The Difference Between A Condo From An Apartment

Condominiums and apartments are some of the most popular types of housing in the Philippines today. One reason is that these types of housings are much more affordable than buying a house or a townhouse. However, there have been many talks and questions on what is the difference between a condominium and an apartment. According to many Real estate Philippines experts, there isn’t much difference between an apartment building from a condominium building. So what is the difference of condominium buildings from apartment buildings?

Difference of apartments from condominiums
Apartments is a type of multi-unit dwelling which is one of the most popular types of housing in the Philippines. One type which is recognized around the country is the studio type apartments. A studio type apartment, or also known in other countries as studio flat (UK), efficiency apartment or bachelor/bachelorette style apartment, is a self-contained, small apartment, which combines living room, bedroom and kitchenette into a single unit, barring a bathroom.

According to Real estate Philippines experts, studio, efficiency, and bachelor style apartments all tend to be the smallest apartments with the lowest rents in a given area, which is why it became popular for many Filipinos, particularly for college students and non-married people. Condominiums, on the other hand, are normally more expensive than apartments, but affordable compared to houses and townhouses.

Condominiums is also a type of multi-unit dwelling which has recently become very popular among Filipinos. This is because condominiums are more affordable than buying a whole house or investing on a townhouse. The cost of a condo unit in the Philippine market today ranges from P500,000 Philippine Pesos to P1,000,000 Philippines Pesos (still depends on which location the condominium is standing).

Although renting an apartment is much cheaper than buying a condo unit, the advantage of condominiums, however, is that it is one of the cheapest ways to gain a more permanent residence compared to renting an apartment unit, not matter how beautiful it is. However, other than its residence difference, another major difference is the its form of ownership.

According to Real estate Philippines experts, the difference between a condominium and an apartment is purely legal: there is no way to know a condo from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership.

The same building developed as a condominium, which is usually sold as individual units to different owners, could actually be built someplace else as an apartment building, in which the developers would retain ownership and rent individual units to different tenants.

Where Do You Want to Rent Property? Take a Look in Cavite

One of the top provinces in which to rent property in the Philippines is Cavite, which is situated on the south shores of Manila Bay. Manila Bay is found in the Calabarzon region on the island of Luzon. The rent-friendly province is one of the fastest expanding provinces in the country because it is located close to Metro Manila – approximately 20 kilometers south of Manila, the capital.

Metro Manila

Metro Manila, itself, which is also known as Metropolitan Manila, is the NCR or National Capital Region of the Philippines and is the country’s seat of government. It is also the most populous region in the country. The region is made up of Manila, the capital, Quezon City (the most populated city) and the Municipality of Pateros.

An Asian Power Area

In fact, the NCR is the 7th most populated metro area in Asia. The continued urban expansion includes the provinces of Bulacan, Rizal, Batangas, and Cavite. Because the NCR is the center of economy, government, education and culture, it has been designated as a world power area.

For well over 300 years, the NCR has been regarded as the historical capital of the country and is also noted as being the seat of the country’s revolution. Independence was declared in the Philippines after the renouncement of the Spanish court on June 12, 1898. The event took place in Kawit, Cavite. As you can see, a lot of history has taken place in this area – which is also now considered a flourishing real estate market.

The Cavite Province

Cavite, which is the second smallest province in the Calabarzon region, occupies around 1,420 square kilometers, or 8.72 percent of the Calabarzon region’s entire area of land. Cavite is made up of several islands, some of which are Balot Island, which can be found at the mouth of the Ternate River, Caballo Island, La Monja Island, and El Fraile Island.

Cavite is comprised of the lowest lowland area or a coastal plain and therefore has extremely low ground level elevations. The province is also home to a central hilly area, which is typically seen on the foot slope of mountains. All in all, according to Dot Property specialists, Cavite is separated into four physiographic areas, namely the lowest lowland area, a lowland area, the central hilly area and an upland mountainous area.

A Monsoon Forest Zone

Cavite also lies in a monsoon forest zone, proven to be extremely beneficial for rainforest formation, created generally through the growth of indigenous vegetation. The rainforest area is categorized as a Protected Landscape with the remaining woods considered unclassified. Forest products such as bamboo are supplied from this region.

