How do you feel about condos in the Philippines?

[Snowy79]

2 hours ago, Mike J said:

So to summarize:

Some people like condos and some don't.

Some people think they are a good investment and some don't.

Some condos are nice and some are not.

Some had good experience buying and some did not.

You should buy off the plan for good investment.  Never buy off the the plan.

Did I miss anything?  

I think that pretty much sums it up. 

Seriously though if you know what you want, have the time, money and a bit of intelligence you will get a good deal. If you buy off plan over the web or to be near to your love of your life who is 30yrs younger and you met her twice good luck. 

[Gandang Smile]

10 hours ago, Shady said:

True, also learning from the locals is best when considering a home, and those upper class city Filipinos aren't living in condos, they're in big houses surrounded by big walls protected by guards with big guns.

And that's why the costs are also big

On the matter of "when in Rome...", there seems to be quite a thriving market of condos rented as "love nests". Powerful people, usually politicians or entrepreneurs, profess their love to their mistresses by renting a condo unit where they can live and meet their man.

Case in point, I heard that the condo I was renting in Davao (Camella Northpoint) before moving to Manila was occupied by one such young lady.

Edited May 26, 2021 by Gandang Smile

[hk blues]

10 hours ago, Shady said:

True, also learning from the locals is best when considering a home, and those upper class city Filipinos aren't living in condos, they're in big houses surrounded by big walls protected by guards with big guns.

And that's why the costs are also big

I think you are correct but perhaps they are doing both?  Main living in the "big house" and a city place for convenience.  They can afford it after all so why not? 

[Shady]

12 hours ago, Explorer said:

Interesting... I always wondered who is buying all those condos priced at 40 millions in the building in front of me, now you cleared it up, it is not the upper class Filipinos...

You're welcome, it's mostly upper class Chinese.

Of course the Filipino owners of the development corporations generally reserve the biggest and best penthouse of each building for themselves.

[Shady]

 

12 hours ago, Dave Hounddriver said:

60% of the units have to be presold to filipinos before you and I even get a shot. 

Not exactly, if you've ever looked a unit listing for a newly announced building you can see that most are available.  Also that wouldn't make any business sense. What they do is put everything up for sale and once you reach 60% foreign, that's the cutoff.

There are definitely connected Filipinos who get priority though, which is why a few most desirable units are always sold or reserved before it gets released to the regular people.

 

[Explorer]

17 hours ago, Dave Hounddriver said:

It is quite conceivable that the wealthy filipinos are buying them for investment but I do not see many living in them.  They rent them, they keep them as home away from home, and sometimes they are left empty for investment.  

My key point still stand, condos are built and sold to buyers, buyers find value in these condos for investment or living, you don't drop tens millions of pesos on a condo if you think it is unsafe to live there.

[Jollygoodfellow]

5 hours ago, Shady said:

Not exactly, if you've ever looked a unit listing for a newly announced building you can see that most are available.  Also that wouldn't make any business sense. What they do is put everything up for sale and once you reach 60% foreign, that's the cutoff.

I think you mean once 40% foreign 

[Shady]

3 minutes ago, Jollygoodfellow said:

I think you mean once 40% foreign 

Correct

12 hours ago, hk blues said:

I think you are correct but perhaps they are doing both?  Main living in the "big house" and a city place for convenience.  They can afford it after all so why not? 

Sure, I think that's the point, the condo could be the second or third home but not their only home. 'House & lot' is ingrained in the culture.

[Snowy79]

9 hours ago, Explorer said:

My key point still stand, condos are built and sold to buyers, buyers find value in these condos for investment or living, you don't drop tens millions of pesos on a condo if you think it is unsafe to live there.

It could be a good way of cleaning money. 

[hk blues]

3 hours ago, Snowy79 said:

It could be a good way of cleaning money. 

Certainly it was the case in Hong Kong, with uber-rich Chinese happy to lose up to 50% of their money to wash their cash through the red hot property market there by paying 50% - 100% more than real market value.  I wonder if it's the case here - sure, it will be happening but enough to skew the market?