In the Philippines it’s not just that condos are comparatively cheaper and relatively more easy to maintain than a single-family home. In recent years, they’ve become the prime residential real estate investment and the best may be yet to come says Beth Collingz, International Sales Director, PLC International, the lead marketing partners for Pacific Concord Properties Inc’s Lancaster Brand of Condo Hotels.
Collingz said according to her research into Philippine property values, since 2000, mid market condos in Metro Manila have increased in value 120 percent, at an annual rate of 17.14 percent compared to new homes rising some 25 percent since 2000 or 3.57 percent a year and resale homes rising 20 percent since 2000 or 2.85 percent a year. The median price for an existing studio type condo in Metro Manila is around $53,000 for 2007, up some 55 percent from $34,000 in 2005 whilst mid range housing prices in the $90,000 range for 2007 are only up some 8 percent from $84,000 in 2005.
Rising demand for condos, hotels, short and medium term rental accommodation, offices and shopping malls in the Philippines, home to a population of almost 80 million...
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