Martial law has minimal impact to sales of condos

MARTIAL Law has minimal to no effect on the gross sales of residential condominiums in Davao City according to the data by Prime Philippines.

In a research conducted by Prime Philippines, sales performances of six different condominiums that were each located in Buhangin, Bajada, Sasa, Lanang, and two from the Poblacion were studied from June, a month after the declaration of Martial Law in Mindanao, to December 2017.

The data revealed that there was a zero to 10 percent changes in their sales except for one condominium in the poblacion area that experienced 10 to 25 percent decrease in their June to July 2017 sales. However, this same condominium company had an increase sales performance of about 10 to 25 percent by August to December 2017.

As for the remaining five condominium companies, there were sales that remained constant with no significant increase or decrease from June until the end of 2017.    

“As for the residential condominium sales, it remained stable mostly driven by local Mindanao investors themselves, with majority are still Dabawenyos themselves buying investments for these condominiums in the city,” said Prime Philippines founder and managing director Jet Yu.

The value of commercial land in Davao City has also continued to grow despite Martial Law declaration. The same data from Prime Philippines showed that before Martial Law, the average land value per square meters (sq. m.) in Bajada-Lanang area reaches up to P75,000, a little more than P50,000 for the land in poblacion, and about P35,000 for the Matina area.

After the Martial Law declaration on May 23, 2017, the prices remained the same for a while showing the “wait-and-see” attitude of the businessmen as had been previously reported.

However, after the third quarter of 2017 until the present, lands in Bajada-Lanang area are averaging at P80,000 per sq. m., P60,000 per sq. m. in the poblacion area, and P40,000 per sq. m. for lands in Matina area.

Trending

No stories found.

Just in

No stories found.

Branded Content

No stories found.
SunStar Publishing Inc.
www.sunstar.com.ph