Five tips for buying a condo in the Philippines

Urbanization and rapid population growth have changed the face of real estate in the Philippines. Gone are the days when houses and apartments were the property of choice for Filipinos. These days, more and more people are opting to live in condos and the market is also attracting an ever increasing number of foreign investors.

Today, both high-rise and low-rise condominiums are being constructed in most metro areas. The demand for residential condos is increasing: between the third quarter of 2012-13, capital values of existing residential condominiums grew by 3.4 per cent. Pipeline supply for the next five years grew 12 per cent in the same period.
To help you get started in this growing market, here are a few simple tips to consider before buying a condo.

• Do your research

Before you even go to open inspections and condo tours, remember to do your research and conduct a background check on the property developer. This way, you’ll become acquainted with the company’s portfolio, client testimonials and the developer’s current projects. For example, check whether they have a history of finishing their other projects on time. Always remember to invest in a company that has an excellent track record and a good reputation.

• Consider property management

It can be hard to distinguish one good property developer from another. One tip is to check whether the property management services they offer meet your standards. It is one thing to be able to finish the development within budget and on time. But once construction is completed, what will matter more is the company’s ability to manage the property well.

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