Without a doubt, Makati still remains to be the most attractive real estate market in the Philippines. It is the most searched city among various Internet search engines when it comes to properties. It is still the most preferred city by real estate investors and lessees seeking the property that will best suit their requirements and budget.
The strong interest in Makati’s property market is rooted mainly on the fact that the city is the main financial and business center of the country. The largest number of local and multinational corporations, embassies, and multilateral organizations are headquartered in the Makati central business district, where demand for office and commercial spaces experience steady growth. Various real estate developers are competing with each other in coming up with the best possible office, commercial, and mixed-use property developments that will not only generate attention in the market, but also gain the interest of prospective buyers and lessees.
However, residential properties still has the largest demand in Makati, as migrants from other parts of the country and from overseas come to the city in search of a place to stay that is closest to their workplace. The residential property boom can be reflected through the rise of multiple vertical developments both within the Makati central business district and the other business district, Rockwell Center, as well as in the fringe areas surrounding the two like the portion of Chino Roces (formerly Pasong Tamo) Avenue that lies within the barangays of Bangkal, Pio del Pilar, and San Antonio. Real estate development companies are currently going up against each other in search of whatever available piece of land that is suitable for condominium building they can find, and in packaging the best possible condominium project that will help them both meet rising residential consumer demand and generate billions of pesos in income.
Being the most attractive property market in the Philippines, real estate in Makati tends to command premium prices. This is especially true in properties for sale, which are, most of the time, beyond the reach of people who wanted to make an outright purchase but are constrained financially. Without the immediate ability to buy property, renting becomes the next option.
As most people come to Makati mainly to work, renting a condo unit that is nearest to their workplace is the primary option. However, the closer the condo is to the Makati central business district and Rockwell Center, the higher the rental prices become, causing another dilemma to rise among those who operate on a relatively tight budget. Unable to lease condos in the heart of the business districts, they now look for the best available condos for rent along Chino Roces Avenue and other fringe areas.
When it comes to accessibility to workplaces, and the key shopping and entertainment areas of Makati, nothing beats Chino Roces. This key thoroughfare of the city is the site of some of the existing and soon-to-rise condo buildings that have and will have units for rent. The target market segment of property owners and lessees belongs to the middle to upper middle classes, which is why rental prices of condos here are relatively more affordable. The decision to rent a condo in Chino Roces, Makati, is practical for those operating on a budget or want to share the cost with others whom they know and trust.
There are several options to be considered when one is looking for a condo for rent in Chino Roces. A fully furnished 25 square meter one bedroom condo unit at Oriental Place in Barangay Pio del Pilar that has, among others, an air conditioning unit, a 42-inch television set with DVD player, a refrigerator, and even a queen-sized bed can be rented for only PHP 18,500 per month. Further south along Chino Roces, at The Beacon Tower, which is also in Barangay Pio del Pilar beside the Makati Cinema Square, another fully furnished studio type condo unit is available for rent with a floor area of 26 square meters, has an air conditioning unit, a bed, an LED television set, a refrigerator and a stove that can be leased for PHP 22,000 per month. Another condo for rent can be found in Pasong Tamo (near Chino Roces), this time at San Lorenzo Place, located at the intersection with EDSA in Barangay San Lorenzo. This semi-furnished 38 square meter two-bedroom unit is available for a monthly rental rate of PHP 30,000.
Chino Roces and other fringe areas of Makati will keep on attracting both condo buyers and potential tenants as long as the city continues to play host to the business and commercial hubs of the nation. Without a doubt, the city’s real estate market, especially condo developments, will reflect the dynamism and bright future that has accompanied Makati since its transformation from a sleepy town on the outskirts of Manila into what it is today. Start to have a share of Makati by renting a condo along Chino Roces and its fringe areas while planning for future outright property purchases.