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With urban living becoming increasingly attractive, purchasing a condo has emerged as a popular choice for many aspiring homeowners.
Getting a condo unit has also proven to be a good investment as the country’s housing market shows growth and resilience in recent years. To illustrate this, the price of units in Metro Manila’s central business districts rose by 3.93% in 2022.
Whether it’s your first condominium or not, there’s no denying that buying this type of property is a huge milestone. Unfortunately, many people are still confused about how to navigate this exciting journey. This makes way for scammers to take advantage or overcharge unsuspecting buyers.
To avoid falling prey to these scams, it’s important to do your due diligence and research. In this article, we dive into the essential steps and key considerations involved in buying your dream condominium.
What is a Condominium?
A condominium unit, or condo for short, is a type of real estate property that is divided into individual units.
These units are owned by individual owners who share ownership and responsibility of common areas and facilities such as lobbies, hallways, elevators, and swimming pools.
Condominiums are managed by property developers who are responsible for the maintenance and upkeep of these common areas and facilities.
Understanding the condominium market in the Philippines
There’s no denying that the condominium market in the Philippines is flourishing. This is driven by the allure of city living, the perks of condo ownership, and its promising investment potential.
The condominium market in the Philippines has experienced significant growth over the past decade. This is driven by factors such as rapid urbanization and a rising middle class.
Condos offer a convenient yet luxurious lifestyle, making them an attractive choice for young professionals, families, and investors alike.
Here are the advantages of owning a Condo in the Philippines
Most condos are strategically located in the heart of bustling cities. This perk gives owners easy access to key amenities, business districts, schools, and entertainment hubs.
This proximity to urban centers enhances convenience and offers a dynamic lifestyle.
Amenities and Facilities
Condos usually come with a range of shared amenities like swimming pools, fitness centers, function rooms, and 24/7 security.
These facilities provide residents with added comfort and leisure within the confines of their homes and can even save them money compared to paying for individual memberships or services outside of the building.
The Philippine real estate market has shown consistent growth throughout the years. Investors can benefit from rental income or property appreciation over time.
Not only that but condominium units can also be used as collateral for secured loans such as the Tonik Big Loan (that provides access to loan amounts of up to P5 million). This is extremely beneficial since you don’t need to vacate your condo while using it as collateral.
Condo living often requires less maintenance compared to traditional houses. Many developments also offer property management services. This allows residents to focus on their daily routines.
Now that you know the advantages of condo living, it’s time to take a look at the current trends in the Philippine condo market.
Sustainable and Green Designs
Nowadays, there is an increasing emphasis on environmentally-friendly condominium developments. These units combine green building practices and energy-efficient features to attract eco-conscious buyers.
This not only helps in reducing the carbon footprint but also promotes a healthier and more sustainable lifestyle for the residents.
Developers are prioritizing creating mixed-use projects that combine residential, commercial, and retail spaces in a single complex.
These integrated communities provide residents with a complete live-work-play experience.
Smart home features and advanced security systems are also becoming more common in modern condo developments to help enhance the convenience and safety of residents.
Important Locations to Consider when Buying a Condo in the Philippines
The capital region offers a wide array of condo options, catering to various budget ranges and lifestyle preferences. Popular areas include Makati, Bonifacio Global City (BGC), Ortigas, and Quezon City.
Known for its vibrant culture and economic growth, Cebu City has seen a surge in condominium developments. This city offers breathtaking views of the city and access to nearby tourist spots.
As a major economic hub in Mindanao, Davao City boasts a thriving condo market, attracting investors and residents looking for a balance between urban conveniences and natural beauty.
How to Buy a Condo Property in the Philippines
Here’s a step-by-step guide on how to buy a condo property in the Philippines:
Step 1: Research and Property Hunting
Before making any purchase, it’s important to do your research and hunt for properties that fit your budget and lifestyle needs.
Choose a location
The first step in buying a condo property in the Philippines is to choose a location that suits your needs and preferences.
Determine the areas that offer convenient access to your workplace, schools, or essential amenities. Consider your lifestyle and the type of environment you want to live in.
Do you prefer a bustling city or a quiet suburban community? Other factors to consider include proximity to public transportation and the overall safety of the area.
With the advancement of technology, property hunting has become more accessible through online platforms. There are various websites and mobile applications that offer a comprehensive listing of available condos in the Philippines. These platforms provide filters to narrow down your search based on your preferred location, budget, and other features such as amenities and facilities. Some of the most popular ones include:
Research property developers
Once you have identified potential condo properties that fit your needs and preferences, the next step is to research the property developers responsible for building them.
