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!