It makes sense to think that there’s a bit of a slowdown when it comes to property purchases amid a global health crisis. One would think that people will be holding off buying decisions. But to many property experts’ surprise, this isn’t the case — at least for their condominium units.
In the recently concluded Lamudi Roundtable, On the Horizon: Real Estate Leaders on Market Recovery, chief executives from big property developers revealed that their condo sales during the pandemic aren’t as bad as they anticipated. In fact, some have noted sold out projects just three months into the lockdown.
Simply put, condos are an attractive buy despite the crisis. Of course, not all developments are created equal. The most investment-worthy projects are those that cater to the demands of the new normal.
The strict community quarantine measures have made people increasingly conscious of the distance of their homes from supermarkets, banks, and other key establishments. You wouldn’t want to travel far, be out for too long, and expose yourself to the virus.
In the case of condo developments, essential establishments should only be a 10-minute walk or drive. In fact, some have grocery stores or restaurants at the ground floor of their building. This kind of convenience reduces the health risk for residents.
For this reason, experts recommend looking at condos in mixed-use communities when finding a property investment. Surrounded by the things you need, you’ll be able to survive long stretches of quarantine period.
Proactive Property Management
Even prior to the pandemic, property management services are one of the best aspects of vertical living. But now, in the midst of a crisis, it’s one of those things condo owners are very thankful for, as it effectively reduces the risk of virus spread.
Across many condo buildings, whether in the capital region or in the provincial cities, property management teams have stepped up their game in maintaining their premises and ensuring the safety of their residents. These are just some of the common practices they have adopted:
- Temperature checks at entrances. Condo dwellers must go through body temperature inspections. Those that have beyond normal range must undergo quarantine.
- Physical distancing in shared areas. Visual cues in the lobby, elevators and hallways are present to encourage proper distancing among residents.
- Disinfection stations in key places. Dwellers can use the alcohol or sanitizers provided upon entry. There are also stations at the front desk and near elevators.
- Regular cleaning and sanitation. The maintenance team frequently disinfects common areas, with some doing it every hour or so.
Aside from implementing health and safety protocols, the property management staff is proactive in accommodating the other needs of residents. Some have launched online portals wherein condo owners can log in and see updates about community markets or water delivery services. Others have introduced digital payment channels for settling condo association fees. These add-on services make condos a good property choice in the middle of a pandemic.
Budget-friendly Property Ownership
Condos have become more affordable even before the pandemic. Budget-friendly units range from P1.5 to P3 million. Even young professionals can get their own condo given this price tag. This is good news in the time of pandemic when many are being increasingly conscious where their money goes.
It’s even better news that promising deals flood the market:
- In the private sector: Real estate companies have slashed their prices or made their terms more flexible. Some have introduced Early Move-in programs, giving buyers the keys to their home even before they complete their downpayment. Others have reduced their prices by 15 to 20 percent.
- In the public sector: The government offers financial assistance programs for aspiring property owners. Pag-IBIG members, for instance, can avail of lower interest rates on home loans.
For property seekers, now is the best time to invest. With promo deals in the market, there’s greater appreciation potential for properties in the coming years. Industry experts advise looking for new project launches and going for pre-selling units to score more savings on the purchase.
Condo sales aren’t going on a slump even in the midst of a global health emergency. There’s a good reason behind it: they accommodate the new normal needs of property seekers.
The attractiveness of condo investments is just one of the key insights in this installment to Lamudi’s Roundtable Series. Learn more about industry trends by following us on our social media accounts. Watch the tracks for On the Horizon: Real Estate Leaders on Market Recovery here.