While part of the land is used for agriculture, the more built-up areas are utilized for residential and commercial use. According to the Census in 2007, there were 611,455 occupied residential units in Cavite. Tourism makes its presence known in the housing market in the form of leisure farms, golf courses and resorts.

 

Popular Types Of Houses In The Philippines

Other than the popular single-family detached home or commonly known as simple “house”, many Filipinos have also come to consider buying or renting other types of Philippines homes. These includes the popular townhouses, apartments, and condominiums. So what made these other types of housing other than the usual house which has long been the most popular type of housing?

Townhouse
Townhouses is one of the oldest types of housing in the Philippines today. Townhouses in the past are usually found in urban areas in which rows of similar houses are easily found in many urban areas of the country. Townhouses nowadays are found not in urban areas, but in luxurious complexes complete with recreational areas such as swimming pools, gyms, parks and playground equipment.

Other than its luxurious lifestyle, some townhouses are also known to provide easy access to business and commercial districts. However, the only drawback of owning a townhouse is its cost, which could cost more than the typical house. But with functions and areas such as these, Filipinos with higher state of living have chosen to live in such a house.

Apartment
Apartments have always been one of the most popular types of Philippines homes. The reason why is that families or individual people could easily find housing with apartments compared to other types of housing. This is because apartments are usually more affordable than townhouses and condominiums. Another popular feature of apartments is with its location.

Apartments in the Philippines today are usually found inside or near business and commercial districts, making it easier for residents to get to work while avoiding rush hour. The disadvantage, however, is that apartments doesn’t usually give a sense of permanence. This is because apartments are usually rented or leased to tenants, while condominiums, houses, and townhouses offer a more permanent residence.

Condominium
Condominiums are similar to apartments, which is also a type of multi-unit dwelling in which each unit is owned by an individual. The difference is that condominiums are usually bought by individual owners while apartments are rented or leased to tenants. In terms of advantages, condominiums have also been known for their benefits. However, compared to apartments, condominiums have also been known to provide the same luxury which is found with townhouses, such as its recreational areas.

Another advantage of condominiums is that these types of Philippines homes are also found in small footprints of a city, such as those found in Makati City. The small footprint of the townhouse allows it to be within walking or mass transit distance of business and industrial areas of the city, yet luxurious. The disadvantage is that some condominiums may cost more than houses while others many cost more than half the total amount of a whole house.

Apartment Rentals In Manila Rejuvenating Tourism

Rising need for the much awaited transformation in the hotel and hospitality industry across the globe has led to various innovations in this arena. Among these innovations, the idea of apartment rentals in Manila has emerged as the greatest and the most vibrant concept of this domain. The concept of Manila apartment rental has brought a new enthusiasm in the hospitality industry of Philippines. This innovative concept has transformed the hospitality and tourism industry in Philippines. In fact various other nations are evaluating the economic importance of this idea for the purpose of revamping their deteriorating tourism industry.

Success of apartment rentals in Manila is due to the fact that these apartment rentals provide high quality accommodations at very inexpensive prices. Moreover, the rented apartments deliver a homely environment to all the guests and tourist, which is almost impossible in hotels and other hospitality venues; as they are absolutely commercial in orientation, rather than being homely. Manila apartment rentals have grabbed a major share of the overall tourist accommodation segment in Philippines, because it has overcome the aforesaid shortcomings of the hotels. The cost effectiveness of Manila apartment rentals is a reasonable factor that attracts a significant number of tourist and travelers to this particular destination. Apart from inexpensive dwellings there are various other factors like neat and clean environment, beautiful gardens and swimming pool etc which makes these apartments a feasible choice for its guests.

Manila is the capital city of Philippines, which is full of diversified natural beauty. The Manila bay and other beautiful tourist spots, makes this part of the world a place of divine beauty. Similarly, the magnificent culture of Philippines attracts the people around the world to this destination. Manila apartment rentals enable its guests to experience the culture of Philippines, along with natural charm and beauty of this place. Accommodation in these apartments is available as per the requirement of the guests. For instance, there are various one-bedroom, two bedrooms and three bedrooms dwellings available in these apartments. These dwellings are highly spacious and consist of magnificent interior decoration. Moreover, their quality of being inexpensive makes them the most feasible choice for any tourist.