Look into their track record, reputation, and credibility in the real estate industry. This will give you an idea of the quality of their projects and the level of customer service they provide.
It’s important to choose a developer that has a good reputation and a proven track record of delivering quality projects on time.
Real estate agents
If you’re having trouble finding the right condo property or developer on your own, you may want to consider enlisting the help of a real estate agent.
These professionals have access to insider information and can provide valuable insights into the market. They can also assist you in negotiating the terms of the sale and ensure that the transaction goes smoothly.
Attending property viewings is an essential part of the research process when buying a condo property in the Philippines.
Visiting the actual unit and the surrounding area will give you a better idea of what it’s like to live there. During the viewing, take note of the unit’s size, layout, and overall condition.
Inspect the amenities and facilities to see if they meet your expectations. Don’t hesitate to ask questions and clarify any concerns you may have.
Step 2: Budgeting and Financing
Once you’ve found the condo property that meets your needs, the next step is to determine your budget and financing options.
Determining your budget
Before you start looking for financing options, it’s important to determine your budget.
This includes assessing your financial capacity, taking into account your income, expenses, and your current financial commitments.
Remember to be realistic and practical in setting your budget to avoid overextending your finances.
Mortgage loans in the Philippines
Mortgage loans are the most common financing option when buying a condo property in the Philippines.
There are various banks and financial institutions that offer mortgage loans with different interest rates, payment terms, and eligibility requirements.
Other financing options
Aside from mortgage loans, there are other financing options available in the Philippines such as:
- In-house financing
- This is when property developers offer financing directly to the buyer. This may have higher interest rates than bank loans but often have more flexible payment terms.
- Pag-IBIG Housing Loan
- This financing option is offered by the government’s Home Development Mutual Fund or Pag-IBIG Fund. They offer housing loans to members with a fixed interest rate and longer payment terms.
- Bank loans
- Borrowing from friends/family
- If you have the option, borrowing from friends or family members may also be a viable financing option for buying a condo property in the Philippines.
However, make sure to approach this with caution and only borrow within your means to avoid any potential conflicts or financial strains in the future.
Step 3: Making an offer
After determining your budget and financing options, the next step in buying a condo property in the Philippines is making an offer.
Price negotiation is a crucial part of making an offer for a condo property in the Philippines. Be well-informed about the property’s market value and have a clear understanding of the developer’s pricing policies.
Also, research the prices of properties in the area and explore other financing options to leverage your bargaining power. Don’t hesitate to negotiate and ask for a better deal. However, also be willing to compromise if necessary.
Review contract and payment terms
After agreeing on a price, the next step is to review the contract and payment terms with a lawyer or a trusted legal expert.
These professionals can help you understand the terms and conditions of the contract and ensure that everything is in order.
Some important details to review include the payment schedule, penalties for late payments, and the terms for cancellation or termination of the contract.
Check property documents
Before finalizing the purchase, it’s important to check all the necessary property documents to ensure that everything is in order.
This includes the title of the property, tax declarations, and other relevant documents. It’s important to verify that the property is free from any liens or encumbrances and that there are no legal issues that may affect the transfer of ownership.
Once all the necessary documents have been verified and the contract and payment terms have been reviewed, it’s time to take care of the legal procedures involved in buying a condo property in the Philippines.
Part of this step is to seek the help of a lawyer or licensed real estate broker to help you verify the authenticity of the property’s documents.
This step ensures that the property has a clean title. It will also help you have peace of mind that you have all necessary permits and approvals from relevant government agencies.
Step 4: Closing the deal
After completing all the necessary legal procedures, the last step in buying a condo property in the Philippines is closing the deal. This involves transferring the ownership of the property to the buyer and finalizing the payment.
Prepare required documents
Buying a condo in the Philippines involves several legal procedures to ensure a smooth and secure transaction. Here are the essential steps in the process:
- Submission of Documentary Requirements
- Prepare the necessary documents such as government-issued IDs, Tax Identification Numbers (TIN), proof of billing, and other supporting documents required by the developer or seller.
- Reservation Agreement (not applicable at all times)
- If you’re interested in a condo unit but you’re still unsure if you want to purchase it, you can sign a reservation agreement and pay a reservation fee. This agreement reserves the unit for a specified period while you complete the necessary documents and payments.
- Letter of Guarantee
- This is issued by the bank or lender, guaranteeing that they will provide the necessary funding for the purchase. This letter is required to prove that you have the necessary funds to complete the purchase and to avoid delays in the process.
