Why Condominiums Became Popular In The Philippines

Condominiums, according to many experts, are the most popular types of housing in the Philippines today. Apart from its benefits which is widely known today, such as its location and amenities, there are also other reasons why condominiums became popular.

What is best type of housing in the Philippines? In terms of the most popular, houses are still considered as the most popular and widely known type of housing in the Philippines, next are apartments. However, in terms of demand, particularly in Metro Manila, condominiums have significantly rose from the market.

Condominiums are considered by many experts as the latest type of ownership introduced in the Philippine market. Though the term condominium is used to determine a type of housing, which is usually made up individual units clustered in a building or a compound, the term was mainly coined from the type of housing tenure that embodies it, which is the term condominium.

So what are the factors that made many of today's condo in Philippines popular? What benefits that its residents can achieve in living in a condominium?

Introducing condominiums
Condominium, according to many experts, is a type of apartment which involves an entirely new type of housing tenure or ownership. Similar to apartments (building), every units are individually occupied by its residents or tenants. However, compared to apartments (building), condominiums involve the ownership of the unit itself, other than being rented.

Condominiums involve the ownership of a single (or multiple) unit in a floor while other facilities such as hallways, elevators, and other recreational facilities are jointly owned by all the owners. So what are the benefits of these types of housing?

The main advantage of condo in Philippines is that residents legally own their units, protecting them from eviction and other adverse effects of tenancy. However, the main advantage of owning a condominium in today's market is because of its benefits. Similar to many apartments (building) in the Philippines today, which are found near or inside a major business district, many condominiums are also found in these areas.

Other than offering a permanent living space, these condominiums also gave the benefit of living within walking distance or mass transit distance to workplaces and other popular commercial areas.

Condominiums of today
Other than its similarities with apartments (building), new condo in Philippines are also known for its similarities with townhouse complexes. These new types of condominiums are known as condominium complexes. These types of condominiums are very much similar with townhouse complexes, in terms of location (which are mostly found in the outskirts or even in provincial areas), the land it sits on, as well as its amenities which includes swimming pools, gyms, and other popular recreational facilities.