A new year means new opportunities for economic growth, and 2020 is already shaping up to be a potential treasure trove. If you’re looking for new and profitable ventures, the coming year offers amazing investment opportunities in the form of condominiums.
Investing in a condominium is a great idea, whether you’re looking for a new place to call home or a new source of revenue. And 2020 is the ideal time to do so.
There is High Demand for Condos
The demand for condominiums reached record heights in 2018 and continued at a similar pace in 2019. Young working professionals and high-net-worth individuals are the main driving forces behind this increased demand for luxury condominium units. Overseas interests, as well as a steady flow of remittances from Filipinos in foreign countries, provide additional fuel to the demand for condos in the Philippines.
If you’re buying one as a real estate opportunity, the high demand means that you won’t have a hard time finding a market for your new condominium unit should you decide to flip it. However, if your goal is to sublet your unit for more recurring income, check first with the developer. Some condominium developers have restrictions on subletting that could hinder or limit your investment plan.
Real Estate Space is Decreasing
As the demand for condominiums and associated properties continues to grow, the available space in which developers can build them diminishes. The increased demand also raises the price of undeveloped land around key areas of Metro Manila. The scarcity of land and the increased price of available property are slowing down the delivery of new condominiums.
Investing in a new condominium early helps you make the most out of it, whether you plan on living in the unit or selling it later on.
Market Factors are Driving Up Prices
Because of the public’s high demand for luxury condos and the dearth of available real estate, their prices are still climbing. In 2018 alone, the price for a luxury condominium with three bedrooms increased by 15 percent. The price increase is more notable in high traffic areas of Metro Manila.
For example, the price tags for three-bedroom condominiums in Rockwell Center increased by 4.6 percent. Meanwhile, prices for similar residences in Makati Central Business District went up by 6.1 percent.
These high prices are a good sign for investors. When you purchase the condominium, the initial price you paid is great leverage for future transactions, especially if you plan on putting your condo back on the market. Buying your own condo in 2020 gives you enough time to make improvements and monitor the real estate market.
New Properties are Being Developed
The high demand for condominiums is opening up new areas around Metro Manila to development. Property developers carefully choose which sites have the most potential, ensuring that there is a thriving market for their new constructions. Areas in Metro Manila, such as Katipunan, and cities adjacent to the capital, like Antipolo, are already being developed by real estate companies.
Buying a condo in these areas in 2020 puts you ahead of other potential buyers. If you purchase one early enough, you can enjoy living in an up and coming neighborhood. Acquiring a condo unit early also puts you in a better bargaining position when there are no other available units in the area.
Like any other exhaustible resource, buying a condo is a time-sensitive matter. By acquiring one in 2020, you can give your family home they deserve or the investment plan they need to secure their future.
A Home You Deserve
Ecoglobal Development Corp believes that everyone deserves a home in neighborhoods with everything they need. Our premium development in Quezon City, One Katipunan Residences, is strategically located near offices, schools, malls, and commercial institutions. Learn more about our high-rise condo in Katipunan.