Property

Where Can You Find the Highest Resale Values for Residential Condos in the Philippines?

Secondary market prices in Makati’s two real estate hotspots average P243,000 per square meter and P207,670 per square meter.
IMAGE Hollyckuhno/ WIKIMEDIA COMMONS
Comments

RE/MAX Philippines Country Manager Kenneth Stern presenting RE/MAX Philippines’ 2017 transaction data

Two areas in Makati City recorded the highest resale values for residential condominium units in the country, according to data released by the Philippine arm of global real estate brokerage firm RE/MAX.

Barangay San Lorenzo, which includes major commercial centers Glorietta and Greenbelt, posted the highest average resale value for its condominiums in 2017 at P243,000 per square meter. Properties in the area sell from P220,000 to P300,000 per square meter in the secondary market.

The figures refer to prices that condominium owners can command when they sell their properties in the secondary market.

Two properties in San Lorenzo—Ayala Land Premier’s The Residences at Greenbelt and Park Terraces—were highlighted by RE/MAX as among the developments with the highest appreciation in capital value since their respective market launches. Prices of units in The Residences at Greenbelt grew 112 percent to P225,000 per square meter since its launch in 2003, while condos in Park Terraces appreciated by 50 percent since 2009, reselling for P240,000 per square meter in 2017.

Kenneth Stern said locations condos in San Lorenzo and Rockwell Center embody what condo investors are looking for in their next investment purchases: prime location and proximity to the business district and commercial areas

Similarly, Rockwell Center boasted high condo resale prices, averaging at P207,670 per square meter in 2017. While units in Rockwell Center can sell for P135,000 per square meter, some properties go for as high as P360,000 per square meter. 

RE/MAX cited Edades Tower, a Rockwell Land project completed in the area, for its high capital value appreciation. Selling for Php130,000 per square meter when it launched in 2009, units in Edades Tower sold at an average of Php250,000 per square meter in 2017, which signified a 92-percent price growth.

ADVERTISEMENT - CONTINUE READING BELOW

“Both these locations (San Lorenzo and Rockwell Center) embody what condo investors are looking for in their next investment purchases: prime location and proximity to the business district and commercial areas,” said Kenneth Stern, country manager of RE/MAX Philippines, in a statement. 

One possible explanation for the high condo prices in Makati is the large demand from foreign buyers. According to RE/MAX, 30 percent of its clients who bought units in Makati in 2017 were foreigners, the largest among all Philippine markets the company is present in. Taguig is a close second, with 23 percent.

Officers of RE/MAX Capital, one of RE/MAX’s franchise offices in the Philippines, during the signing of its partnership agreement with GH Heritage Realty Inc. From left to right: Juan Alfredo S. Patag, president of RE/MAX Capital; Gary Hablero, President & CEO, GH Heritage Realty Inc.; Kerwin Yu, chairman of RE/MAX Capital; Jonathan Sim, partner at RE/MAX Capital; Atty. Charles Lejano, Director for Legal Affairs at RE/MAX Capital

Established in 1973 in the U.S., RE/MAX opened its Philippine office in 2012, where it has already put up 25 offices with around 200 real estate agents all over the country. On average, each Philippine RE/MAX agent sold P243 million worth of properties and earned P3.7 million in commissions last year. 

This story originally appeared on Entrepreneur.com.ph.
* Minor edits have been made by the Townandcountry.ph editors.

Comments
About The Author
Lorenzo Kyle Subido for Entrepreneur.com.ph
View Other Articles From Lorenzo Kyle
Comments
Latest Stories
 
Share
Cheers to the days when beautiful celebrities didn't take themselves too seriously.
 
Share
The 13-bedroom home on "Billionaires Row" is for sale for $135 million. If it achieves the asking price, it would be the most expensive house sale in Palm Beach history.
 
Share
The Princess's mother loved that Eugenie was able to make a statement with her dress.
 
Share
Her son's name, which was reportedly revealed over the weekend, is a nod to Prince William as well.
 
Share
 
Share
This year, give a gift that's (almost) as glamorous as her.
 
Share
From the spectacular dishes at our 61 partner restaurants to our fabulous guests who partied way past midnight at Sage.
 
Share
In a quest to become as eco-friendly as possible, the Prince has discovered a new level of luxury transit.
 
Share
Take a peek inside the most sought-after suite at this fabulous Croatian retreat.
 
Share
The golden-haired founder of Steps Dance celebrates a milestone.
 
Share
Prince Charles laid a wreath at the Cenotaph in honor of those who have died in war.
 
Share
The Palace just released this sweet photo of Louis and his grandpa Prince Charles.
Load More Articles
CONNECT WITH US