The Truth Behind The Fluctuations Of Luxury Condo Prices
As the real estate industry goes into a boom, demands for luxury condominium property also arise. This in turn causes a domino effect that makes prices step even higher.
Highly developed areas and business centers are some of the places to be observed with the highest increase in prices ranging from 20-30% which makes it reach the half a million-mark. Luxury units by well known developers are also continuously catching interest starting on the late 2018 up to present.
Direct investments from abroad are some of the drivers of the demands on the real estate sector. This goes hand-in-hand with the demands that are mainly driven by Information Technology and Business Process Management (IT-BPM) companies returning to the Philippines.
There is also a surge of Mainland Chinese buyers in the residential condominium sector. This is what causes the trend of alleviating prices which according to experts will not stop any sooner. Though, they clarified that these won’t have any negative impact with local buyers and investors also because of the increase on the number of millionaires and billionaires in the country.
Aside from the property itself, land value now also starts to move upward contributing to the totality of the each unit. According to studies, this is also a result of our country being more open to international relations thus paving way to more and more investors looking into our country.
Office spaces because of other booming industries are also to be considered. The only problem that is being seen about what’s happening is the threat of land and space scarcity which would greatly influence the topping up of prices. On the other hand, this seems to be good news for many workers because all of this also opens opportunities for job offerings and hiring which are connected to the construction of high-rise properties.
Many developer companies are still on the look-out for other areas to be developed and converted for commercial expansion and use. This would benefit those who are investing on land areas and properties for this can be a way for them to sell at very high price depending on the measurement and the location.
There’s not much alternative as of the moment except for investors and buyers to look for places which are farther to business districts as early as now. These are locations that are potential for good investments for they might become more valuable and pricey in the future.
Aside from being a personal property for comfort and convenience, owning luxury condominium units can also be converted into a competitive and a high source of significant revenue. It is a business where people are talking about not just the usual prices of units and properties but millions and even billions of revenue that can be generated from all of it.
So, before buying a property for personal consumption, you might also consider looking into the business side because you might not know when you can make good fortune out of it.