Empty Nesters Expected to Embrace Condominium Living in the New Normal
Condominiums are about to see a different set of occupants soon. According to experts from the recently concluded Lamudi roundtable discussion, empty nesters are likely to adopt vertical living in the new normal, as they guarantee convenience and comfort.
Rouen Raz, Vice President for Sales and Marketing of DataLand, explained that condominiums are fitting for senior folks because of the build and amenities. Residents can conveniently take the elevators to go up to their units, access the garden, and allow the property management to take care of facilities. Less square footage on units entails less maintenance as well.
Intelligent features that will soon become part of condominium design may likewise influence empty nesters’ interests, as the technology makes day-to-day living easier. Adoption to home automation solutions will only be a matter of time.
“Because of the [pandemic], they are forced to learn about the Internet of Things,” Raz said. This is why it’s important to have connectivity infrastructure in buildings, according to him.
The virtual event titled The Rise of Intelligent Homes: Reshaping the Modern Filipino Home was made possible by partners Globe Telecom, Subdivision and Housing Developers Association, and the official broadcast media partner, ANC.
Older Generation of Property Seekers
According to Lamudi’s year-end report, the age bracket 45 to 54 drove the highest number of leads on the platform in terms of overseas interest. The most motivated among the market segments, they represented 28.60 percent of the total leads in 2020.
The report added that this older generation of property seekers from abroad could be considering investing in real estate for retirement.
Interestingly, the most in-demand provincial locations in 2020 were tourist hotspots, namely Antipolo, Angeles, Baguio, Imus, and Calamba. Future empty nesters may be looking at these residential hotspots, where they can downsize and pursue a range of leisure activities in their twilight years.
These destinations will likely see a growing demand in the coming years, as infrastructure projects in Northern, Central, and Southern Luzon regions improve transportation and facilitate trade.
Last year, the national government opened the final segment of the 89.21-kilometer Tarlac-Pangasinan La Union Expressway (TPLEx), GMA News reported. The thoroughfare cut travel time from Metro Manila to Baguio from six hours to three and a half.
Meanwhile, the new Clark Airport terminal is set to open to the public in July, according to ABS-CBN News. The construction works finished last October 2020. Serving 8.2 million passengers annually, it’s expected to revitalize the business and tourism scene in the area.
Infrastructure projects that are about to rise in Luzon include LRT-1 Cavite extension, MRT-4, and CALAX (Cavite-Laguna Expressway) Cavite segment.
Home of the Future
Empty nesters expected to “live large in a small space” may be among the drivers of growth in demand for condominiums in 2021. In Lamudi’s forecast report, the projected growth in pageviews this year will be higher than last year. The pageviews from the first half to the second half of 2020 grew by 5.37 percent. The firm projects a 17.62-percent hike in the first half of 2021 from the first half of 2020.
Condominiums in interconnected communities, not just integrated townships, will particularly be popular. Joey Bondoc, Associate Director of Research at Colliers International Philippines, explained that stable, reliable internet connection is more important now in residential spaces, as the public moves to a work-from-home lifestyle.
Nonetheless, mixed-use estates will remain attractive. Janlo Delos Reyes, Head of Research and Consulting of JLL Philippines, shared, “Access to complementary developments [such as medical facilities, religious institutions, and open spaces] have always been a positive appeal to buyers even before the pandemic.”
As the pandemic introduced community quarantine measures and travel restrictions, property seekers grew more interested in these amenities.
At the height of lockdowns last year, the demand for condominium projects contributed to the rise of residential real estate prices in the second quarter, Manila Bulletin reported. The 27.1 percent increase was the highest growth rate recorded since the central bank’s survey started in 2016. The prices of condominium units grew the fastest at 30.1 percent.
Moreover, more than half of the residential property loans (62.7 percent) were used to buy condominium units in the second quarter of last year.
Sources: GMA News, ABS-CBN News, Manila Bulletin