Emerging Condo Trends In The Last Quarters of 2022
According to Investopedia, a condominium, more commonly referred to just as a “condo,” is a huge property complex that is made up of individual units, and each unit in the condominium is owned independently.
A nonexclusive interest in certain “community property” that is managed by the condominium management is typically included as part of the ownership package.
Typically, the management of a condominium is handled by a board of unit owners who are responsible for the overseeing of the day-to-day operations of the complex, such as the maintaining of the lawn and fitness centers.
The pandemic caused many people to stop what they were doing, but it also caused many others to start moving again.
As a consequence, many industries were badly-hit, and the real estate industry is no exception.
But as time goes by, we have seen the remarkable economic resilience of the real estate industry, even in the face of a pandemic. Their rate of expansion is astounding.
Condominiums are part of the Philippine real estate trends as well. Here are some of the emerging condo trends in the last quarter of 2022.
There is a Strong Consumer Interest in Condominiums.
Did you know that almost fifty percent of all page views in Manila during the third quarter of the year were for condominiums?
It is also interesting to note that the age group from twenty-five to thirty-four, primarily comprised of working professionals, made up the largest percentage who were browsing into the city during the quarter.
Moreover, the return to the physical office is helping to fuel the robust demand for condos in Manila, a trend that is likely to continue as the year goes by.
To make it convenient for them, many people work in offices that are thinking about purchasing condominiums in the area around their workplaces. On the other hand, property investors may take up units to accommodate professionals looking for rental housing.
Also, did you know there is the potential for a very high rental yield, especially in Manila, Quezon City and Makati city, which can be maximized? Imagine the growth as time goes by!
The creation of master-planned communities is being concentrated on.
Residential developments can be considered as master-planned communities when they provide the residents with the experiences of living in a self-sufficient town, as well as the relevant amenity.
As a result of the pandemic, there has been an increase in the demand for these integrated communities, which contain an extensive variety of essential facilities, as well as dining areas, and leisure destinations within an only one gated community.
It is reasonable for one to anticipate that this pattern will persist even after the pandemic has passed because the citizens will continuously place a high priority on health, safety, and convenience.
The usage of environmentally friendly building materials will be the standard.
As mentioned above, the pandemic has fundamentally reshaped the way in which customers evaluate real estate properties as a result of their personal experiences.
Because there are so many choices available, it is a must for the developers to get creative with their approach to product creation in order to compete. This is precisely where the green building technology enters; the said technology puts a primary emphasis on living sustainably.
There are numerous advantages that come with green buildings.
According to one study, the costs of maintaining green buildings that have been certified by the LEED program are twenty percent lower than those of commercial buildings.
There is indeed increased demand for green technology in properties, and even in office spaces.
People are moving out of the cities and into the surrounding suburbs.
The effect of the pandemic continues; it has also encouraged people to move out of major cities and into surrounding suburbs. The growing demand for moving into the suburbs is even a trend for young professionals and more OFWs.
It is presumed that the largest metropolitan areas, such as Manila, Quezon City, Makati city, and Bonifacio Global City will experience a recovery once the Philippines has successfully emerged from the pandemic. Oh, the city life waiting!
Nevertheless, the pattern of avoiding living in the major cities is most likely to continue for the next three to five years.
Many professionals, even the young professionals in this field anticipate that the migration to the suburbs, which was spurred by the pandemic, will continue until the year 2025.
The two primary motivating factors behind the shift are choice and essential change. Those who are unable to maintain their current living expenses are being forced to relocate. While those who are rich are opting to move elsewhere.
Millennials prefer to invest their money in condominiums.
Naturally, the fact that they own a condominium allows them to continue the way of living that is convenient for them. Condos are typically situated in areas that provide easy access to various businesses that cater to the basic needs of the residents.
Living in a condominium unit eliminates all of the difficulties that are brought on by the commute, making it possible for millennials to more easily access the things that they require and desire.
Millennials invest in real estate in a desirable location
Millennials who are most focused on the future are the ones who understand that investing in real estate in a desirable location, even if the unit is on the smaller side, will eventually be profitable.
As soon as they get the sense that they have outgrown their cozy little habitat in the heart of the city, they can just pack up, find a new place to live and switch their old house into a rental property.
More Overseas Filipino Workers Are Investing in Residential Real Estate market
It is not only the millennials who have taken a great interest in condos; our overseas Filipino workers are putting their money into the real estate industry as well.
It should come as no surprise because investing in the real estate industry is a good investment.
As time goes by, there are more OFWs investing real estate developments. There are even some who consult real estate agent, real estate brokers, and even other real estate investors in order to get the best home prices for their condo living.
The amount of money sent back to the country by Filipinos working abroad has been steadily growing year after year, which is presumably going to add to the need for residential property.
Did you know that the remittances managed to reach $2.5 billion last November 2021? It was reported by the Bangko Sentral ng Pilipinas (BSP), and it is only expected to continue to rise.
The pandemic hurried along the process of digitization in every industry. And the market for the real estate industry is not an exception to this rule.
Some buyers in the year 2020 purchased homes before ever having set foot inside them because the housing market was very competitive and the COVID-19 was so widespread.
Viewing properties virtually
Due to the many virtual capabilities, many individuals had the opportunity to virtually tour the property. Drone videos, virtual staging, and even 3D tours are some of the options.
Because of the pandemic, real estate developers provided home sellers with the opportunity to peruse listings, make contact with real estate agents, and conduct research on available mortgage options.
Did you know that it is now possible to apply for a mortgage online as well? Indeed, there are many ways now in order to browse residential properties, even commercial properties if we may add. The residential market may be vast, but one can browse through them all if given enough time.
In addition to relying heavily on social media platforms, millennials are increasingly turning to technology in order to gain a better understanding of the communities in which they are settling.
One of the real estate companies that you can browse through online is the luxurious Crosswinds Tagaytay.
The prosperous market in the country has a demand for luxury homes, and indeed Crosswinds Tagaytay satisfies this demand by offering not only luxury condominiums, opulent residential lots for sale as well as cinematic houses and lots for sale.
Of course, these selections adhere to the highest standards of a bustling metropolis. Home buying here may be difficult, as in difficult to select among the properties because each property is indeed breathtaking and uniquely beautiful!
The homes in the said community, which boasts a Swiss theme, feature a distinguishable, elegant, and lovely environment for everyone.
The latest developments of Crosswinds Tagaytay, such as cafes and restaurants in the area surely meet the real estate trends. For sure, the property values are worth your money.