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OVERSEAS PINOY PREFERENCE

Condos in cities, houses in provinces

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A MUCH-PREFERED address on Roxas Boulevard is Moldex condo

OVERSEAS FILIPINOS who are home for the holidays may likely consider purchasing condominiums, as property experts view OFs as main contributors to homebuying purchases during the holidays.

Enrique M. Soriano III, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory, said OFs’ preference would be condominiums in key cities, especially in the National Capital Region, while housing projects in mid-scale subdivisions would be more sought after in nearby provinces.

“Cities will always be the preferred choice for OFWs and first time homebuyers,” said Soriano. He added that research has shown that close to 80 percent of condominium developments are concentrated in Mega Manila.

OVERSEAS FILIPINOS prefer to buy condos in cities.

Soriano added that for a condominium purchase, the opportunities for buyers are aplenty due to the following reasons: the need for a halfway house in the city; as an investment; as a source of recurring income (rent); and psychic income.

Colliers International’s Julius Guevara, associate director, valuation and advisory services and head of consultancy and research, said house and lot properties are still the dominant housing type in the provinces due to the availability of affordable land.

Guevara said: “While there are more condos being developed in major cities such as Bacolod and Cagayan de Oro, a majority of the demand still focuses on the house-and-lot type. This being said, Cebu has been a very successful market for residential condominiums and has seen development of premium product over the years, and this is mainly because Cebu is already highly urbanized. Davao also has a strong condo market.”

Smaller share

Colliers International’s Karlo Pobre, research analyst, consultancy and valuation services, said “the condominium market comprises a smaller share of the housing industry, most of which is concentrated in Metro Manila.”

Pobre said: “All throughout the country, landed properties are still the most preferred product type, both in the provinces and even in major urban centers. Moreover, the housing backlog is focused in the economic and low-cost housing segments, which typically are horizontal developments in areas where land is more affordable.”

Soriano said that in the mid- to high-end category, condominium sales have outperformed house and lot sales.

“As a matter of fact, we are seeing a pattern of product substitution by horizontal developers shifting to condominium development,” he said.

Soriano observed that there is a noticeable increase of new condominium projects in such progressive cities like Cebu, Davao, Cagayan De Oro and Iloilo.

He said the top developers are on their way to surpassing their quota for 2012.

End-user demand

Soriano said: “A real estate purchase is always premised on end-user demand. With 9 million OFs dispersed globally and representing 10 percent of our population, housing sales will continue.”

Guevara said: “Based on our findings on the first three quarters of 2012 for the entire Metro Manila residential condominium preselling market, we anticipate that end-2012 figures will at the very least match 2011’s performance of almost 50,000 units. SMDC, Ayala Land, Megaworld and Vista Land continue to lead the industry, while DMCI, Century Properties and Federal Land are also performing very well.


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Tags: Condominiums , ofws , property

  • rodben

     The Pinoy workers can provide to buy a descent home like condo or subdivision if they are working in other country but if they are working in Pinas only squatter home can afford. But in other country their workers have a nice home and a nice car and can tour around the world….BAKIT KYA WALANG MABAIT NA MAMBABATAS NA MAKA-ISIP NITO..JUST ASKING?

  • dikoy321

    Buyers BEWARE !

    Buy intelligently !!

    Condos bought, mostly are more EXPENSIVE and WON’T give the Rate of Investment expected, even if buyer lives in his unit !

    Compute:  Buyer pays Developer monthly amounts until full payment or Title acquisition !

    Do Buyers realize they practically PAY Developer monthly, including utility costs, overhead,  MUCH MUCH HIGHER than what they get in RETURN ???

    So, again, Buyers BEWARE !

    Because those Condos are TOO HIGHLY-OVERPRICED !

    Developers/Sellers ought to LOWER their prices by HALF !

    Forward Philippines !!!

  • truth_will_set_us_free

    SOONER OR LATER THE BUBBLE WILL BURST IN REAL ESTATE. RIGHT NOW THE CONDOS ARE VERY EXPENSIVE.

  • henri_see

    I heard that one major condo developer has condos with very small corridor and common areas. Which you do not see in the brochure and find out for the first time only when you move in! 
    Very bad.

  • riba1023

    Developers are so shrewd in Condos.  They divided the space in such a way that it is not even livable for one person and the cost is too high.  I’d rather buy a house and lot where you own the land rather than living in a condo.  Besides the risk of collapse is much higher in tall buildings in an earthquake which we are prone.

  • kunsabagay

    I’ll wait for the housing bubble to burst before I buy para mas mura. At the rate condos are being built left and right, it will happen sooner than later

  • dshout dshout

    Like any bubble it will burst then it will be the best time to buy.. mga 3 to 4 years pa…my prediction is that those the likes of smdc condos are the ones who will be impacted first as medyo volatile mga buyers nun… then it will spread..then the bursting of the bubble…..

    • OFW28

      a ten year cycle, 1996, 2007/2008

      2016 or 2017 but not in P-noy’s time, expect it in the transition of government

  • iping2sison

    Potential buyers, when buying these properties, to scrutinize if the developer(s) constructed waste-water treatment facilities in these projects. Most, if not all, projects being offered are not environment friendly and are sources of pollution. 



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