New markets fuel demand

A number of reasons fuel the rising popularity of condominiums whether you’re in the metro or the provinces.

And most of the time, it boils down to practicality, ease and convenience for the residents.

For instance, office workers find it more convenient to live in a condo near the business districts or their workplaces, while some would prefer to settle in a home that would offer amenities and features conducive to raising a family.

Others meanwhile find a lucrative opportunity in investing and renting out a condo, while parents sending their kids off to a university that’s far from their homes would find it a safer and far more practical option to purchase their own condo.

Given the breadth of options in the market in terms of sizes, amenities, price points and financing options, owning a condo unit has become more accessible and easier for many.

Data from Colliers International Philippines showed that the take-up of residential condominium units in Metro Manila alone hit a historical high of 54,000 last year. This strong take-up year comprised mostly of affordable to mid-income units with prices ranging from P1.7 million to P5.9 million.

Emerging segments

Over the past several years, many property developers have begun catering to specific markets, depending on their strengths. Among the segments that have seen a steadily growing demand include start up families, office workers looking for a halfway home, and students.

It made sense for many realty firms to target the market comprising students and other members of the academe, in particular, due to the huge potential opportunities that can be tapped. Easily, there would always be a market for student residences for as long as there are parents wanting their kids to live nearer their schools.

And that market has since expanded—it no longer covers just those living in the provinces and wanting to study in the metro. It also includes those living within Metro Manila but whose travel time to their schools from their homes have become more tiring and tedious due to the horrendous traffic.

Property consultancy firms Colliers International Philippines earlier noted that student-centered residential condominiums have proven to be a practical investment because there was a steady demand for this type of housing.

“This segment has been growing significantly as developers are targeting a niche market—students. We see similar projects being launched near university areas as property firms cash in on the sustained demand,” it had explained.

More players

There are already a handful property developers who have long been catering to the academe market, providing students and faculty members a home replete with amenities that address their needs and complement their lifestyle.

Torre Lorenzo Development Corp. is considered among the pioneers in this field, having built several university residences in Manila more than a decade ago. Other players include Rockwell Land Corp., which is building The Arton in Katipunan and SM Development Corp., which has a number of projects near schools.

Students, indeed, are quite fortunate nowadays to have some of the country’s biggest real estate developers putting up projects that go beyond providing the basics, as they also seek to provide even more and ensure their utmost comfort, convenience and safety.