You have arrived at your allowance of 5 premium articles. If you enjoy our research and want full access, we ask that you support our hardworking team by registering with our site - it's free!

Already registered? Log in
Comments
#1 PHILIP GOULD | March 14, 2012
Ads of today, March 15, 2012, there are 100's of high rise condominium projects under construction in or near Makati. The average price per square meter in Makati for pre-selling condos is 120,000 - 150,000 per square meter with the high end at 175,000 pesos per square meter - 200,000 pesos per square meter for properties like the Trump Tower. However, already constructed, newly finished and ready for occupancy are also 100's of high rise condominium projects. Most buildings are vacant to the tune of 20 - 80%. That is because, once a project is finished and turned over, the owner, will more likely than not, have to do some remodeling and improvements, costing, 5,000 pesos per square meter up to 70,000 pesos per square meter depending on how elegant he wants to get. This also will take time, 1 - 4 months or more. Plus... due to the severe competition of 1000's of comparable units on the market, the owner will have to be creative, innovative, and market conscious, or else his newly purchased condo will sit idle for a year or 2 or 3. That appears to be reality. Now if you add the new buildings coming on board, by the end of this year and each year more and more.... I belive this will continue for at least 5 - 7 years. How fast can these investors - from everywhere else but the Philippines - find tenants, who will likely be bothe foreigners and philipinos? The rental market currently is 500 - 1000 pesos per square meter per month average, depending on amenities and location, including or excluding condo dues, and parking spaces. I have a great little unit ( 25 sq meters) in Bel Air Makati which is fully furnished and rents for 15,000 pesos per month including the condo dues. So that is reality. Great location and tip top condition. Standard is 2 months advance rent, and 2 months security paid all in cash... and Post-Dated Checks for 11 months... I have lots more information available if you need it, at philthemanlove@yahoo.com. Sincerely,
Philip Jay Gould,
Login or Register to submit a comment!
In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.
Fortnightly updates from the global property arena directly to your inbox.
Connect to professional advice in Philippines
Which parts of the world are most attractive for property investment today?
Click here to download our FREE Property Recommendations Reports!