- Issuance of the Condominium Certificate of Title (CCT)
- After registration of the Deed of Sale, the Registry of Deeds will issue a Condominium Certificate of Title (CCT) in your name to signify your ownership of the condo unit.
- Contract of Sale
- The developer or seller will prepare the Deed of Sale, which is a legally binding document that lists the terms and conditions of the purchase.
Don’t forget to review the contract carefully, and ensure that it includes all agreed-upon terms like the unit’s exact specifications, price, payment terms, and warranties, if any.
Both parties must sign the contract of sale to formalize the transfer of ownership from the seller to the buyer.
Registration of title
Once all the necessary documents have been prepared and signed, it’s time to register the transfer of ownership with the Register of Deeds. This involves submitting the Deed of Sale and other supporting documents and paying the necessary fees.
During this process, the Register of Deeds will verify the authenticity of the documents and ensure that there are no outstanding issues that may affect the transfer of ownership.
Once everything has been verified, they will issue a new title in the buyer’s name, signifying their ownership of the condo unit.
Transfer of ownership
With the registration of the title and all legal procedures completed, the transfer of ownership can now be finalized. The buyer will receive the keys to the condo unit, and the seller will receive the full payment for the property.
Turnover and moving in
After the transfer of ownership has been completed, the next step is the turnover of the condo unit. This is when the developer or seller will officially hand over the keys and full access to the unit to the new owner.
Top Condominium Developers in the Philippines
Here are the top condominium developers in the country who are shaping the nation’s urban landscape with innovative and luxurious living solutions.
Ayala Land Inc., established in 1988, is one of the Philippines’ leading and most respected real estate developers, known for their expertise in creating large-scale, integrated and sustainable mixed-use developments.
Their portfolio spans across strategic growth centers in the archipelago, including high-end residential, shopping centers, offices, hotels, and resorts, reinforcing their commitment to enhancing land and enriching the lives of the Filipino community.
Here are some of Ayala Land’s latest condominium projects:
|Price (starts at)
|East Gallery Place
SM Prime Holdings
Founded in 1994, SM Prime Holdings is one of the largest integrated property developers in Southeast Asia. Based in the Philippines, this conglomerate is a pioneer in creating world-class malls, residences, offices, hotels, and convention centers.
SM Development Corporation’s developments seamlessly merge business, leisure, and entertainment, illustrating their dedication to provide top-tier living and commercial spaces that empower Filipinos and contribute to the nation’s economic growth.
Here are some of SMDC’s latest condominium projects:
|Price (starts at)
|SMDC Jade Residences
|SMDC Zeal Residences
|SMDC Glade Residences
DMCI Homes, a subsidiary of DM Consunji, Inc., is a premier real estate developer in the Philippines known for delivering high-quality, themed developments that are in harmony with the environment.
Founded in 1995, DMCI Homes offers a wide range of residential communities, including mid-rise and high-rise condominiums, each designed with innovative engineering techniques and designed to provide spacious, breathable, and comfortable living spaces, particularly catering to the growing middle-class market.
Here are some of DMCI’s latest condominium projects:
|Price (starts at)
|Allegra Garden Place
Founded in 1989, MegaWorld Corporation is a leading real estate company in the Philippines known for pioneering the “Live-Work-Play-Learn” township concept. This innovative approach entails integrated urban townships featuring residential condominiums, commercial spaces, lifestyle malls, office buildings, schools, and leisure facilities.
MegaWorld’s distinct portfolio underscores their dedication to developing sustainable and self-contained communities that enhance the quality of life and provide opportunities for a well-balanced lifestyle.
Here are some of MegaWorld’s latest condominium projects:
|Price (starts at)
|18 Avenue De Triomphe
|Park McKinley West
Filinvest Land, Inc., established in 1967, is one of the Philippines’ largest real estate developers, with a diverse portfolio that includes townships, retail establishments, offices, industrial parks, and a wide array of residential options such as condominiums and housing communities.
Filinvest Land is committed to building the Filipino dream by creating developments that cater to every income segment, providing affordable yet high-quality properties that contribute to improving the quality of life for Filipinos.
Here are some of Filinvest Land’s latest condominium projects:
|Price (starts at)
Century Properties Group, Inc., founded in 1986, is a distinguished real estate developer in the Philippines, renowned for their high-concept, world-class residential, office, and commercial developments.
With a rich history of pioneering projects that blend aesthetic innovation with functionality, Century Properties has collaborated with globally acclaimed architects and design professionals, delivering landmark projects that redefine urban living and contribute to the vibrancy and growth of the Philippine real estate landscape.
