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DAVAO CITY: Despite the declaration of martial law on May 23 2017, there is a rise in real estate investments and an increase in tourist arrivals in this city.
Ruth Coyoca, Prime Philippines senior assistant manager, said Davao City continues to be an investment destination in the country.
She told members of the Davao City Chamber of Commerce and Industry (DCCCII) in a meeting last Friday said tourist arrivals in Davao City increased by 13.36 percent since the middle of the year.
Coyoca said they also noted more hotel and condominium constructions in the city.
By 2020, Davao City could reach the 6,000 hotel room mark which is “a far cry from 2017’s of just over 4,000 rooms.”
She added that the “residential sector maintains about 80 percent occupancy rates and at competitive prices, the sector is performing really well due to local investor purchasing and the positive outlook of Mindanaoans.”
“Since the declaration of martial, the residential condominiums remain stable. The sector is experiencing relatively high occupancy rate up to 83 per cent,” she added.
According to Coyoca, nine more big condominiums will rise in the next three years and most of the units are sold to local investors in Mindanao which she said “implies no significant effect in relation to the extension of martial law in Mindanao.”
“We also tag the lands of Davao as the gold mine of Mindanao because of its continuous and steady progress,” she said.
“Year by year commercial land in Davao City experiences a growth of 20 percent which indicate the rapid escalation of Davao as a premium business district of the Philippines.”
“Infrastructure development, high level of commerce, real estate development, local investor’s confidence, and government stability are most notable factors contributing to the increase of the land values in Davao City,” she pointed out.