Condo or house? Real estate exec says it's necessity over choice
MANILA, Philippines — Even with a surplus of condominiums in Metro Manila, the decision of what property a family should purchase boils down to necessity, an Avida Land Corp. executive said.
The National Capital Region is seeing an uptick in condo spaces, likely vacated by Philippine offshore gaming operators (POGOs) but also increased development by other land developers.
Avida Land's Head of Corporate Marketing Tess Tatco acknowledged to Philstar.com in an interview that there is indeed an oversupply of condominiums.
But she pointed out that rather than a choice, clients are opting for properties that fit their necessities.
Related: Style your own condo: Designer gives tips
"Kasi if you're working in the Makati area, for example, you want to be somewhere near where your work is, 'di ba? Especially if you're a commuter," Tatco said.
Tatco also pointed out the surplus of condominiums aren't in the central business districts of Makati and Bonifacio Global City but in the Manila Bay area and the fringes of Quezon City.
For Tatco, potential clients were initially concerned of purchasing condos given so much were being constructed, but such uneasiness has slowly died down.
"We're seeing already an uptick in condos, " Tatco ended. "So it's not a choice of whether you're going to buy a house and lot or a condo, it's really 'what do you need'."
RELATED: 'My heart knows what sparks joy': Marie Kondo on messy living, raising kids
