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Typhoon Mawar definitely enhanced the view corridors all over the island. Other than view corridors, the typhoon impacted real estate on both supply and demand sides. In the past two large typhoons, Paka and Pongsona, there was a significant spike in the number of construction permits.
The number of construction permits in 1998, right after Paka, increased significantly by 79 percent from 1,548 to 2,775. Similarly, right after Pongsona, the number of construction permits increased by 90 percent from 888 to 1,687 in 2003. Due to the nature that most of the work is repair works and not new constructions, the permit value only increased by 5 percent in 1998 and 41 percent in 2003.
Majority of substandard improvements were wiped out by Pongsona. In addition to improved market conditions, increased demand, and inflation; the better quality of improvements were the main factors of increased median price of single-family dwellings. In 2002, the median price of a single-family dwelling was below $120,000 compared to 2022 at $420,000.
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