If you plan to buy a residential property for sale in Quezon City such as a high-end condo like The Arton by Rockwell, there are three things to remember before choosing the right one.
While the city remains one of the best places in Metro Manila to own real estate, buyers should be aware of specific nuances like the difference in costs between landed houses and condominiums.
Cost Of Buying Condos And Landed Houses
As of May 2018, the average price of a landed house in Quezon City cost around P9.8 million, while an average condo unit cost P3.2 million or more depending on the type of property. These figures are already considered to be more affordable than in Makati, where average prices for landed homes and condos cost P135 million and P7.3 million, respectively.
In key cities outside Metro Manila like Cebu and Davao, the prices are much lower for landed homes. It only cost P6.1 million to buy a house in these cities. However, an average condo was surprisingly more expensive at P5.1 million compared to Quezon City. Rates may not have changed a lot today, but prices in the biggest city of Metro Manila will increase once the planned subway project reaches completion.
Projected Increase In Property Values
Colliers expects the P350 billion subway system to benefit Quezon City more than any other city in Metro Manila. Seven of the 14 stations will be located in the city, so real estate prices within one kilometer away from the terminals will surely become higher in the near- to mid-term. Hence, investors should start looking into projects that have the biggest potential for appreciation before that takes place.
Even those who plan on buying their own home should begin to do their research. If you’re thinking about buying a condo in Katipunan, some developers have launched mixed-use developments that are better than buying a unit from a traditional high-rise building. Mixed-use projects are popular among residents because of their relative proximity from their homes to workplaces, leisure centers and other facilities.
Rules On Condo Ownership
Condominium ownership has risen in recent years thanks to the rules that allow even foreigners to acquire properties. However, sales to non-Filipinos should only account for up to 40% of the property. The law also restricts them to buy and own land, which is another reason why condos are more popular than landed homes.
A common issue among Filipino owners of condos involves the sale of the property after 50 years. While it’s true that this is possible, the majority of owners should be in favor of it, and everyone should be duly informed. In this case, you will still receive your respective share from the sale proceeds. This is one reason why it’s important to pick the right property with a higher potential for investment returns.
Quezon City’s residential properties are better in terms of price especially for those with a limited budget. When choosing among different developments, pick one with the best location from the planned subway system.