Here are some of Century Properties’ latest condominium projects:
|Price (starts at)
|Azure Urban Resort Residences
|The Residences at Commonwealth
Robinsons Land Corporation
Established in 1980, Robinsons Land Corporation (RLC) is one of the leading real estate companies in the Philippines, known for its diverse portfolio that includes residential condominiums, commercial centers, hotels, and office buildings.
A subsidiary of JG Summit Holdings, RLC places a strong emphasis on delivering top-tier, innovative projects that create value and provide exceptional experiences for its customers, reflecting their commitment to enhancing city landscapes and contributing to community growth and development.
Here are some of Robinsons Land’s latest condominium projects:
|Price (starts at)
|The Residences at Westin Manila
|AmiSa Private Residences
|Signa Designer Residences
Vista Residences, the condominium development arm of Vista Land & Lifescapes Inc., was established in 2003 and has quickly become a key player in the Philippine real estate industry. Known for their strategically located high-rise and mid-rise condominiums in Metro Manila and across major universities,
Vista Land offers elegant and practical living solutions designed for students, families, and young professionals. Their projects blend comfort, convenience, and sophistication, contributing to urban revitalization and improving the standard of living in the areas they serve.
Here are some of Vista Residences’ latest condominium projects:
|Price (starts at)
Federal Land, Inc., established in 1972, is a key player in the Philippine real estate industry known for their diverse portfolio of residential condominiums, office buildings, commercial complexes, and master-planned communities.
A member of the GT Capital Holdings group, Federal Land upholds a legacy of excellence and quality, delivering projects that are well-planned and executed with precision, creating landscapes that enrich the urban living experience while contributing positively to the growth and development of the local community.
Here are some of Federal Land’s latest condominium projects:
|Price (starts at)
|Four Seasons Riviera
Rockwell Land Corporation, founded in 1995, is a prominent real estate developer in the Philippines, known for its innovative, exclusive, and exceptional projects that set new standards for luxury and quality living.
A member of the Lopez Group of Companies, Rockwell Land specializes in developing upscale residential condominiums, commercial centers, and leisure establishments, all of which are well-crafted and designed with unparalleled attention to detail, reflecting their commitment to create aspirational spaces that elevate the urban living experience.
Here are some of Rockwell Land’s latest condominium projects:
|Price (starts at)
|East Bay Residences
Shang Properties, Inc., a subsidiary of the Kuok Group of Companies, is a premier property developer in the Philippines with a focus on high-end residential and commercial properties.
Since its establishment in the 1980s, Shang Properties has developed an impressive portfolio which includes luxury residences, upscale shopping centers, and world-class hotels, each known for their elegant designs, high-quality materials, and strategic locations. Shang Properties continues to uphold its tradition of excellence, transforming landscapes and delivering superior living and commercial spaces that enhance the urban lifestyle.
Here are some of Shang Properties’ latest condominium projects:
|Price (starts at)
|Shang Residences at Wack Wack
|The Rise by Shangri la
Empire East Land Holdings, Inc., founded in 1994, is a renowned real estate developer in the Philippines, specializing in the creation of affordable mid-income housing communities. Empire East has made its mark with a series of landmark residential projects that offer quality yet reasonably priced homes, incorporating amenities that promote active lifestyles.
Their developments, which include high-rise condominiums, commercial complexes, and suburban communities, reflect a commitment to delivering the dream of homeownership to a wider market, contributing to the upliftment of Filipino living standards.
Here are some of Empire East’s latest condominium projects:
|Price (starts at)
|The Paddington Place
|Mango Tree Residences
Sta. Lucia Land
Sta. Lucia Land, Inc., founded in 1972, is one of the leading property developers in the Philippines, with a broad portfolio that encompasses residential, commercial, and tourism properties.
Sta. Lucia Land has made a significant impact on the Philippine real estate landscape by developing a large number of quality residential subdivisions, golf courses, and resort-type developments, primarily catering to the mid- to high-end markets.
Here are some of Sta. Lucia Land’s latest condominium projects:
|Price (starts at)
|128 Nivel Hills Residences
|Splendido Taal Towers
Managing your Condo Property in the Philippines
Here are some tips on managing your condo property in the Philippines:
Monthly dues and other fees
You must stay on top of your monthly dues and other fees to avoid penalties and legal issues. These fees cover the maintenance and upkeep of the building, including the common areas and facilities such as the gym, swimming pool, and security services.
Make sure to check with your condo association or property management team to understand the breakdown of these fees and when they are due.
