also usher in positive opportunities for interested buyers to invest in a housing property within the city’s chilly, calm, and unspoiled environment. Consider these three economic and sustainable factors on your next Baguio visit, and you might just find your new home sweet home in the City of Pines.