Condo in the Philippines and Their Relevance in Present Day Society
Vertical living is not new in the Philippines. While there is a significant boom in high rises and condominiums in the last decade, condo living has been popular in the country as early as the mid-1990s. Nowadays, however, vertical residential projects are popping up like mushrooms everywhere because of the huge demand by the increasingly young professional (and millennial) population as well as OFWs (Overseas Filipino Workers) who recognize the many benefits of living vertically in the heart of the country’s urbanized cities.
One of the main drivers of the adoption of this kind of living in the Philippines is land shortage, which in turn, results in very high land prices. Urbanism and the unstoppable migration of those who lived in more rural parts of the country, towards its major cities also pay great roles in this growing trend of condo living. On a global scale, there is an estimated million-a-week number of people moving into cities, and this trend is expected to go on for at least the next 70 years. It is also for this reason that land developers are keen on putting up these vertical residences, seeing them as a practical answer to the growing urbanism of cities.
Condo living has its perks. Although the market for home buyers who prefer traditional, horizontally developed properties is still significant. Modern homeowners often lean towards condominiums, precisely because of these perks. In fact, a huge number of condo-dwellers are growing families, OFWs, young professionals, and expatriates. Of the P240 billion OFWs invest in real estate each year, the majority prioritizes condo-ownership in various locations across Metro Manila, and this is because condo prices are easier to accommodate within an average worker’s budget. Moreover, condos are relatively more affordable because it doesn’t require owners to buy a lot or build a home from scratch, which means dealing with contractors, architects, and designers to make a dream home happen.
