The city of Makati is one of 16 cities that comprise Metro Manila and is considered to be the financial center of the Philippines. The city has the largest concentration of local and multinational firms in the country. Foreign embassies, department retailers, corporations and financial institutions all call Makati a home base. In fact, the largest trading floor of the country’s stock exchange is located adjacent to Ayala Avenue.
Makati is also considered to be a major entertainment and cultural hub in the Metro Manila area. Being the 16th biggest city in the Philippines, it is the 41st most densely populated worldwide. Almost 20,000 individuals live in one square kilometer of space.
Location, Location and Location
Makati, which is home to about 530,000 people, holds about one million people during the working hours when people commute into Makati to work, shop or conduct business. Therefore, just like all real estate worldwide, the location of a property is very important in Makati. Only three things matter more than anything else in the real estate trade, and those three items are: location, location and location.
Indeed, location matters, whether you are looking for condos for sale in Makati or are considering acquiring commercial property. A whole lot of people with various jobs and various preferences all believe the location they are seeking is the best. Therefore, condo developers, for instance, make sure that their properties can be found in areas in which there is a strong interest in this kind of real estate.
Acquaint Yourself with the Market
When it comes to condos, you are likely either an investor or plan to reside in a condo. If you wish to buy a condo for investment purposes, you will want to base your selection on your target market. Therefore, it is essential that you become well-acquainted with that demographic.
In the Philippines condo developers construct projects for certain groups of individuals. Therefore, they already know the specific target markets before a project is launched. As a result, some of the developments typically offer condo units that are higher priced than condos in other projects. Likewise, some developers feature units that are priced much lower. Just because two projects sit adjacent to one another does not mean you can compare and contrast based solely on price.
When you look closer, you will discover differences in a number of details, such as the sizes of the condos, the amenities and the quality of the services provided by the management. This is because the condos, although located side by side, are built for the average condo owner while the others are designed for residents who are more ambitious.
Therefore, if you are an investor, research what is trending. Make sure you do your due diligence so that you target the right market. Just like the stock market, the real estate market is cyclical. As a result, there are times when more profit can be made in the lower income market and other times when profit is more substantial in the higher-end developments. Investors then must choose whether it is more prudent to sell to their target market or to rent a property.