Why Filipinos are demanding more condominiums

Why Filipinos are demanding more condominiums

Filipinos from the Philippines and abroad currently are looking for condominiums to live in. The reasons for this obviously are reflected by the sudden increase in condo unit demand in Metro Manila. In this hub I will discuss the fundamental reasons why there is a sudden demand for condos in the Philippines.

Philippine condominiums are undergoing a sort of renaissance in recent years due to the initiative of various land developers to open various condo developments across Metro Manila. All major and even minor developers are actually currently building multiple condos, with their turnover mostly from 2014-2016.

The reason for this renaissance obviously is known to most if not all developers, but for most part, consumers are perplexed by the increased need for condominiums. Four out of five Filipinos would still want to buy a house and lot for living rather than a condo, but even if this is true, there is still no stopping these new condos being built. However, to satisfy your need for valid reasons to invest in condominiums, here are the fundamental reasons why this is so:

Condos are affordable compared to house and lots

Middle class families agree that instead of buying a house and lot here in the Metro, families are instead investing in a condominium. Your typical house and lot or townhouse especially in exclusive subdivisions are at least twice the price of your 2BR condominium unit. Another concern related to this is that…

Condos have more accessible locations

If you are thinking of buying a house and lot versus a condominium unit with a budget for five million, I know some developers could give you a 2BR unit in Makati with that budget. If you are looking at the same budget for a house and lot on the other hand, it will probably land you a brand new development in Laguna or Cavite.

Some persistent buyers would often find themselves out of luck after trying hard to find a good location in Metro Manila for their budget and needs. More often than not, condos provide a good alternative because they are usually located in main thoroughfares, with access to public transportation—something that is usually the concern of a middle income buyer who does not have, or does not want to use a car to work.

Finally, most good condo developments are near or have inside their building retail areas and restaurants for those tenants who do not want to travel too far to get their groceries, shop, and dine out. This makes living in a condo economical for the accustomed city dweller.


Condo living is a indicator of success

Most middle income and overseas Filipino workers view owning and living in a condominium not just as an economical or practical living space for their families, but is also seen as a means to show off their economic success to their friends and peers. Living in a condo means that you can provide for you and your family a home that is exclusive and secure.

Usually young Filipino families live in their parents’ home up until they have the capacity to move out and live on their own. Condos give these families a chance to start their home without having to live far from the offices and schools. With flexible payment terms and lower downpayment requirements, this allows these young families to start fresh and have an independent household. Overseas Filipino workers are also very interested in moving their families from their parents’ homes into homes of their own, after accumulating enough of their savings to pay for the downpayment and monthly amortization of a condo.

Of course a condo as an indicator of success is not only applicable to these middle income families—young urban achievers and aspirers are also putting their income while early into a condo of their own. These young people aged 30 and above are investing their hard-earned money to a condo to secure a place for their own that is a sign of their independence and a reflection of their success so far.

Most of these reasons mean that the demand for condominiums especially in highly urbanized areas will not wane anytime soon. I hope this helps you understand the condominium dynamics in the Philippines.

Reference: HubPage.com


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