Makati Residential Real Estate Market
By: Yves Luethi | 11/24/2011 7:26:43 PM
Makati City, dubbed as the country's center of commerce,
continues to live up to its title by consistently progressing over
the years. Home to the largest Central Business District in the
metro, Makati presents a very cosmopolitan lifestyle which
captivates many and lures them into making the city their
Skyscrapers line the main avenues and streets of the city
where MNCs and other enterprises hold office. Plush 5-star Hotels
and sprawling malls can be found at the city center. Teeming with
upscale shops and restos, Makati has become a shopping Mecca and an
ultimate gastronomic destination. Young professionals, expatriates
and tourists are some of the people who are drawn to live the life
in this so-called Manhattan of Manila.
Intermingled with the towering office buildings are
residential condominiums which altogether, make up this urban
jungle. Since most offices are located in the two major areas of
the CBD, most Makati city condos are in Salcedo village and Legaspi
village. While some do own their respective units, a lot of
the condos in Makati
are offered for
Condos for rent in Makati vary in size and price depending on
the type of development. Due to the high price of land in Makati
City particularly the CBD, Makati condos for rent command prices
higher than average.
Normally, prices go up as the area and number of bedrooms per
unit increase. Since rent rates are also determined by the class of
condo development, it could happen that rent in Makati for a 2br
unit in a mid-range condo can have the same rate or sometimes even
cheaper vs. a high-end condo's 1br unit for example. Currently,
there are a lot of mid-range condos for rent in Makati City.
On the other end of the spectrum, luxury condominiums are like
magnets that draw expatriates to live in Makati. More often than
not, expats would rent rather than buy due to the temporary nature
of their stay. Premium high-rise residences have the best amenities
which is why most expats choose Makati condos for rent over any
other condo for rent in Manila. High-end condos currently have the
lowest supply in the market which presents a huge opportunity for
many real estate developers who are looking at putting up condos in
Salcedo and/or Legaspi village.
It is quite common that the people who choose to rent condos
in Salcedo or Legaspi Village are the ones whose workplaces are
also nearby. An employee who works for Citibank or Shell would most
likely opt for a condo for rent in Salcedo Village. Similarly,
someone who works for BPI or Convergys would go for a condo for
rent in Legaspi Village.
Condos in Legaspi Village are nearer to malls, restaurants,
bars and other commercial establishments. Those who rent in Legaspi
village are generally the younger ones who prefer a more vibrant
scene. On the other hand, Salcedo village is more residential.
Those who opt to rent a condo in Salcedo village
usually the ones who prefer a more peaceful environment.
Aside from high-rise condominiums, other residential
developments can also be found in Makati. Not so far away from the
busy center are gated communities where the metro's, if not the
country's most well-off people reside. Breathtaking mansions can be
found in Forbes Park, Urdaneta and Dasmarinas village to name a
few. While most houses are owned, some are also for rent.
Contact KMC MAG Group for Makati Residential Real Estate Market