This can range from P1,000 to P3,000 per month in some condos, to P25,000 per quarter. Factors that can affect your condo fees include the size of your unit, the amenities offered, the location, and the age of the building.
Understanding condo rules and regulations
Every condo property in the Philippines has its own set of rules and regulations that all owners and tenants must follow. These rules can range from pet policies to noise restrictions.
These rules are put in place to promote harmonious living among all residents. As a condo owner, it’s your responsibility to familiarize yourself with these rules and ensure that you follow them.
Renting or Reselling: What to Consider
Choosing whether to rent or resell your condo depends on various factors. Here’s what you should consider when making this decision:
What are your long-term financial objectives? Do you need immediate cash or want to invest in other ventures? Then selling the condo might be a better option. On the other hand, renting can provide a steady income stream and potential long-term appreciation of the property.
Analyze the current real estate market in your area. A market with high demand and rising property values could make selling more lucrative. However, a market with low demand may make renting more appealing.
Research the rental market in your area to estimate the potential rental income you can get. Compare this income to your mortgage, property taxes, insurance, and maintenance costs. This will help you determine if renting it out is financially viable.
Consider whether you have the time, resources, and willingness to manage the rental property. Being a landlord is not easy. It comes with responsibilities such as tenant screening, handling repairs, and solving tenant concerns.
Evaluate the historical and projected appreciation of your condo. If the property’s value is likely to increase significantly over time, especially if it is located in a strategic location, renting could be a strategic move.
Short-term vs. Long-term Income
Selling your condominium unit provides lump-sum cash, whereas renting generates steady, regular income. Which one do you prefer?
Renting carries the risk of potential vacancies and problematic tenants, while selling carries the risk of missing out on potential future appreciation.
Reflect on your plans. If you envision living in the condo again or if it serves as a potential vacation home, renting might be a more suitable choice.
Maintenance and Repairs
Factor in the ongoing and long-term cost of maintenance and repair costs associated with owning the condo.
Elevating Lifestyle by Exploring the Benefits of High-Rise Living
Editor’s Note: This section of the guide was created in collaboration with Vista Residences. For more information on Vista Residences, email firstname.lastname@example.org, follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
Living in a condominium offers a multitude of benefits, transforming your lifestyle to new heights. With a focus on exceptional amenities, breathtaking views, and proximity to bustling business establishments, condominium living presents a unique opportunity to elevate your everyday experiences.
From indulging in top-notch amenities to embracing captivating views and enjoying the convenience of nearby businesses, high-rise condominium living presents a myriad of benefits that enhance your lifestyle.
Elevate your everyday experiences by exploring the luxurious possibilities offered by high-rise living. Here are several high-rise building advantages.
Spectacular Views on High-Rise Buildings
Living in a high-rise condo offers an unparalleled opportunity to immerse yourself in stunning views that stretch beyond the ordinary. Whether you prefer the dynamic energy of a cityscape, or the serene beauty of lush green landscapes, living close to a high-rise condo provides a front-row seat to these breathtaking panoramas.
The views from the top floors of a high-rise condo not only provide visual pleasure but also evoke a sense of tranquility and elegance. It becomes a backdrop for relaxation and rejuvenation, elevating your everyday life and providing a sense of peace.
Natural Light and Ventilation Living in a high-rise condo unit gives you an extra plus – you get more natural lighting and fresh air since there are no obstructions to hinder the sunlight and wind from reaching your condo balconies or windows. You will be able to enjoy the naturally lit interiors of your home.
Luxury Amenities in A High-Rise Condominium
When you choose to live in a high-rise condo, you gain access to several floors and all the amenities that redefine convenience and indulgence. These well-appointed amenities and condo features are designed to enhance your lifestyle and provide a haven of relaxation and entertainment within your building.
One of the standout amenities in high-rise condos is the presence of well-equipped fitness centers. These state-of-the-art workout facilities often offer a wide range of exercise equipment, allowing you to maintain your fitness routine without the need for an external gym membership.
From cardiovascular machines to strength-training equipment, you have everything you need to stay active and fit conveniently located just an elevator ride away.
Rooftop pools are a coveted amenity in high-rise condos, offering a luxurious escape from the urban bustle. Imagine taking a refreshing dip in a sparkling pool surrounded by stunning city views or lounging on comfortable sunbeds while enjoying the warm sun and a gentle breeze. Rooftop pools provide a private oasis in the sky, allowing you to relax, socialize, and enjoy leisurely moments without ever leaving your building.
