Property values increased even more so when the main road to the lake was paved courtesy of a grant from the Japanese government and the refurbishing of the hydroelectric plant in 2004.

Nevertheless, since the mid-1980s, there has been major real estate developments along the shores of the lake, with the construction of several small resorts and Caliraya Springs, a golf course and country club.

Caliraya continues to be a haven for recreation, with activities including largemouth bass fishing, wind surfing, kite boarding, wake boarding, jet skiing, water skiing, boating, golf, camping, and other sporting and recreational outdoor activities.

Property values remain high, and a new generation of developments, both private and commercial, are slowly coming onstream.

Lake Caliraya is situated approximately 1,200 feet above sea level, and is perched high in the Sierra Madre.

The biggest island is approximately as big as Rizal Park, while the smallest is actually a sandbar about 3 square meters often submerged during high water.