Saturday, October 17, 2009

Metro Manila Land Value After Typhoon Ondoy

Last year, my wife and I seriously considered getting a loan from Pag-Ibig Fund to get a small house for our family. Among the sites we considered were Antipolo, Marikina, Pasig, Cavite and Fairview in QC. Most of the houses we liked placed on ads were a bit expensive and we were not able to start because we need to save for the 10-20% downpayment. I guess it was a blessing in disguise, if we had the money then, we could have bought a house in Marikina or Pasig area. Although they were a bit more expensive than houses in Antipolo, the locations were near to our place of work. After Typhoon Ondoy, Marikina and Pasig were the hardest hit within Metro Manila and after the casualties and death, many are still in the hospital fighting for their lives from diseases they got from the floods.

I could just imagine people who were selling the houses in new subdivisions in Pasig and Marikina which were priced between 2-4 million. A similar townhouse we liked in Antipolo priced at 1.6 million was priced around 2.5-3 million in Pasig. The townhouses were almost sold out and I pity people who just bought their house in Pasig. Pasig area was priced high because of its proximity to Makati, Mandaluyong and Quezon City area but after the floods, what will be the land value per sq. meter in Pasig. Even in Marikina, houses in Provident Village were upscale since it is one of the prime properties in the city. Definitely, people who are looking to buy a house would definitely avoid Pasig and Marikina areas now.
There were also several areas in Quezon City that were flooded during Typhoon Ondoy. Manila, Malabon, Kalookan, some parts of Makati and Taguig were also flooded. I did not hear any serious flooding in Cavite and Laguna areas except Sta. Cruz which was too far. Does this mean it is safe to consider investing a property in Cavite and Laguna?
Land values started to increase whenever a mall, school or an upscale subdivision gets constructed. This is a factor to consider but realty companies should also consider elevation, good drainage and proper zoning. Ordinary people like me do not know these things and we get to be carried away whenever the land is developed by a well known real estate company. How about condominums? Is it now safe to say that it is better to invest in a condo so there is a less chance of being flooded? What if the area gets flooded too? Is it better to be stranded than to see your house gets flooded?

1 comment:

The Pope said...

I am sure that after the Ondoy calamity, the real estate value in Metro East area will surely be going down.

Maswerte ako, my property is located in the higher ground of Aintipolo overlooking Marcos Hiway and safe from flash floods and land slides.