Although many pundits predicted Metro Manila condominium sales to return to more conservative levels after their banner year in 2012—when approximately 52,000 units were sold in Metro Manila alone—it seems that the market is still performing much favorably. Real estate developers are unveiling condo projects left and right, not just in areas traditionally favored by buyers, such as the Makati central business district, Bonifacio Global City, Ortigas Center, and others, but also in the fringe areas of these locations, where land prices are relatively lower and homes are, therefore, more affordable.
In addition, newer mixed-use projects, also called townships, are being developed in many areas, which will push up supply in the next few years, providing more and cheaper options to homebuyers. These townships feature everything a homebuyer would need: condo high-rises, office buildings, shopping malls and other leisure areas, and in some cases even schools and hospitals. With the rise of these developments, we can say that Metro Manila’s condo market will see an exciting future ahead of it.
Buying a condo as opposed to a house and lot has plenty of advantages, but as with any big purchase, it comes with a huge responsibility so the decision should be carefully considered. MyProperty has put together four advantages of buying a condo to make the decision much easier to make.
The majority of today’s condos in Metro Manila and other major cities in the Philippines are located in some of the most prime areas. These include the Makati CBD and neighboring business districts, BGC, Ortigas Center, and others. Developers choose these locations because they will provide the maximum benefits to condo buyers, such as proximity to their workplaces, shopping centers, leisure areas, schools, and other amenities.
As most condo high-rises are situated in prime areas, homeowners need not purchase a car in order to get around. Almost everything they would be needing are situated within walking distance, whether it’s a supermarket, their office, a nice restaurant, or even a weekend market for artisanal finds.
The same reason that made a condo attractive to a homebuyer would also apply to a renter. After all, both would have pretty much the same requirements on a home: location, amenities, and convenience. Hence, a condo property would make a perfect investment if one plans to turn it into a rental home for passive income, especially with Metro Manila’s buoyant leasing market.
While houses provide homebuyers bigger living space, they also incur maintenance costs. There are yards and gardens to maintain, downpipes to regularly check, and other stuff. Condos, on the other hand, have none of these, which make them much easier to maintain. The maintenance of common areas in condo estates, including swimming pools, hallways, parking areas, and others, are taken care of the property management, which is paid for by the condo corporation funded by the individual owner’s monthly condo dues.