REAL estate remains a reliable avenue for long-term wealth building. During my visit to Iloilo City with my BS Real Estate Management class from March 1 to 5, 2026, I observed significant growth in the city, particularly in its real estate sector.
In the Philippines, investors are increasingly considering regional cities. Iloilo City has gained attention for its steady economic growth and urban development, making it an attractive option for condominium investments. The city’s expanding commercial sector, growing tourism, and new large-scale townships have strengthened its real estate market. Developments such as the Iloilo Business Park have further established Iloilo as a key investment center in Western Visayas.
Despite the challenges of the Covid-19 pandemic, Iloilo City’s condominium market remained resilient. As businesses reopened and infrastructure projects advanced, the property market began to recover. Investors recognized the city’s potential as a commercial and service hub, leading to increased interest in condominium units as long-term investments with potential for appreciation and rental income.
Colliers Philippines reports a positive outlook for Iloilo’s residential sector. Although Iloilo has fewer residential projects than larger cities like Metro Manila, the entry of major property developers has strengthened the market. Megaworld Corporation, a key player in the city’s modernization, has seen strong sales in its condominium projects, with most units sold by December 2024. This indicates growing confidence among buyers and investors in Iloilo’s real estate market.
The development of the Iloilo Business Park has been a major driver of growth. Formerly the site of the old Iloilo airport, Megaworld Corporation transformed the area into a modern, mixed-use township covering approximately 72 hectares. Today, Iloilo Business Park is a leading commercial and residential center, featuring condominiums, office spaces, hotels, retail outlets, and lifestyle centers. This integrated community enables residents to live, work and enjoy leisure activities in one location.
Property values in Iloilo Business Park have risen steadily, reflecting the city’s real estate growth. In 2015, commercial land was priced at approximately P30,000 to P39,000 per square meter, increasing to around P101,000 per square meter by 2024. Colliers Philippines reports that condominium prices in Iloilo City have grown by about 5.4 percent annually from 2016 to mid-2024, a rate competitive with other Philippine markets. These trends support Iloilo’s appeal as a strong location for real estate investment.
Tourism and events significantly contribute to Iloilo’s economic activity and property demand. The Iloilo Convention Center, located in the Iloilo Business Park, has established the city as a prime venue for conferences, exhibitions and business events, earning the Asean MICE Venue Award. Major cultural events such as the Dinagyang Festival and Paraw Regatta Festival attract many tourists annually, increasing hotel occupancy and rental opportunities for condominium owners.
Developments like Firenze Residences offer premium condominium units with spacious layouts, appealing to both homeowners and investors. Belmont Hotel Iloilo offers an investment model in which condominium units are managed as part of the hotel’s operations, allowing owners to share in room revenue while professional operators handle property management. This offers a convenient option for investors seeking income without direct involvement in daily management.
Iloilo City’s condominium market offers strong potential for real estate investors. Economic growth, modern township developments, rising property values, and a vibrant tourism sector all enhance the city’s appeal. As projects like the Iloilo Business Park continue to transform the city, investors can find opportunities for long-term appreciation and rental income. Ongoing development is expected to keep Iloilo City at the forefront of economic growth in Western Visayas.
Our visit to Iloilo City with my students proved fulfilling and informative, significantly enhancing our understanding of the city’s real estate opportunities. I thank Ms. Nicka Overio, a former BSREM student and now a licensed real estate appraiser, for facilitating our visit and providing assistance at the Megaworld office. I acknowledge the support of Ms. Manuellete Ong, Megaworld sales director for the Brokers Group, and Mr. Rohjay Rex James Solis, broker manager.
The author is the first chairman of the PRC First Regulatory Board of Real Estate Service. He is a licensed and experienced real estate broker, appraiser, consultant and educator.