Real Estate

Why The Philippines Can Benefit From Mixed-use Communities

Mixed-use communities are the perfect fit for people looking for a significant change in their scenery without having to leave the comforts and essential amenities. In fact, this type of community is getting more ideal for those living in Manila and other congested cities in the Philippines.

These mixed-use communities offer residents everything they need without ever having to leave their homes from office space, cafes, shopping centers, restaurants, and gyms. If staying active is important, then these places have plenty of parks and green.

What Is a Mixed-use Community?

Mixed-use communities refer to those developments that include a combination of retail, office, entertainment, residential (apartments or condos), civic uses, parks, and schools all in one site. Note, though, that not all these amenities can be present. It all depends on many factors, such as the size of the land, target market, and the overall value property developers want to provide.

Often, real estate property developers in a mixed-use community, especially in the Philippines, adhere to the concept of live-work-play. Thus, it usually has residential properties, buildings that serve as workplaces, and entertainment areas. If the space is a premium, these offices can be inside skyscrapers. The separate spaces below the building may be for retail, restaurant, and other services.

The key to a successful mixed-use community is balancing the three subtypes and creating an environment where residents can walk or take mass transit, avoiding dependence on automobiles for even short distances.

Why Mixed-Use Communities Are Great in the Philippines

For people who live, work, and play in these communities, there are many benefits:

1. They Can Meet Their Daily Needs Without Having to Travel

This includes shopping for groceries or clothing, going out to a restaurant or movie theater, banking, and taking care of dry cleaning. Services like education, childcare, medical care, government, and worship may also be nearby or within the community.

The Philippines has one of the worst traffic situations in the world. In 2020, it ranked the second worst with a congestion level of 71 percent, which goes up to a whopping 128 percent during rush hours. Traffic in Manila alone causes commuters to lose an equivalent of 10 days of their productive hours.

Mixed-use communities allow Filipinos to spend more time with their families, achieve a better work-life balance, and decrease their everyday stress levels.

2. Mixed-Use Communities Are Likely to Have Higher Property Values

Mixed-use communities, especially in the Philippine capital, often carry a high price tag. Filipinos will already find it difficult to find a house worth less than 3 million pesos in these places.

However, these spaces are often worth the high costs since they can also increase property values and investment opportunities due to proximity to various elements of urban living, such as public transit, jobs, and shops. If they don’t plan to live there, an apartment or a condominium in this community will still be attractive not only to young professionals like millennials but also high-net-worth individuals that range from CEOs to business executives, ex-pats, and celebrities.

At the same time, the high mortgage that may be associated with mixed-use developments may be offset by a possibly overall lower cost of living since they are near to almost everything they need.

3. These Communities Can Provide Filipinos a Chance to Build Friendships

By tradition or culture, Filipinos operate within an extended family. That means they live with their parents and siblings and their grandparents, aunties and uncles, and cousins. If they are not within the same household, relatives’ homes are usually only a short distance away.

However, this practice is slowly disappearing. More Asians are living alone, whether by choice or necessity. Although this setup teaches independence and accountability, it can also increase the risk of isolation, depression, and anxiety.

Mixed-use developments can help create an opportunity for greater civic involvement and interaction with other members of the community by providing places for people to gather, shop, or meet friends and family. However, they don’t strip the ability of homeowners to seek and achieve privacy once they return to their homes. The point is that when they need to see people, they can do that as soon as they step out of their door.

Mixed-use spaces are not utopian. They do have their challenges, including possibly high mortgage. Overall, though, mixed-use communities are the perfect solution for those who want to be in a city but not of it. They can get all the benefits of living in a bustling metropolis without any of the drawbacks or inconveniences that come with big-city life. They can escape some growing pains of living in the metro, such as traffic.

For more articles visit this website.

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