Since the coronavirus pandemic outbreak, the home has been the safest place anyone can ever be. With homes being the new base for working, education, and business, the residential sector, specifically in the Philippines, has proven resilient and productive. And while the real estate industry has experienced many hiccups in its finances and in keeping up with clients, the sector has continued to adapt to the new normal.
Still, you might not be convinced about the robust state of the Philippine property market. Here are some influences of COVID-19 on the real estate market that may change your thoughts about investing in a new home in the Philippines.
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Discounts and More Flexible Payment Terms
Like most industries, the real estate market has also experienced a slump during the pandemic onset. Many buyers backed out from buying or were hesitant to invest their money into a house or condo unit since the pandemic calls for covering basic needs and protective gear first.
Nonetheless, the residential sector slowly rose from the ashes through developers’ different discounts and promos. Developers and their partner brokers continue to be proactive in promoting their units with discounts to encourage buyers to invest. For example, in the Philippines, many pre-selling units are offered at a discount, according to Joey Bondoc of Colliers International in Lamudi’s Expert Talks.
Discounts aren’t the only thing to be excited about; payment terms such as mortgages, loans, and other fees have been made adjustable to accommodate the growing demand for homes. The flexibility of fee payments help buyers to pay their dues while also covering their basic needs. In Lamudi’s webinar Money Moves to Make Right Now, David Leechiu of Leechiu Property Consultants encouraged buyers to go for pre-selling units because “investors can pay 30 to 50 percent of the product during the construction period.” Meaning, you won’t have to worry about the unit’s balance until it is handed over to you.
The need to curb viral spreads in public spaces brought on stay-at-home implementations in key locations. Developers promote their condominium units as these vertical developments are located in townships and are close to central business districts.
Most condominium developments are a walking distance or a few minutes’ drive to restaurants, hospitals, shopping malls, schools, and private and public offices. Some condominium developments also have grocery stores, retail shops, and restaurants, making it more convenient for residents to access their needs. Residents who need to go to the office can access their workplaces without worrying about traffic jams and exposure to viruses from daily commutes.
Aside from accessibility, condominiums offer luxurious amenities that cater to relaxation, recreation, and entertainment. Such an example is The Seasons Residences in Bonifacio Global City, Taguig. The Japanese-inspired high-rise development presents function rooms, a daycare center, swimming pools, spa facilities, landscaped gardens, a music studio, and a reading lounge. On the ground floor will be the first Mitsukoshi Mall that offers its residents the Japanese shopping experience. If you look at it, The Seasons Residences is, in effect, a township in one development.
Buyers who aren’t keen to invest in Metro Manila should look into the provincial residential areas. Lamudi’s trend report reveals cities such as Calamba, General Trias, Santa Rosa, and Lipa generate the most interest from buyers because of their proximity to Metro Manila. These cities also have growing business districts closer to their residential areas, making it more convenient for future residents.
As a whole, townships, business districts, and provincial cities are quarantine-friendly locations that offer the convenience of being close to various establishments, as well as safety and comfort.
Heightened Property Management
While high-rise developments remain popular among buyers due to their locations, many are still doubtful about safety and sanitation. Most high-rises have over a hundred units, which could mean the chances of getting infected with viruses and pathogens are higher. While this may be true, developers have heightened their vertical developments’ property management services for health and safety.
Included in these property management services are temperature checks at the entrance and exits, disinfection station in crucial areas, physical distancing in amenity and shared spaces, and regular cleaning and sanitation.
Many developments also use portals where residents can buy groceries, pay bills and association fees, and get water delivery services. These heightened property implementations make condo living suitable for many looking to live in the city.
More Open Spaces
Condominiums aren’t the only developments popular among seekers. House-and-lot developments have garnered the interest of many because of their open and expandable spaces. These open areas can be converted to a garden, a children’s play area, or an outdoor area for dining and entertainment. The extra indoor space is also excellent to steer away from potential contagion.
Horizontal developments such as PHirst Park Homes offer spacious amenity areas and facilities such as swimming pools, a clubhouse, a children’s playground, jogging trails, pocket parks, and al fresco dining areas where residents can enjoy without worrying about compromising social distancing.
Provisions for Working from Home
As the home continues to be the central space for everyone, Philippine developers equipped their units with Internet connectivity and air-conditioning to enable people to work from home. In the future, more homes will be suitable for working from home as buyers learn to prioritize their health and safety more than accessibility to the center of all urban action.
While the world continues to recover from the dreadful COVID-19 pandemic, the real estate industry proves its flexibility to cater to the needs of people. These five influences of COVID-19 on the Philippine real estate market show that your home will always be the safest and most comfortable place to do almost anything.