The property market in the Philippines continues to be a burgeoning industry, and with no signs of slowing down. Despite initial apprehensions over a property bubble, all indicators in the past years have continued to point to an uptrend in real estate especially when it comes to condominium developments.
This is largely due to the fact that there still exists a large demand to fill for primary homes. And with today’s modern lifestyles (especially in urban hubs and city centers), condominiums provide the most ideal home solution for Filipinos. These vertical communities optimize scarce land in the city, and provide ultimate convenience that meets the demands of fast-paced living.
If one looks at the list of condominiums in Metro Manila, one will find a wide variety of offerings—proving that it is genuinely a buyer’s market these days. One can surely find a condo unit that will satisfy any budget, space requirement, location, or even a design theme in mind. There are developments that provide basic housing, while there are those that offer truly high-end, luxurious living in the city.
There are also condominium communities where nature is carefully nurtured, while there are those that are ultra-modern in design and functionality. Some are designed with rich detail and complicated construction. There also are others that are simple and straightforward, yet futuristic. Indeed, there are a lot of properties in today’s market, and one would be hard- pressed not to find what suits each unique preferences and needs.
Choosing the right condo home
When looking for a condo unit for sale in the Philippines, there are a number of factors to consider. Homeseekers usually start with the ideal location they have in mind, based on where they work, or even where their children go to school. As the saying goes, real estate is all about location, location, location—and rightfully so, since this singular factor can affect all other considerations about purchasing a condo home.
It would also be good to choose a condo based on the reputation and track record of its developer. This is the best way to avoid getting burned by pre-selling developments that are delivered late, or that may never be delivered at all. Only real estate companies that have extensive experience and expertise in property development can assure buyers of lasting value in exchange for their hard-earned money.
Amenities, facilities, property management and other project features are equally important to consider in choosing a condo home. If finances are a consideration, a no downpayment condo payment scheme may be an attractive proposition as it doesn’t require any cash out at the beginning of acquiring the property. Those looking to own a condo unit with constrained funds can look for developers who offer this kind of arrangement.
Other expenses that condo buyers should watch out for are additional charges for transfer of documents and other necessary tasks to eventually place the property under your name. Of course, living in a condo necessitates the payment of monthly association dues with the condominium corporation. This takes care of costs for property management, security and maintenance, as well as expenses related to utilities in common areas.
Pre-selling versus secondary market condos
Those with immediate need for a condo home can also look to the secondary market for condos for sale in Manila by owners. There are a number of advantages in going with condos in the secondary market. First and foremost, a prospective buyer can get an actual assessment of the unit since it is already existing and constructed, compared to pre-selling condos whose specifications may change from what was initially advertised or marketed.
Buyers commonly find that condo properties in the secondary market are also more spacious and come in more generous sizes. Sellers may also provide more flexible terms compared to pre-selling condos that can be acquired only through standard payment schemes prevailing in the market. However, properties in the secondary market may also come at a much higher price, since their cost has already appreciated over time.
Ultimately, it depends on a condo buyer’s lifestyle and financial situation on whether to go with a pre-selling property or one from the secondary market. If one is looking for a condo for sale in Manila that is ready for occupancy, a unit from the second-hand market is the best choice as it provides immediate opportunity to move-in and enjoy the property. If one can still afford to wait until turnover, it is best to go with a pre-selling property.
Bank financing options are another important consideration for those buying a condominium property. Selecting a bank to partner with is just as vital as choosing a condominium developer—it takes a high level of trust and great customer service. Interest rates among banks in the Philippines are generally at the lower end of the spectrum, making it extremely attractive for people to buy and invest in a condominium unit these days.
Prime condo locations
Metro Manila being the capital city of the Philippines could be considered the nexus of prime condo locations with high property values. With its network of major thoroughfares, condo developments along these roads provide the most convenient and highly prized locations. These condos are located in various cities and municipalities within the Metro.
Makati City, considered the financial capital of the country, is arguably among the top selections for condo developments that provide a premier lifestyle. A list of condos in Makati will yield a lot of choices when it comes to unit sizes, proximity to malls and commercial establishments, proximity to office buildings, and many other factors.
Other major locations for prime condos in Metro Manila include the new business district of Bonifacio Global City (BGC) in Taguig, where a lot of pre-selling condos in the Philippines are located. In barely a decade since it was formally redeveloped and launched, BGC has grown to be one of the most exciting and dynamic property markets with its variety of condo communities that cater to a wide demographic of homebuyers.
Home of passionate minds
BGC is also a location where many pre-selling condos from Ayala Land are found, primarily because the masterplan of BGC and its redevelopment were spearheaded by the developer. Ayala Land, being one of the most experienced and extensive real estate developers in the country, envisioned BGC to be the next financial district after Makati, and so much more.
BGC as “the home of passionate minds,” also aims to celebrate dynamism and diversity in daily life. This is reflected in its carefully designed masterplan, which values a pedestrian-friendly atmosphere and a nature-friendly environment. In keeping with globalization that has characterized society in the 21st century, BGC is truly home to a multi-cultural population.
BGC today is one of the most sought-after locations for condominium living because of its efficient masterplan. Many denizens describe living in BGC as one of the closest experiences one could have to living in New York City—a city that never sleeps. Indeed, BGC epitomizes modern urban living with its closely connected network of roads and streets, convenient underground utilities, sustainable modes of transportation, wide open spaces and touches of nature, as well as an overall safe and secure environment.
The future of condo living in the Philippines
By all indications, condo developments in the country are not seen to slow down anytime soon. Everywhere in the metro, vertical communities are rising, providing even the most ordinary of Filipinos an opportunity to enjoy a modern condo lifestyle. The high-end market also continues to evolve and push the envelope, providing discerning homebuyers exciting and irresistible choices.
Aside from serving as primary residences, condominiums also provide great investment opportunities. With the influx of foreign nationals working or choosing to live in the Philippines, condos are top-of-mind choices. The market of condominiums for rent is equally healthy and robust as the one for pre-selling.
Condominium developments have also spurred the growth of related industries and businesses. In many locations, condos have served as the anchor development in masterplanned townships, surrounded by support establishments such as malls, schools, offices, hospitals and many other institutions. Thus, in many ways, Philippine real estate has grown hand in hand with industries such as call centers and business process outsourcing (BPO) firms, among many others.
As the property market becomes increasingly competitive though, buyers can expect to see more innovatively designed condo communities that provide more amenities and more convenient features. It will continue to be a buyers’ market as developers seek to provide the best living experiences for Filipino homeseekers.