Only 47% of the Filipino population own a car, making the Philippines rank as the 5th lowest country in terms of car ownership. However, it is suggested that many of the population intend to purchase a vehicle within the next two years. This, combined with the fact 96% of Filipinos are looking to upgrade their housing, shows the importance of understanding the parking market in the Philippines.
Here are the 9 major facts you should know:
Unlike some countries, your parking is typically NOT packaged with your condo. You have to buy them separately. Which makes sense given the low percentage of people that actually need those spaces.
Since parking spaces are paid separately from the condo, the titles are also independent. Buyers that intend to rent their condo most of the time, often choose not to buy a parking spot.
The Building Code of the Philippines provides a certain ratio of unit and slot and square meter requirements. So, rather than the purchase of a space being ‘forced’, it becomes optional.
Like tickets to an exclusive event, parking spaces in the Philippines are limited. Given the ratio of units to parking is not even, getting a parking space in some condos can be competitive, especially since the larger units typically get priority.
Just like the price of the unit varies, so does the price of the space. Typically, bigger = more expensive.
You can also rent out parking spaces. Some of those are rented during the pre-selling phase or rented independently by the owners. A rental space in a prime location is usually between Php3,000 (80AUD or 55USD) and Php5,000 (130AUD or 95USD) a month. Maybe you should even consider listing it through Kerb?
Some condos have allocated spaces for when guests visit. However, these typically work on a first come, first served basis. Some communities have rules in place to ensure people don’t stay over a certain number of hours to ensure others have a chance to use the spaces.
Before making any decisions, it’s important you shop around and know what your options are when it comes to parking, both for you and guests. It’s always possible a nearby space is available for a lower cost.
As in most countries, there is always a case of someone ‘accidentally’ parking in your space. These incidences are typically the case of a lot of frustration and arguments amongst condo owners. Beware of the risk and try to keep your cool if it happens.
Parking is a pain in most countries across the globe, and the Philippines is no different. But if you want to make it easier for yourself to rent or lease a space, Kerb can ensure that process is completely pain free. Just download the app and get started.
An Interview with Kerb's Co-Founder and Tech Lead.
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