“That is too expensive! I wouldn’t buy anything like that!” We must have muttered this to ourselves at one point in our lives when we some people buying very expensive watches, unreasonably pricy bags, flashy cars, and ultra-luxurious properties.
However, we do not realize that we are all trying to buy the best that our money can buy—at that time. It may be just a pair of cheap Rambo sandals, a fake Seiko watch from the tiangge, or even a run-down Kia pride. But those were definitely the best options we can afford with the limited resources we had then. At whatever point in our lives, it is our nature to choose the best for our family and ourselves, unless we are irresponsible losers without dreams and ambitions.
This is actually just the same for people who buy what we call luxury items. While it might be unreasonable and even unimaginable for us to spend obscene amounts for even the most basic items, they indulge in this pleasure just to express themselves. Most people buy these things or better yet invest in luxury properties to give them a chance to show what they are (now), who they are (now), and what they love. Come to think of it, is there anything wrong with the goal of being the best that you can be? Or giving your family the best that you can afford? We may criticize these people all we want but unconsciously, we all want the best.
Another related reason for wanting to acquire luxury properties is to have trophy assets. These people worked hard, sacrificed a lot, hurdled numerous obstacles, and competed with giants and, thus, they feel that they have to reward themselves and need something to show for their achievements. And nothing beats a prominent luxury property, which they can also leave to their children.
One good thing about investing in premium luxury properties is that you can be sure that careful study has been done in terms of location, potential for appreciation, and great rental opportunities. Major considerations usually include proximity to everything that would make you enjoy a very convenient and comfortable lifestyle, such as exclusive recreational facilities, best restaurants, great nightlife, and in most cases, with history. Yes, the considerations for these types of projects is different from the usual practical criteria like being near schools, offices, churches, hospitals, public transportation, and the like.
A common adage is that “the rich gets richer and the poor gets poorer.” This is actually true but because of one thing, and that is networking. If you always surround yourself with poor, pessimistic losers, constantly sharing sad stories and complaining about anything and everything, trying to feel good by knowing that the other person’s life is more miserable than yours, do not expect that you can get out of misery unless you win the lottery or perhaps a wealthy long-lost relative leaves you with millions in inheritance. On the other hand, rich people always talk about opportunities and in the process, build more connections. Thus, in luxury properties like these, there will always be opportunities lurking around the hallways, elevators, amenity areas, and in almost every corner.
There will always be people like these and in the modern tech world, millionaires and billionaires are becoming younger with their acquisitive desire for bigger trophies seemingly becoming insatiable. Thus, there will always be a market for luxury properties especially those with internationally recognized and respected brands that spell success. In this respect, projects like these are often considered as a good investment. For the successful achiever, the return is not only the financial gain once the property is sold but the three most important things after God and family: Image, Good life, and Opportunities. Now, do you still wonder why people are willing to pay so much for luxury properties?
Mr. Mañalac is on his second term as Chairman of the Board of the National Real Estate Association, where he also served as its president for three terms. He is currently Senior Vice-President for Sales for upscale real estate developer Century Properties, a columnist, a motivational speaker, and a certified international property specialist.