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Gives us the lowdown on luxury condominiums in the city, and why buying now would be a wise investment
icture a breathtaking view of the Makati skyline as you draw back the curtains, the aroma of hot coffee wafting through the air as your breakfast is served. Your workout gear is well-pressed and ready for the fully-equipped gym on the 4th floor. You are never late for work because of traffic as your high-rise office is literally 10 minutes away. This type of New York style living for a fraction of the price is what awaits those who can afford the lifestyle at a luxury condominium in the Philippines.
For a condominium to be considered luxurious, it has to meet certain criteria beyond a high price tag. It must be at a prime location (typically at the centre of business districts) and offer unobstructed views, architectural uniqueness, low density (a few spacious units per floor), a certain ceiling height, and minimum square footage. In addition, it offers top-notch amenities such as a servant’s quarters, a gym, and a heated indoor swimming pool to further imbue luxury and exclusivity.
At present, the luxury real estate condominium market continues to grow. Supply had been scarce after the 1997 financial crisis that plagued the region, but relaunched after the 2008 global financial crisis hit the nation.
In the first quarter of 2016, the nationwide residential real-estate price index rose by 9.2 per cent (8 per cent inflation-adjusted), according to the Bangko Sentral ng Pilipinas. Condominium units saw a yearon-year price increase of 12.9 per cent in the same period; as well as the average price of a luxury three-bedroom condominium unit in Makati CBD, which rose by a modest 2.4 per cent (1.23 per cent inflation-adjusted) to Php151,622 (US$3,203) per square metre.
As of today, there are a handful of luxury condominiums in Metro Manila that have been built, and more are in the pipeline in the coming years. Although most of these are