Buying a Luxury Condo? Here’s Why Luxury Can Be Worth Every Penny
Take a ride around the city and you will surely notice numerous buildings under construction with huge billboards claiming that on a certain site will rise the grandest, the most one of a kind, most exclusive and luxurious project yet. It would be nice if all these buzzwords came into fruition but investors must realize that not all “luxury” projects are on the same level. Being able to sort through the fog of “luxury” is important before making a decision. For those who have the funds and are capable making sizable investments in real estate, the luxury segment could indeed be hugely rewarding.
Density and quality of space. The luxury of space is one thing people will always be willing to pay for. Take a look at highly exclusive projects such as Proscenium by Rockwell and The Imperium by Ortigas & Company, one will notice how much living space is given to each resident. From offering only a limited number of units per floor to having spacious and dedicated amenity areas, one will surely notice how luxury condominiums definitely give its residence more space to breathe. The promise of luxury does not simply end with the living space but it also extends to the amenity areas and common areas. The combination of well maintained common areas and properly trained service staff should always be present in every luxury condo.
Build quality and reputation. It could be easy to fall to fake promises of luxury and elegance but one should always consider the name of the developer along with the actual projects that they have delivered. In going for luxury real estate it would be best to go for something which is backed up by its experience in catering to the luxury segment. Living in a home that you would actually love to come home to is one of the benefits getting that luxury unit. Living in a space that comforts you and gives you that feel of being well taken care of are just some of the perks of living in a high end residence.
Scarcity leads to appreciation. In economics there is a term they call the snob effect. This effect brought about the desire to own unique goods means that the less available an item is, the higher the valuation of that object. Similar to works of art or designer goods, the value of a condo is not merely based on the actual materials or value of the land where the building stands. Being in possessions of a luxury condo in limited supply means that the there is a greater level of appreciation for something less common.
There is a growing appetite for luxury real estate in the Philippines. Even foreign investors have been looking to the Philippines for real estate since current prices are still relatively cheaper compared to other countries in Asia. Catering to a niche market in real estate, these luxury condos are not as prone to valuation dips. Given the economic structure in the Philippines, the price of luxury real estate is planted firmly on solid foundation and has stood strong throughout the years. In fact, looking at the prices of most luxury properties over the past 10 years we can see that these have more than doubled in appreciation. With the Philippines poised to be one of the emerging countries in Asia, an investment in the luxury property sector is something really worth considering.
Luxury always comes at a price but this price is better paid sooner than later. One of today’s leading luxury developers is Shang Properties. With their latest project along Shaw Boulevard, Shang Wack Wack Residences, this new project is set to add new eyesight in the city’s skyline. Designed for the discerning luxury market, their newest project draws inspiration from contemporary luxury resorts coupled with meticulously designed homes that deliver in every detail of luxury. Nestled in one of the prime locations in the Metro, Shang Wack Wack Residences offers its future owners spacious units with magnificent views of the Wack Wack Golf Course combined with the promise of living in an enclave of beauty, comfort and impeccable service.
Whether you are interested in acquiring luxury real estate or in need of disposing your own, our team would be more than willing to assist you through the process. Feel free to send us a message for more information.