Monday, November 25, 2019

Inside Real Estate: Residential Condominiums Are Here To Stay?

Residential Condominium at Jazz Residences Makati City

For the few decades, the Metro Manila landscapes is littered with pocket developments of high rise buildings located mostly in the commercial business districts areas of Makati, Quezon City, Bonifacio Global City (Taguig) and Alabang. With some developments nearby MRT / LRT train stations or closer to universities / colleges dotting the Taft Avenue and EDSA.


Previously classified industrial areas based on zonal ordinance are recently reclassified due to changes on the land use and the recent movement of factories (manufacturing sector) out of the metropolis to nearby provinces like Cavite, Laguna, Batangas in the south and as far north as the provinces of Bulacan and Pampanga. Provinces which are striking distance to Metro Manila have also become residential suburbs because of the rising cost of properties inside Metro Manila alone.

Why Buy A Residential Condominium?

Residences in the city - For most office workers working in the Metro Manila, Cebu, Davao or other urban areas residential condominium have become an option as one's second home for those working in the metropolis. In recent times, traffic has become worst, in EDSA alone traffic flow has become at a snail pace speed particularly on rush hours or some instance till midnight with limited buses commuting the roads. Rapid transportation is  inefficient over the years because of lack of roads, too many private vehicles plying the route, unruly and undisciplined drivers (private and public transport) and inefficiency of MRT 3 has been plagued with mechanical problems and is too jam packed during rush hours including non-peak hours. Ordinary commuters over the past decade, have experienced this with from one hour commute turning to four hours commute which consumes the 24 hours of time of a worker meaning no time for family or other relevant activities. 

Investment  Property - rentals have become a source of passive income for many unit owners particularly for OFW markets. Most of their owners are affiliated directly / indirectly involved with short term leasing companies through Airbnb or booking.com. It has become a trend to use such application in order to find a client that would stay for a short period of time (from days to a month) which is much cheaper than a hotel accommodations.

Transient Homes for College-bound kids - with rising condominiums located within the university belt areas particularly around Espana, Taft and Katipunan areas. Demand for housing for students has been rising over the years. An example of these are the old residential homes built in 1950s in Sampaloc, Manila (fronting Espana) or along Laong Laan Street has transformed into a multiple high-rise residential condominium hubs for college bound students studying in nearby colleges like University of Santo Tomas, University of the East and Far Eastern University. These buildings are walking distance away from universities and are accessible via public transport or just a few minutes walk.  

Uptrend Lifestyle - residential condominiums in Metro Manila become a one stop shop for everything with mini- shopping malls and supermarkets on the ground floor with rows of fast food to fine cuisine restaurants to choose from,  other mixed-use commercial / business / establishments in the lower floors also have office spaces leased to BPO-IT companies or POGOs that have residential units located from the middle to upper floors. Developers are making mixed-used development for people to enjoy but at the same time create profit from those living inside with their shops or commercial establishments inside the building itself.

Looking For Residential Condominiums For Sale?

In this article, we have included a link into our residential condominiums for sale in Real Estate Properties. These are relatively located in CBD of Metro Manila and even in Pampanga alone that could give you choices in buying your residential condominiun either for your own use as primary or second home, for your college bound kids or as a rental income generating property. 

About the Writer



CRB Benedict Baluyut is a professional real estate broker, real estate appraiser and associate of C. F. Baluyut Realty. He is currently the Vice President for External Affairs, Real Estate Brokers Association of the Philippines, Inc. (REBAP) - Pampanga Chapter. You can get in touch with him at https://www.cfbaluyutrealty.com.





Related Posts:


Copyright 2004 - 2019 C. F. Baluyut Realty | Real Estate in Pampanga, Philippines. All Rights Reserved.


No comments: