As the economy of the Philippines continues to grow, more and more people are finding themselves looking for a new place to live. The country’s rapid urbanization has led to a major housing crunch that is only expected to get worse over the next decade.
The demand for condominiums has increased dramatically as more people move from rural areas into cities. The good news is that there are plenty of options for condos in Manila and other major cities throughout the country.
However, there’s so much more to know about condominium developments. It’s best to know about different types of condominiums; starting with its different height levels – low rise, mid rise, and high rise.
Low-rise condominiums
A low-rise condominium is a type of residential building that is typically built in the Philippines. Low-rise condos are characterized by their height, which is usually between four to six stories. They can be found mostly in urban areas, but they are also becoming popular as an option in rural communities.
Low-rise condominiums offer homeowners a variety of benefits, including a smaller footprint on land and lower cost of maintenance than a high-rise condo. They also tend to be more affordable than other types of residential homes, making them ideal for first-time homebuyers or those who want to invest in real estate without taking out a large loan.
Many low-rise condominiums have amenities such as pools, tennis courts, and children’s playgrounds where residents can relax after work.
There are many benefits to living in a low-rise condominium:
1. Low Rise Condos Are More Intimate
With just one or two floors above ground level, these properties allow residents to feel closer together than they would in larger buildings such as high rises or multi-story homes. This means that there will be more opportunities for interaction among members of the community which will lead to stronger social ties within the neighborhood
2. Affordable
A low-rise condominium is often more affordable than other types of housing because it doesn’t require as much land area and construction materials to build.
3. Easy Maintenance
Low-rise condominiums are generally easier to maintain than larger buildings because they don’t require as much upkeep and maintenance. They also tend to have fewer problems with pests such as termites or rodents because there aren’t as many hiding places available for them within the building’s structure.
Mid-rise condominiums
When it comes to condominiums, mid rise is the middle ground. They’re not as tall as skyscrapers, but they’re also not as low-rise as townhouses. Mid rise condos are usually between five and ten stories, which makes them a great option for those who want some of the perks of living in a high-rise building (like more amenities and better views) but don’t want to pay the added cost that comes with a taller structure.
The average cost of a mid rise condo in the Philippines ranges between P1 million and P5 million
The first floor usually houses the lobby, which is sometimes open to all residents. Most affordable mid rise condos have stairs instead of elevators due to lower costs.
There are also some mid rise condos that have elevators, especially if they’re higher than five stories. The middle floor is usually where the amenities are located such as an indoor pool and gym area but it would still vary depending on the developer’s plans.
Should you choose a mid-rise condo development?
Most people agree that high-rise condos have their advantages. They’re convenient, luxurious and aesthetically pleasing. But does that mean low-rise condos are out of the picture?
No way! Here’s why mid-rise condos are the perfect option for your next real estate purchase.
1. More space for less money
Low-rise condos can feel cramped, which means you may not get much bang for your buck. Mid-rise condos offer more square footage than a low-rise while still being in close proximity to everything you need!
2. A great investment
Mid-rise condo prices tend to be more stable than those of low-rises, so they make a better investment choice if you’re looking to flip your property later on down the road. Low-rises tend to fluctuate more in value based on market conditions and economic trends, so it’s harder to predict whether or not they’ll hold their value over time when you’re trying to sell them later down the line (or if they’ll even be in demand). But when it comes time for resale time with mid-rises, things tend to stay consistent between sales because there’s less volatility in their value over time due to external factors like inflation/deflation or interest rates
3. A great option for an urban and suburban living experience
Mid-rise condos have a lot to offer. They’re great for people who are looking for a smaller condo with a bit more space than a low-rise condo, but don’t need the extra space and price tag that comes with high-rise condos. These mid-rise condos can be found in urban areas or suburban areas, which means they’re close to shopping and entertainment without being too far from work.
High rise condos
High rise condominiums are multi-story residential buildings, typically with more than ten stories, that are individually owned, but the shared areas such as lobbies, hallways, and elevators are owned by the condominium association.
Each condo owner has exclusive rights to their own unit, while sharing ownership of the common areas with all of the other owners. High rise condos are generally located in urban areas, and tend to be more expensive than low rise condos due to the cost of construction and land.
What are the advantages of high rise condominium developments
1. High rise condos in the Philippines provide a great investment opportunity due to the growing demand in the market.
2. They are located in the most desirable areas, offering easy access to amenities, transportation, schools, and other services.
3. High rise condos provide more security than other residential options, as they are usually located in gated communities with 24-hour security and surveillance.
4. They offer a wide range of amenities, such as swimming pools, gyms, and other recreational facilities.
5. High rise condos typically offer spectacular views of the city skyline, as well as access to a variety of restaurants and entertainment options.
6. Many high rise condos in the Philippines offer flexible payment plans, allowing buyers to purchase the property with a small down payment and make monthly payments over time.
High rise condominium units, can go as high as skyscrapers, however, its price it not something everyone can afford. With its sparkling offers, amenities and advantages, we can say that high rise condominiums are also sold at a very high price.
Now that you know the different levels and types of condominium developments, we hope you get to decide soon which one you prefer.
