ARE Dabawenyos shifting to condominium living? Do we now prefer vertical structures and lack space for horizontal developments?
In the past couple of years we saw a new trend in the housing market of Davao City, the rise of the condominiums.
Davao City Investment Promotion Center (DCIPC) head Lemuel Ortonio said the increasing number of the availability of condominiums in Davao City has provided additional options for Dabawenyos as to where they want to live.
He said before, when you speak of living spaces in Davao City, the first thing that would come into peoples' minds is buying a house and lot.
"In the past several years we have seen the rise of several condominiums from both local and established developers," Ortonio said.
However he said we cannot totally say that there is a shift in the market from buying house and lot to buying a condominium unit.
"The options for a place to live for Dabawenyos has widened... there are still a lot of Dabawenyos that still prefer to buy house and lot. Davao City also still has areas for horizontal development," Ortonio said.
He said some Dabawenyos are opting to buy condominium units due to the convenient location of most of the condominiums.
"Most of the condominiums are situated in the central business district (CBD) of the city," Ortonio said, adding that some of the residents who work or study within the CBD will not have to travel far from where they are living to where they have to be.
Ortonio said the market here is ready for condominiums as many of the projects here were positively received by the Dabawenyos.
He said some condominiums are enjoying brisk sales even though they are still in the stages of pre-selling or construction.
"The market in Davao City is ready for condominiums. As you can see there are also upcoming projects that are being developed here," Ortonio said.
For his part, Christian Cambaya, DCIPC Unit Head for Investor Assistance & Servicing, said there is also demand for condominiums here for those who are not locals of Davao City.
"What we heard from the players is that there is strong demand from their clients outside Davao City," Cambaya said, adding that for some families who have children studying here opted to get condominium units instead of buying a house.
Ortonio also said those buying condominium units are not only buying it as a place to live but some are buying these units as an investment.
He said the buyers are buying these units to also have it rented out to those who are staying in the city temporarily.
At present the tallest condominium project being constructed here in Davao city is the 33-level Aeon Towers along J.P. Laurel avenue.
Among the condominium projects that are being developed in Davao City include the Avida Towers by Avida Land Corp.; Arezzo Place by Phinma; Abreeza Place and Abreeza Residences by Alveo Land; 8 Spatial by Filinvest; Magallanes Residences and Verdon Parc by DMCI; Matina Enclaves by Escandor Development Corp. (Esdevco); Northpoint Davao by Camella; One Lakeshore Drive by Suntrust; One Oasis by Filinvest; Sea Wind by Damosa Land; MesaTierra Garden Residences by Cebu LandMasters; Dusit Thani Residences by Torre Lorenzo; and Vivaldi Residences by Euro Towers, among other projects.