Private lounges and entertainment spaces are also common amenities in high-rise condos, providing residents with exclusive areas to socialize, host gatherings, or simply unwind. These stylishly designed spaces often feature comfortable seating, entertainment systems, and sometimes even a fully equipped kitchen or bar area. They offer the perfect setting for hosting events, celebrating special occasions, or enjoying quality time with friends and neighbors.
Enhanced Security and a Noise-Free Environment
Security is a top priority in high-rise condos, providing residents with a safe and secure living environment. These buildings implement various measures to ensure your safety, privacy, and peace of mind, allowing you to enjoy a worry-free lifestyle.
Controlled access systems are a common feature in high-rise condos. These systems require residents to use electronic key cards or access codes to enter the building, ensuring that only authorized individuals can gain entry. This controlled access not only deters unauthorized individuals from entering the premises but also provides a sense of exclusivity and privacy.
Surveillance cameras are strategically placed in common areas, entrances, and other key locations within high-rise condos. These cameras provide continuous monitoring and recording of activities, enhancing the overall security of the building.
They not only act as a deterrent but also assist in identifying and investigating any security incidents that may occur in high-rise buildings.
In addition to physical security measures, high-rise condos often have well-defined emergency procedures in place. These procedures include fire safety measures, evacuation plans, and protocols for handling other emergencies. Regular drills and training sessions ensure that residents are familiar with these procedures, enabling them to respond appropriately in case of an emergency.
Living in a high-rise condo offers the advantage of being situated in a prime location. These strategically chosen locations provide residents with unparalleled convenience and access to a wide range of establishments, making daily life more convenient and enjoyable.
One of the key benefits of high-rise condo living is the proximity to business districts. Many high-rise condos are located in or near major business hubs, allowing individuals to have a shorter commute and more time for other activities.
Entertainment venues are another highlight of living in high-rise condos. From theaters and concert halls to art galleries and museums, these cultural attractions are often located nearby high-rise buildings, offering you easy access to a vibrant arts and entertainment scene.
The convenience of having a variety of amenities within close proximity is a significant advantage of high-rise condo living. From restaurants and cafes to fitness studios and spas, high-rise condos often have an array of amenities within or adjacent to the building. This means that you can enjoy fine dining experiences, stay active, and pamper yourself without having to travel far. The accessibility of these amenities enhances your quality of life and saves you valuable time and effort.
One of the significant advantages of living in a high-rise condo is the reduced maintenance responsibilities compared to owning a traditional house. High-rise condos offer a hassle-free lifestyle by taking care of various maintenance tasks, allowing you to focus on enjoying your life rather than dealing with extensive upkeep.
One aspect of maintenance that is typically handled by the condo management is the cleaning and maintenance of common areas. This includes hallways, lobby floors, elevators, and other shared floor spaces. Regular cleaning ensures that these areas are kept tidy and presentable, enhancing the overall appearance of the building and creating a pleasant living environment for all residents.
Landscaping is another maintenance task that is often managed by the condo management. High-rise condos usually have landscaped areas, such as gardens, courtyards, or rooftop green spaces.
The management takes care of the regular upkeep of these areas, including mowing the lawn, trimming plants, and maintaining the overall landscape design. This means you can enjoy the beauty of the outdoor spaces without having to personally tend to maintenance tasks.
The reduced maintenance requirements of a high-rise condo not only save you time and effort but also provide a sense of convenience and peace of mind.
You can rest assured that the building and its common areas are well maintained, creating a pleasant living environment for you and your fellow residents. Embrace the maintenance-free lifestyle and make the most of your time in a high-rise condo.
Community and Social Opportunities
Living in a high-rise condo offers more than just a living space—it provides opportunities for socializing and building a strong sense of community.
The shared amenities and common areas that are typically located on lower floors and within high-rise condos serve as gathering places, fostering interactions among residents and creating a vibrant and engaging atmosphere.
Common areas such as lounges, rooftop gardens, and shared spaces are designed to encourage social interactions. These spaces provide residents with opportunities to meet and connect with their neighbors, fostering a sense of belonging and community.
Whether it’s striking up conversations in the lounge, enjoying a shared BBQ on the rooftop, or participating in group activities in the shared spaces, high-rise condos provide avenues for residents to engage with one another and form lasting friendships.
Purchasing a high-rise condo can indeed be a sound investment for several reasons. One of the key factors is the potential for property appreciation. High-rise condos in prime locations tend to hold their value well and have the potential for long-term appreciation.
The demand for properties in desirable areas often remains high, leading to increased property values over time. This means that when you decide to sell your high-rise condo in the future, you may be able to realize a profit from your initial investment.
