Condo living is an attractive choice for many. A condo can be bought on a beautiful beach, by the mountains, or in the city. Condo living has been on the rise over the last few years as people look for more affordable housing options close to amenities. The popularity of condos has gone up in recent years and it’s not hard to see why. Condos offer a more simplified, low-maintenance alternative to owning a detached home.
The rise of Airbnb has also helped make condos more desirable as accommodation options for travelers who want an authentic experience while exploring a new destination.
Owning a condo investing in tourist destinations, like Baguio, Cebu, and Cagayan de Oro can be a lucrative investment opportunity. The country’s abundance of scenic spots, the richness of nature, and the number of activities to choose from attract people to visit these places. In the Philippines, the population of tourists is growing rapidly and people are choosing to spend more time on vacations, which means that the demand for condos in popular vacation locations is also increasing. Here are reasons why investing in condos in a tourist destination is a good decision.
They can be rented out at a profit or sold at a higher price.
As the population of cities and towns that attracts tourist continues to grow, property values and demand are increasing exponentially. Numerous studies have found that the price of condos in the places where tourist destinations are located has bigger investments than those in the middle of a city.
Rental income is an advantage to buying a condo in tourist destinations because it is usually higher than other regions or neighborhoods. People who stay at these condos are usually on vacation, so they can expect the tourists to be more relaxed and less demanding than people who live there. The tourists may also be more open to renting the same unit again in the future, which can help you generate some revenue.
There is a high demand for a condo in tourist destinations
Tourist destinations usually have a high demand for condos and homes because of their popularity among travelers and vacationers. There is a high demand for condos in tourist destinations because they provide short-term accommodation at an affordable price. They also offer the facilities one would need to make their stay as comfortable as possible.
Condos are a great way to live for those who want that “home away from home” feeling and still have the security of renting.
Accessibility to amenities
Condominium complexes offer a wide variety of amenities. These can include pools, gyms, community centers, spas, and high-end restaurants. Condos are a great option for people who enjoy living in a scenic location but also want to have a sense of community. Most condo units in Baguio, Cagayan de Oro, and Cebu, places with the most visited tourist spots, are located near the amenities and accessible in tourist destinations.
You have your own space to getaway
Condos are a great investment. They provide a sense of personal space and an escape from the hustle and bustle of the city. They also typically offer more customization than other types of homeownership options. Home dwellers can have a second home with a stress-free atmosphere. Their condo units in these tourist destinations can be their safe haven to do whatever their love and just unwind and take a break from their busy life. They can also give a personal touch to their condo units by making their own condo design possible. In this way, they can still be connected with their condo units even if they are being rented most of the time.
This can also become a place to enjoy their retirement if they wish to keep it. It is a perfect place to just have a cozy and exclusive space to savor the perfect sunset views and fresh spaces.
Values increase overtime
The tourism industry is growing aggressively in the past decade and this has had a positive effect on the real estate market. More and more people are traveling and they need places to stay, making it a great opportunity for developers.
Hence, the growth of the tourism industry in these places attracts more real estate investing. And as time goes by, the value of condos increases, most especially when it is located near business districts, tourist spots, or commercial areas. With this, it is best to buy condo units now in tourist destinations because there will be a higher chance of generating income.
The cost of living is noticeably low
Most places visited by tourists in the Philippines actually have a low cost of living. The best examples for these are Baguio, Cagayan de Oro, and Cebu. Most necessities in everyday condo living are much much cheaper compared to the metro. Fresh produce is accessible to these places, thus, if they plan to make their condo their permanent home rather than a rental space, there will be no problem in spending for their daily expenses.
There are many good reasons to purchase and invest in a condominium unit, especially ones that are located in popular tourist locations such as Baguio, Cagayan de Oro, and Cebu, wherein they can use it as a permanent home, a vacation home where they can rest and unwind, or a rental space where they can generate income.
The growth of the tourism industry provides a positive effect on different industries and one of them is the real estate market. More people are buying condos, which provide more accommodation for tourists.
Some studies show that this trend will not only continue but also grow exponentially in the future. The increase in tourism means that there are more opportunities for other industries to grow, such as retail and real estate investing.
Finding the right location for the hard-earned money will be a tough decision. Always put into consideration the options, the risks, and its advantages before diving into real estate investing.
If you are thinking of moving in to a new condominium, check out Vista Residences!
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects in Manila, Makati, Mandaluyong, Quezon City, Ortigas, Baguio, Cebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit oriented locations and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
