Many people in the Philippines consider owning a car to be a necessity, especially those who live in cities where the public transportation system is occasionally unreliable. Finding a secure and practical parking space, however, can be difficult. This is when purchasing parking spaces becomes important. But in the Philippines, is it a wise investment?
Let’s start by thinking about the need for parking places in the nation to provide a response to that query. The demand for parking spots is rising as the number of car owners rises. In fact, a survey by Colliers International Philippines claims that by 2025, there would be a 12.3 million increase in the need for parking spots in Metro Manila. By owning and renting out parking spaces, investors have a strong chance to make passive revenue.
But how much does a parking lot bring in? Parking space revenue fluctuates depending on a number of variables, including location, accessibility, and security. Parking spaces may rent for more money in upscale locations like business districts and malls. In Metro Manila, a parking place may often bring in between PHP 4,000 and PHP 8,000 per month.
Do you now require planning clearance for parking lots? Yes, it is the answer. A building permit is required for the construction of a parking lot, along with adherence to any zoning restrictions and other local government requirements. To avoid future legal problems, it is crucial to confirm that the parking place complies with the law.
When your parking place is prepared, the following issue is how to promote parking. You can advertise your parking spot in a number of ways, including by advertising it on online marketplaces, posting ads on social media, and erecting signs near the parking lot. To make it simpler for possible tenants to get in touch, it’s also critical to provide clear information on the rental rate, terms, and contact information.
What are parking lot goods, finally? The equipment and amenities required for a parking spot to work properly are referred to as parking lot items. Parking obstacles, signage, lighting, CCTV cameras, and payment systems are all included in this. By making these purchases, you can raise the general caliber and security of your parking area, increasing its appeal to potential tenants.
Given the rising demand for parking spaces in the Philippines, purchasing a parking space may be a wise alternative for producing passive income. To ensure a profitable investment, it is crucial to adhere to regulatory standards, market the space effectively, and spend money on the equipment and facilities that are required.
If your building or property management permits it and you have their consent, then you may rent out your designated parking place. Before choosing to rent it out, it’s crucial to take into account the demand for and cost of parking spaces in your neighborhood.