Global real estate services company Colliers has revealed that as of the second quarter last year, the value of prime land in Makati reached P695,000/sq.m., with Fort Bonifacio not far behind at P586,000/sq.m., according to a report from Philippine Star.
Citing the Colliers’ forecasts, the Star report stated that all these areas are still expected to rise in value, with Makati projected to achieve a growth of 26 percent by the third quarter of 2019.
In the residential arena, luxury condominiums within the Makati Central Business District still command the highest prices according to Colliers.
“We’re seeing historical highs now in real estate, particularly in office and residential developments. Land values continue to go up, and developers are increasing their prices. There is demand and there are people buying at those prices,” Colliers Philippines deputy managing director Richard Raymundo was quoted in the report as saying.
So why Makati?
Raymundo said, “First, it is seen as the premier business district in the country. The top companies are still here. It is still a master-planned development.”
Makati’s busiest thoroughfare, Ayala Avenue, is often called the Wall Street of the Philippines as it houses five-star hotels, main commercial centers, multinational companies’ headquarters, and several financial institutions.
“Second, with traffic getting worse in the Philippines, a lot of people want to be in an area with a strategic location for you could be stuck in traffic for one or two hours going to work. Third, there are the supporting facilities, amenities and institutions. You want to be in an area that is close to corporations or work, schools and retail centers. All these make Makati a viable location,” he added.
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