Property cost in the Philippines is considered one of the lowest in Asia. This is true for both condominiums and landed houses, and is especially so when taken against key Asian nations such as Japan, Singapore and Hongkong.
But even when taken against some of the Philippines’ developing neighbors in Southeast Asia, rental and purchase price of properties in Manila are competitive. But will investing in a property, especially a condo in Manila, bring value for money?
Here are some reasons why you may find that buying a condo in the Philippines a true bargain:
Condominiums in the Philippines are typically situated in strategic locations. Usually, condos are located in and around city centers, where offices and commercial establishments are also located. Being near work and essential establishments such as schools, malls, restaurants, and banks, those living in condo saves a lot of time as compared to those who need to brave Manila’s notorious traffic.
Meanwhile, there are also condos that are built in tourist destinations that boast proximity to beaches and other tourist spots. This doesn’t only allow the owner to have a dedicated place in an area where hotels and Airbnb options are usually jampacked around certain points of the year, but also allows for high potential for rental income or resell value.
2. Plenty of Amenities
Over the years, property developers have learned what their buyers are looking for in a condo. Newer condos in the Philippines would usually have pools, a gym, other sports facilities (such as a basketball court), playground, and pet-friendly-areas.
A lot would also have a retail component such as convenience store or a small grocery in the ground floor. A couple would even take it to the next level and have a couple of lower floors as a shopping mall for an even wider retail and service offerings for residents in the building and surrounding areas.
Condos in the Philippines typically revolve in a “Live-Work-Play” concept, giving condo owners everything they need in just one place, while being near where they work.
3. More affordable property option
Condo properties are typically more affordable investment options as compared to house and lots, especially if taken against those located in posh villages and exclusive gated communities in Manila. Land in non-gated communities built around city centers also tend to jack up their prices as they ride in the development of their adjacent townships or managed estates.
4. Active infrastructure landscape
Aside from the locational advantage that condos already enjoy, there is a number of big-ticket government infrastructure projects in the pipeline that are expected to help push property values up. This is happening not only in Metro Manila, but also in other key locations outside of the National Capital Region such as in Clark, Cebu, and Davao.
It is a good opportunity to invest in a property in these areas and see property prices increase once the infrastructure projects are completed, allowing you to re-sell at a higher value.
5. Discounts are common practice
It is a usual practice for condominium properties to be launched way earlier in the construction process, and are offered at preferential pre-selling rates that are significantly lower than the prices that they would command once the project is finished.
Investing at a condo property at this time is a great way to get the best value from your investment, and would allow you to take advantage of greater returns if you decide to resell.
Further, there are also significant discounts for buyers who are able to pay upfront. That is why there is an advantage for foreign investors who have the capacity to pay in cash that have been buying condo units in key cities of the Philippines.
A condo property is a great investment option, especially so in the case of the Philippines where condos are strategically located, designed for modern-day living, and have high potential returns. As compared to other property investments, a condo in the Philippines truly is a bargain.
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