Moreover, high-rise condos often offer a strong rental market, providing you with the option to generate rental income if you decide to move or relocate. The allure of living in a prime location, combined with the amenities and convenience offered by high-rise living, attracts tenants who are willing to pay a premium for such properties.
Renting out a floor in your high-rise or condo can be a lucrative source of passive income, helping to offset mortgage payments, cover maintenance fees, or provide an additional stream of revenue.
Vista Residences offers ready-for-occupancy (RFO) condos for sale in various locations across Metro Manila. Some of the notable RFO condos include:
- Vista Shaw in Shaw, Mandaluyong: Located in a prime area, Vista Shaw offers a convenient and accessible lifestyle with its proximity to shopping centers, schools, and major thoroughfares.
- The Currency in Pasig: Situated in the heart of Ortigas Center, The Currency provides a vibrant urban living experience, surrounded by commercial establishments such as grocery stores, offices, and entertainment hubs.
- Symphony Towers, Wil Tower, and Pinecrest in Quezon City: These condominium developments offer residents a range of choices in different parts of Quezon City, providing easy access to commercial areas, universities, and major transportation routes.
- Vista 309 in Katipunan: Located along Katipunan Avenue, Vista 309 offers a prime location for students and professionals with its proximity to prestigious universities, shopping malls, and dining options.
- Laureano Di Trevi Tower and Salcedo Square in Makati: These condominiums and developments in Makati provide residents with a convenient and luxurious lifestyle in the heart of the central business district, with easy access to commercial establishments and key areas in Makati.
- Avant at The Fort in Taguig: Situated in Bonifacio Global City, Avant at The Fort offers a sophisticated and cosmopolitan living experience, with its proximity to high-end shopping centers, international schools, and a bustling business district.
These RFO condos at Vista Residences offer buyers the opportunity to own a ready-to-move-in unit in prime locations, allowing them to experience the convenience, amenities, and lifestyle benefits that these developments provide.
Buying a Condo in the Philippines FAQs
Still got questions about buying a condo in the Philippines? We’ll answer them below.
Can foreigners buy a condo in the Philippines?
Foreigners can legally own a condominium in the country, thanks to the Philippine Condominium Act. However, at least 60% of the condo should be owned by a Filipino.
What are the legal considerations for buying a condo in the Philippines?
When buying a condo in the Philippines, there are several legal considerations you should keep in mind.
First, make sure that the developer or seller has all the necessary permits and licenses from the government to sell the property. You should also ensure that the condo unit you are interested in is not involved in any legal disputes or conflicts.
It’s also important to review the contract of sale and all other legal documents carefully before signing them to avoid any misunderstandings or legal issues down the line.
How do I choose the right location for my condo in the Philippines?
Choosing the right location for your condo in the Philippines is so important.
Think of factors such as accessibility to major transportation hubs, proximity to work or school, safety and security of the neighborhood, and availability of necessities such as grocery stores, hospitals, and restaurants.
Also, think about your lifestyle and what you value most in a community. Do you prefer to live in a bustling urban center or a quieter area?
If you need help in choosing a location, you can always consult with a real estate agent to make a more informed decision.
What should I look for when viewing a potential condo to buy?
The location for your condo in the Philippines can significantly impact your lifestyle, convenience, and potential return on investment.
Here are some factors to consider when selecting the right location:
- Proximity to Essential Services
- Look for a location that is near essential services such as schools, hospitals, grocery stores, pharmacies, and public transportation. Having these amenities nearby will enhance your daily convenience and quality of life.
- Safety and Security
- Check crime rates and inquire about the presence of security measures like gated communities, security guards, and surveillance systems.
- Consider the accessibility of the location to major roads, highways, and public transportation hubs. Easy access to transportation options will make commuting and traveling more convenient.
- Neighborhood Development
- What is the level of development in the neighborhood? Areas with ongoing infrastructure improvements and commercial development may see an increase in property value over time.
- Flood and Natural Disaster Risk
- Assess the area’s susceptibility to floods and other natural disasters. Avoid locations prone to flooding or those situated near geological hazards.
- Surrounding Environment
- Consider the surroundings of the condo, such as parks, green spaces, and recreational facilities. A pleasant environment can positively impact your lifestyle while living there.
- Lifestyle and Community
- Research the neighborhood’s lifestyle and community vibe. Some areas may cater more to families, while others may be more suitable for young professionals or retirees.
- Noise and Pollution
- Evaluate the noise levels and pollution in the area, especially if you prefer a quieter and cleaner environment.
- Future Development Plans
- Look into any future development plans for the area, such as commercial centers, business districts, or government projects. These developments can positively impact property values.
