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 home.
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 rent.
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.
Many condos for rent in Makati are studios, 1br and 2br units and are most common in standard to mid-range developments. Studios for rent in Makati are very ideal for those who are just starting. Usually, units with smaller cuts are relatively cheaper and are best for those who have limited budgets but still want to get a condo for rent in Salcedo or Legaspi Village.
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 are 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