The innovative concept of Manila apartment rentals has brought about a new impetus in the hospitality industry across the entire Philippines. The whole world is gradually adopting this phenomenal concept; especially the countries with deteriorating tourism industry are adopting the idea of apartment rentals to rejuvenate their hospitality industry and to enhance the growth of tourism. Manila apartment rental has turn out to be the most effective idea in the domain of tourism industry.

Top Investment Opportunities in Manila Real Estate

Recognized as one of the most powerful markets in the Asian properties sector, the Philippine real estate industry is driven by a healthy economic growth that is fueled by a robust influx of direct foreign investments. Investor confidence in the Philippine properties sector can be directly attributed to reforms initiated and implemented by the country’s government. In addition, the Philippines has been able to achieve a high GDP rate in spite of global recession and one of the reasons behind this is an active construction industry and high amount of OFW remittances. Apart from that, good credit ratings achievement and political stability has also helped to create a viable economic environment. As a result, investor and buyer confidence is at its peak, and demand for office space in major business districts in Metro Manila, the country’s national capital region, is on the rise, along with demand for residential space and condominiums. Majority of the buyers in the Philippine real estate industry also recognize that investment in real estate is an excellent means of building up assets and wealth and that a keen eye for choosing the right location of properties to put an investment in determines the viability of such an investment. For good investment opportunities in Manila real estate, the following business districts are seen by many as a good pick:

Makati CBD
The Makati Central Business District serves as the financial center of the Philippines and plays host to several multinational corporations. As the oldest business district in the country, Makati CBD is home to the highest percentage of companies looking to have an office space in this prestigious location. Because of the high density of corporations looking to lease office space in this area, premium office space yield range from 7.5{8dac5dcb9f942b09754d29d206f8ecad2fe1c20701ee3d2765cee79f805470e6} to 11{8dac5dcb9f942b09754d29d206f8ecad2fe1c20701ee3d2765cee79f805470e6}, respectively.

Ortigas CBD
The Ortigas Central Business District is known to have the lowest vacancy rate for premium office space, which runs at 3.6{8dac5dcb9f942b09754d29d206f8ecad2fe1c20701ee3d2765cee79f805470e6}. Compared to Makati, Ortigas offers a better rate which can get as much as 30 – 35{8dac5dcb9f942b09754d29d206f8ecad2fe1c20701ee3d2765cee79f805470e6} lower. The same is true for residential space that are available in the area. Since Ortigas is in the middle of Metro Manila, it has the added advantage of being more accessible to employees of corporations holding office in the area. The facilities available in this location is the same as those that can be found in Makati, making it a more viable option for those who are looking for a top notch business location.

Fort Bonifacio
Also known as Global City, Fort Bonifacio currently has the highest rate for both price and yields for office and residential space, more particularly for condominiums, with prime yields running between 6.0{8dac5dcb9f942b09754d29d206f8ecad2fe1c20701ee3d2765cee79f805470e6} to 8.0{8dac5dcb9f942b09754d29d206f8ecad2fe1c20701ee3d2765cee79f805470e6}. This area has an increasingly high level of real estate activities, which indicates that both investors and buyers are willing to locate in the area despite the higher costs.

Entertainment City
Entertainment City Manila, officially known as PAGCOR Bagong Nayong Filipino is an ongoing development within an 8 square kilometer strip in the Manila Bay Reclamation area. Apart from the major companies that have tied up with the government to develop the area, various investors and developers have ventured into real estate business in and around Entertainment City. Apart from catering to local demands for residential living space, the current real estate activities in the area is also in anticipation of the projected tourism boom after the Entertainment City has been completed.

Alabang CBD
Alabang in Muntinlupa City is known as one of Metro Manila’s foremost business and financial districts. The area’s development as a business center traces its way back in 1970’s when a renowned real estate developer and business conglomerate in the Philippines started to develop a vast section in the locality as a premiere residential hub, developing along with it a business park, thus providing an excellent incentive for businessmen to relocate and do business in the area. Other developers has since then took notice of the potentials of Alabang as an excellent location for investment in top industries. As of date major players in the BPO industry, real estate industry, manufacturing industry, as well as many other sectors have business interests in the locality.