Data from Colliers International Philippines revealed that the price of high-end residential units in Makati City rose by 125% to P301, 000 per square meter between the end of 2010 and the second quarter of 2018.
If you can’t afford that amount, a condo near Makati City would still be a good choice. The pace of price growth in the city could mean property values in surrounding areas also appreciate, which is a good thing in case you’re looking for a cheaper investment.
Despite the higher prices for luxury units in Makati, the city’s prices are still affordable compared to other key cities in Asia. In Hong Kong, for instance, an average price for renting a three-bedroom unit will require you to spend $10,461. Prices in the city are the most expensive in the region since 2017.
Tokyo’s rental rates cost $2,000 lower than in Hong Kong and it also retained its rank as the second least affordable city. In contrast, rental rates in Makati cost as much as P1, 700 per square meter. Metro Manila ranks 10th on the list, but Filipino millennials choose to own or rent a condominium unit compared to other types of residential properties.
According to Lamudi Philippines’ data, millennials in the country are becoming more interested in condominiums when searching for a residential real estate. Houses still dominate online searches for properties, but younger Filipinos have preferred condos because of the flexible payment terms.
Rent-to-own units are also popular since tenants don’t need to think about wasting their money on rent throughout their contract of lease, according to Lamudi Philippines CEO, Bhavna Suresh.
Real estate remains a popular choice of investment in Makati City with high-value appreciation, but it requires you to look for the right development. Where do you intend to rent or buy a unit in the city?