General

The Rapid Growth Of Condominium

Limited land in the city center has made condominium development now shift to suburban areas. Even so, this vertical residential such as Provence Residence EC is still the target of young executives. The increasing lack of land availability, coupled with the high rental and sale prices for condos in the central business district, has spurred the rapid growth of condos outside these areas. As disclosed by the survey results of the property consultancy, condominium market activity outside the business district this year has increased. So make sure you check out the development of Provence Residence to get the condominium that suits your needs.

Apart from being seen from the abundance of supply, the positive growth in the condominium market in areas outside the business district is also evident from the increase in occupancy rates. Where the occupancy rate for the rental condos experienced a jump of up to 6.4%, from 66.5% in the first quarter to 72.9% in the second quarter of this year. In the era of the increasing need for housing as it is today, the rampant construction of condominiums is a natural thing and one of them is Provence Residence EC. Moreover, the existence of vertical housing is one of the solutions amid the increasing land and housing prices.

Another triggering factor for the rapid growth of the condominium market is the surge in the middle class which has led to a shift in lifestyles. With a higher income, automatically someone’s taste will also increase. The condominium market is still very prospective. This is because each new condominium has been successfully absorbed by the market. Based on the analysis, in the next two to three years the development of condominiums will be even more positive. The condominium market that will grow is a category for the middle class. This growth was supported by the good and stable economic conditions and apartment ownership credit rates. Apart from that, the strengthening purchasing power and the growing trend of living in vertical dwellings close to the center of activity have also spurred this growth.

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