The health pandemic can be an opportune time to fulfill your housing goal. The pandemic forces us to stay at home and this caters a new awareness about home for us. We start appreciating our living spaces at home where we spend more time with our loved ones and wish we have more "breathing space" in the house. We start thinking about a bigger house. We also wish that our subdivision has enough "breating space" for recreation and physical fitness activities.
Colliers International Philippines said that, despite the health pandemic, there is a growing demand for smart homes (subdivision and condominium projects) that enables people to adapt to the work-from-home platform. The trend in home search is having access to a strong, reliable internet connection. Thus, developers (in tie up with the internet providers) are offering fiber internet connection to their communities. The future of home internet in our country, as well as in the world, is the fiber optic infrastructure. This high-speed internet can handle the growing demand for cyber-security features (digital security solutions such as app-controlled amenities and visitor screening systems) in the subdivision and condomunium projects. This is why I shifted to fiber internet when it became available to my place.
Lamudi's report "The Outlook on the Residential Market: Property investment as a safe haven during a crisis" showed that based on pageviewers, there is a renewed interest in real estate properties (condominium and subdivision projects). However, home seekers are into affordability. Interestingly, home seekers are interested in condominium and subdivision projects with amenities that improve quality of life.
Among the top amenities are (1) swimming pool, (2) air conditioning, (3) internet connectivity, and (4) balcony. The pandemic forced individuals to stay at home and businesses shift to work-from-home platform. Thus, the need for a home or a community with more "breathing space" (amenities like balcony, aircon, etc. in the house; swimming pool, playground, gym, basketball court, etc. in the subdivision) and high-speed internet connection (with fiber optic infrastructure).
As I write this article, I recall Aboitiz Land's AMOA subdivision in Compostela, Cebu. It is a well-planned gated subdivision with plenty of "breathing spaces". It has "Central Park complete with a grand lawn, clubhouse, play areas and three swimming pools, as well as pocket parks and gardens just outside your doorstep."
The Pag-IBIG Fund reported that it "released P20.94 billion in home loans in the first quarter of 2021 despite the pandemic, an increase of 33% or P5.17 billion compared to the P15.77 billion released during the same period in 2020." Moreover, it "granted socialized home loans to 5,074 members from the minimum-wage and low-income sectors totaling P2.2 billion in the first three months of 2021 despite the continuing pandemic."
What does it tell us? Some people, even the minimum wage earners, take advantage of the health pandemic to search, find, and buy their dream homes.
My former broker, Engr. Manuel Arengo, now a real estate educator, said many of us are facing with uncertainties over health, finances, and jobs due to this pandemic. Many people are losing their jobs and many businesses are closing their operations. In fact, a number of homeowners are selling their properties because they couldn't pay the monthly installments. It is natural for people to preserve their cash for food and other basic necessities. However, there are people who see this crisis as an opportunity to buy properties and increase their assets.
Engr. Arengo said the real estate value of land never decreases (always appreciates). Therefore, buying a land (residential lots) is always a good investment.
Land, in general, appreciates in value. The land appreciation in Cebu is remarkable. The residential lots, for example, in Consolacion appreciates from P2,500 per sqm (5 years ago) to P6,500 per sqm. Subdivision projects in Cebu City is getting rare. Why? "Cebu City Lots are getting scarce and price per sqm is getting higher," said Engr. Arengo. Developers would prefer to develop the land in a condominium project rather than a subdivision project. Vertical city (condominiums) is the best solution for land scarcity. There are pocket-sized subdivision projects but the price tag is often ridiculous. Why buy a P8.5 million townhouse in Cebu City when you can buy a P2.9 million townhouse in Mactan Island? Well, there are factors to consider when we compare properties: quality and size of the properties and, more importantly, the location.
Moreover, some developers are offering discount to home buyers and even extended the home equity (down payment) for a longer period to make it more affordable.
Some condo projects, Engr. Arengo said, even offer 5% down payment (normally 20% dow payment) for Ready-for-Occupancy (RFO) units. It means that the home buyer can move-in after paying the 5% down payment while the remaining 15% will be considered as "rent-to-own".
The pandemic lets us think about our housing goal, Engr. Arengo said. We have more time to ask in detail what we want for our dream home. Do we want a home overlooking the mountain and the sea? Do we want a home with resort-style amenities? Thus, we start browsing the internet for possible properties to invest.
The pandemic forces some developers to compete. Thus, lower the prices of their inventories. For home seekers, it also means lesser competition in buying a property in the market. In doing this, hire a competent real estate agents who knows where to find the best offer in the market today.
The health crisis can be your opportunity to own a property. Think about it.
For more information about the topic or any inquiries about buying a property in Cebu, please contact us at 0908-301-7398 or send us an email at cebuhousefinder@yahoo.com. We help home buyers to find their dream house at the best price and location… for free!