Last Updated on September 16, 2021 by Lamudi
According to the 2020 property outlook report of Colliers International, the increasing land values in central business districts, particularly Ortigas, Makati, and Fort Bonifacio would compel developers to get busy in the fringes or peripheries of the metro. One of the districts they identified is downtown Manila.
For overseas Filipino workers who aspire to be real estate investors, this is good news. You can take advantage of the competitive prices on new, emerging developments. While sorting out finances, don’t forget to familiarize yourself with the neighborhoods in the district. Remember, location, location, location is crucial in the real estate business.
If you are considering renting a condominium in Manila or investing in property in the area, here are some of the neighborhoods in downtown Manila you should keep an eye on:
Dubbed as the “Old Downtown of Manila,” this district lives up to its bustling community image. Millions of people flock to Quiapo to attend masses at Minor Basilica of the Black Nazarene and see the dark statue of Christ. As much as it draws throngs of Catholic devotees, the place is also a home for Muslims, as it houses two mosques: the Manila Golden Mosque, which is the biggest in the metro, and the Green Mosque.
The spiritual atmosphere in the district doesn’t end there. In Plaza Miranda, in tiny tabled stations, fortune-tellers with their cards, along with herbal healers, await locals and tourists. Aside from religious devotees, bargain shoppers also go to Quiapo to take advantage of tiangge and other boutique stores.
The district is dotted with campuses, too–Manuel L. Quezon University and Technological Institute of the Philippines, just to name a few. If you invest in development in Quiapo, you already have an idea of what kind of market you could catch. Victoria de Hidalgo, a 39-story condominium building by New San Jose Builders, will soon rise in this district.
More popularly known as the city’s Chinatown, this Manila district served as the center of trade for many Chinese merchants long before the Spaniards colonized the country. Today, it’s still populated by several Chinese businessmen, delving into different kinds of enterprises, from restaurants and shopping centers to feng shui shops. At the same time, it’s a tourist hotspot, especially for history buffs. Just in Escolta Street, you can find iconic buildings built way back, yet still standing strong. Some of these include the Burke Building, Capitol Theater, Calvo Museum, and Don Ramon Santos Building.
Although Binondo draws tourists, shoppers, and Chinese businessmen, the plan to make it a business process outsourcing (BPO) center also promises great potential in attracting top talents and entrepreneurs. The ongoing development of the Binondo-Intramuros Bridge likewise makes the district a viable location for laying down business roots.
With this, a real estate investment in the district will definitely give positive returns. Some of the emerging developments you can consider are CBY Tower by Vivoland, and One Legacy Grandsuites by Anchor Land.
Ermita is likewise a neighborhood teeming with activity. It houses several recreational facilities, from Rizal Park and Quirino Grandstand to the children’s favorite the Manila Ocean Park. The district also cradles institutions that hold historical and ethnographic artifacts. This includes the National Museums of Fine Arts, Natural History, and Anthropology, as well as the National Library and National Archives of the Philippines. Soon, Ermita will see the opening of its newly refurbished theater house, Metropolitan Theater.
Aside from play spaces, there are also campuses around the locale. Manila Science High School, Adamson University, Philippine Normal University, and Technological University of the Philippines are just some of the academic institutions Ermita houses.
As a tourist and student destination, this district is definitely something you should consider when investing. Suntrust’s Solana, a 30-story mixed-use condominium, is one residential project to watch out for. Condormitels are another viable option if you want to target the student market. Meanwhile, La Nobleza Terrazas by Nobleland Ventures may be your best bet if you’re looking for a development that offers that Old Manila vibe.
When investing in real estate, location matters. The experts have already spoken: downtown Manila is the place to be for your hard-earned money. Consider visiting one of these neighborhoods to see the thriving culture that could give your real estate investment good returns.