Being the unrivalled central business district in the country, Makati is the most preferred location of both local and foreign real estate investors in the Philippines. It is home to the headquarters of 40 percent of the top 1,000 multinational corporations and prestigious local companies thus making it one of Asia’s important financial, commercial and economic hubs.
Makati also holds the priciest average rental rate and land value in the Philippines which makes it the leading choice for Philippine property market investments. This can be the result of the working population’s preference for condominium living that is near to their workplace for efficiency and lower transportation cost.
Leading choice for top property developers
Most of the top developers in the Philippines property market see Makati as a prime location for building residential condominiums and corporate establishments as well. Megaworld Corporation (Salcedo Skysuites, Paseo Heights, Greenbelt Hamilton 2), Ayala Land (Park Terraces, Two Roxas Triangle, Garden Towers), Avida (Avida Towers Astren, One Antonio) and SM Development Corporation (Jazz Residences, Air Residences) are some of the top Philippine property developers with long-established presence throughout Makati.
Still not convinced to invest in the Philippines property market? Here are five reasons why Makati can be a supreme spot for your next overseas property investment in the Philippines:
It has excellent infrastructures
Makati’s superior infrastructures have made it the most centralised city in Metro Manila. There are several forms of public transportation available that are linked by a road network, which connects the city to the rest of Metro Manila. This, in return, ensures accessibility and convenience for all.
Additionally, the city houses the most developed telecommunications infrastructure in the country, which makes Makati’s teledensity exceed the national average. This can be an effective marketing strategy for people in search of business opportunities or residential condos for sale in the Philippines.
It has world-class amenities
Coined as the “Urban Tourism Capital” of the Philippines, Makati houses six five-star hotels, eight shopping malls and more than 2,000 restaurants and bars. In fact, incumbent Philippine president Gloria Macapagal-Arroyo declared Makati as a “prime urban tourist destination” in 2002 to promote the country’s tourism campaign.
Tourists tend to flock to Makati commercial centres mainly because of accessibility, ambience and quality of stores that match world-class standards.
Investors also find Makati a “home away from home,” given the advanced yet reasonably priced residential condominiums, villages and apartments.
Makati City: A vibrant, booming city that is constantly progressing
Peace and security is guaranteed
The Makati police and fire departments are patterned after that of the Los Angeles Police Department. Both are located near the vicinity of the Makati Central Business District.
The City government also takes pride in having recently established the country’s first free-standing emergency care facility, the Acute Care Center Ospital ng Makati in Bel-Air. It is staffed 24 hours by competent doctors, nurses and support personnel that can deal with life-threatening situations.
Property costs are competitive
In 2014, the average rates for a luxury, three-bedroom unit in Makati rose by 13.4%. Philippine property market analysts welcome this rate because it debunks all rumours of a housing bubble saturating the residential market.
Also, when compared to the rest of Southeast Asia, the Philippines still has one of the best prices for real estate. A study conducted by CBRE Philippines’ Global Research & Consultancy Group shows that in Singapore, the stamp duty tax that you’re paying can already purchase one or two homes in Makati. The research also detailed that average take-up of vertical subdivision units in the city was at 17 units per month in 2015, up by nine units from 2014 numbers.
A real estate haven for overseas property investors
5. Space demand is steadily high
The steady flow of Overseas Filipino Workers (OFW) remittances fuels the demand for premium space. The availability of more jobs in Makati also means more employees are looking for accommodations near their workplace. For OFWs, owning a Makati unit can be a Philippines property market investment opportunity for those who are willing to lease their space while they’re away.
The booming domestic demand and growth in tourist arrivals over the next few years also guarantee substantial growth in the Philippines property market.
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