Why Condominiums Are Popular In The Philippines

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Condominiums are one of the most popular types of housing in the Philippines today

. Other than townhouses, apartments, as well as the typical house, condominiums rapidly grew popular across the country, particularly in Metro Manila in which new types of houses are in demand to accommodate the changing needs of Filipinos.

What makes a condominium popular?

Condominiums are a type of multi-unit dwelling which is form of residential real estate in which one unit in a floor is individually owned. Condominiums and apartments are usually similar in physical form, the difference is that condominiums are owned while apartments are leased or rented to tenants. Condominiums were only recently introduced yet it gained so much popularity in the market, such as those makati condo. This is because of its many advantages and benefits over other types of condominiums. One is its affordability.

Although some may still see it as expensive, the cost of condominiums today have significantly decreased due to the rapid increase of new condominiums in the market, such as the many makati condo. Many have even cited that condominiums are far more cheaper than buying a new house, particularly in Manila area or in areas near business and commercial districts.
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Another popular advantage of condominiums are its location. Popular condominiums of today are those found near or inside major business districts, such as the many towering makati condo. This allows its residents to be within walking distance or mass transit distance to their workplace. Other advantages include its maintainability and security.

Disadvantages

However, there are several disadvantages to owning a condo unit. One disadvantage is its monthly fees. Other than the usual bills such as electric and water bills, condominium residents are usually obligated to pay a fee, usually in monthly basis, for the maintenance and security of the whole building or compound.

Another major disadvantage is that most condominiums have a specific requirement for residents, such as no children allowed in their condominium as well as the number of residents per unit. There is also the case of asking permission to do modifications in their condo units. This is usually to ensure that the structure of condominium wouldn't be compromised because of these modifications.

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by: Deirdre Gonzales

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