- Balance your desired location with your budget. Consider more affordable neighborhoods that still meet your essential criteria.
What is a Contract to Sell and a Deed of Absolute Sale?
The Contract to Sell and Deed of Absolute Sale are two legal documents that are involved in buying a condo in the Philippines.
A Contract to Sell is a preliminary agreement between the buyer and the seller. It outlines the terms and conditions of the sale, including the purchase price, payment terms, and other relevant details. This document is usually signed before the actual transfer of ownership takes place and serves as proof of intent to sell and buy the property.
On the other hand, a Deed of Absolute Sale is a legal document that transfers ownership of the property from the seller to the buyer. This document is signed after the buyer has fulfilled all the conditions stated in the Contract to Sell, including the payment of the purchase price.
How do I register the title of my condo under my name?
Registering the title of your condo under your name involves several steps. First, you need to secure all the necessary documents from the developer or seller, including the Certificate of Title, Deed of Absolute Sale, Tax Declaration, and other pertinent permits and clearances.
Next, you need to go to the Register of Deeds office in the city or municipality where your condo unit is located. Present the documents and pay the necessary fees for the transfer of ownership.
The Register of Deeds will then process the transfer and issue a new Certificate of Title under your name. Typically, your real estate agent will assist you with this process.
Are there any taxes involved in buying a condo in the Philippines?
Condo purchases are subject to a capital gains tax of 6% of the gross selling price or current fair market value, whichever is higher. Meanwhile, the documentary stamp tax is 1.5% of the sale, and the Transfer tax is 0.5% to 0.75% of the selling price.
Keep in mind that you also need to account for Real Property Tax, which is 2% in Metro Manila and 1% in provinces and municipalities.
What are the usual monthly costs associated with owning a condo?
The monthly costs associated with owning a condo typically include association dues, utilities, and maintenance fees. Association dues cover the expenses for maintaining and operating the common areas, as well as the facilities of the condominium.
How do I protect myself from real estate scams when buying a condo in the Philippines?
To protect yourself from real estate scams when buying a condo in the Philippines, there are several steps you can take:
Work with a reputable and licensed real estate agent or broker who has a good track record.
These professionals can help guide you through the buying process and can verify the legitimacy of the seller and property.
Conduct due diligence on the property and seller
This includes verifying the property’s ownership and title, checking for any liens or encumbrances, and researching the seller’s background.
Beware of unrealistic offers or deals that seem too good to be true
Scammers may use this tactic to lure in unsuspecting buyers.
Do not make any payments or deposits without proper documentation and receipts
Always ask for a written agreement or contract that outlines the terms and conditions of the sale.
Inspect the property thoroughly before making any purchase
This includes checking for any damages or defects in the unit, as well as verifying the amenities and facilities promised by the seller.
Be wary of high-pressure sales tactics or urgent deadlines
Scammers may try to rush you into deciding without giving you enough time to think it through.
Can I buy a condo off-plan or pre-selling in the Philippines? What are the risks?
Yes, it is possible to buy a condo off-plan or pre-selling in the Philippines. This means that you are purchasing a unit that has not yet been completed or constructed.
The main advantage of buying off-plan is that the prices are usually lower than buying a finished unit. However, there are also risks involved in buying off-plan, including delays in construction, changes in the final unit design, or even the possibility of the developer backing out of the project entirely.
To mitigate these risks, it is important to research the developer’s track record and financial stability, review the contract carefully, and ensure that all necessary permits and clearances are in place before making any payments.
How is the condo market performing in the Philippines? Is it a good time to buy?
The condo market in the Philippines has been steadily growing over the years, with a significant increase in demand from both local and foreign investors.
Despite the challenges brought about by the COVID-19 pandemic, the market has remained resilient, with a strong focus on affordable housing options and innovative developments.
While there may be some fluctuations in the market, it is still a good time to buy a condo in the Philippines, especially for those who are looking for long-term investments or a comfortable place to call home.
What happens to my condo if I can no longer keep up with the payments?
Under Maceda Law, buyers who fall behind on installment payments must pay their unpaid installments due within the total grace period they have earned, without added interest. However, this can only be applied once every five years of the contract life.
Disclaimer: All information listed in this article is for information purposes only. Although utmost effort was made to ensure accuracy of information on this website, readers must not solely rely on it in making any investment or financial decision since it does not take into consideration the risk tolerance, financial situation, investment goals, and experience of readers. It is best to consult a professional financial planner or your bank before investing to make a more informed choice and limit your risk exposure.