The Condo Craze
The big thing in Davao these days seems to be Condo units. They are being built all over town. Most of these condo developements involve multiple buildings too. What I have seen around town are condo buildings that are between 4 levels and 6 levels or so. Just a year or so ago, there were no condos available in Davao that I am aware of. Now, there is one condo development that is complete, or close to complete anyway. I know that some units are already occupied.
Over the weekend, I had a guest in town visiting, and he told me that he was interested in possibly buying a condo in Davao, both as a place to stay when he visits Davao, and also for his eventual residence in Davao. Because of his interest, I decided to take him around to a few places that I knew were under construction around town. We first went and visited a new development of three buildings, 5 levels each, which is in the El Rio area. They are not yet under construction, but it looks like they are very near to getting underway.
Next, we went and looked at the site where Linmarr will be building Condos, which is in the Agdao area. One of our regular contributors here on LiP is a part of that project, but I am not sure if she wants me to publicly use her name, so I won’t. If she wants to jump in and answer any questions about Limarr Condos, she can do so in the comments.
Over in Ecoland, near to SM City, that is where you will find the one Condominium building that is complete, and also there is another Condo development which is already under construction across the street. The new one that just got started is a project of Philippine property development company, FilInvest.
One thing that my friend was looking for is a high rise unit, maybe 20 floors or so, possibly more. He really wanted to buy something at or near the top, so that he could enjoy a great view, especially of the water. However, there are no such units coming to Davao, at least at this time. Some of these units have 4 or 5 buildings of 5 floors each, so a single 20 floor unit would seem to make sense, unless the extra cost of such a tall building would rule it out.
On many of these type of projects, you can buy in early for a very low payment per month. The developers generally do this in order to raise cash in order to fund the project. Some people like to buy into these units at a very early stage, and then sell them once the project is complete, because the units generally appreciate in price quickly However, in today’s financial roller coaster, I think it is not a wise idea to look at this as an investment vehicle, because prices can move in either direction, right?
One advantage for foreigners is that under Philippine law, even though you cannot legally own property, you can own a condo! Condominium developers can sell up to 40% of the units to foreigners and the unit can be held in the name of the foreigner. For unmarried foreigners, this is a real advantage, and one reason why I am happy to see condos come into the Davao market!
Hi Piet- indeed!
hi bob can you compare davao condo from manila condo in terms of prices per square meter? more power
Maayong buntag, Bob. The word, “condo” sounds rather posh to me. Generally speaking, in Spain, majority of the people live in apartment blocks. I, for one, live in one 9with uniterrupted views of North Africa and Gibraltar, as well as the Med. However, I just couldn’t find myself to say, “oh, yeah, I live in a condo…”Why? In Europe it’s a common thing, especially in Mediterranean countries. However, if you have British friends, they sort of “look down (?)” if they found out we “only” live in an apartment block. Although the word “condo” is widely used in the US and the Philippines, my husband especially would say, ” We live in a penthouse…” Indeed we do since we’re on the top floor of a five-storey building, with two swimming pools, large and a children’s pool and a rather large well-kept garden. still, when I speak to my Fil-Am friends they always refer to “condo”—What’s the difference then? I would like to know exactly. Some would say a “condo” has 24 security, unlike apartment blocks. But, in the eighties, we did have a porter-cum-security—but would that qualify as a “condo”? I mentioned the UK because in the past, when one lives in an “apartment block”, they usually refer to people who are rather “downmarket” or “long-time” immigrants. Since all our British friends live in the north, they all live in large houses or bungalows. So when they come to Marbella, which is a resort town, they begin to understand why we are, in fact, “flat dwellers” as the Brits would snobbishly say. So, Bob, should I beat my breast and say, “Yehey, I have been living in a “condo” for the past 28 years!” since it’s quite a big thing in Florida and the Philippines nowadays…The real reason why we refuse to leave where we are now is in fact, for practical reasons: near centre of town, handy for buying daily paper, restaurants and coffee shops below, gym, accessibility to the nearest health centre and USP hospital is just a few meters from our “penthouse”. Above all, because we are childless so no need of a fancy large house on the hills—where celebrities and filty rich live. The “poorer ones live down the valleys and somewhere pretentiously hilly. The new apartment blocks built in major cities here look inviting, but when you actually buy a unit, they are really , really small. They call them “minipiso” and the usual unit is only about 20 square meters!!! The cost before the credit crunch? 100,000 Euros for a teeny-weeny size “condo” unit. Barcelona’s elite live up on the hills, the rest live in apartment blocks. Indeed, they are 99% flat dwellers and proud of it. Regards. Hill
Bob –corection> The swimming pools are for all owners of the apartment building—NOT exclusive for our use—hehehe. Mind you we do not even swim!The garden too is for everybody.
Hi, Bob, many thanks for clarifying that one. I’ll let my British friends in northern England know about it….so they do not look down on us, being real “flat dwellers”. Our apartment block is one of the old originals built in Marbella when there was hardly any building in sight or on site! Also, the new ones being built or those that have been built these last twenty years are only nice to look at. But if you do buy one, chances are, you’d have to transport all your furniture via the
balcony since it’s the only way to do it!
Hi celso lee – The truth is that I never really go to Metro Manila. It’s been 5 years since I have been up there. Because of this, I know nothing about condos up there.
Hi hill roberts – in the US, the word “condo” has no connotation of being for the rich or well to do. It simply is an arrangement of how the purchase/ownership is set up. Even a practical slum could be a condo if that is how the legalities of the building are arranged.