Makati, also known as the financial center of the Philippines, has been considered the country’s busiest and richest city for decades. The city is home to many prominent local and international companies and organizations, making it one of Southeast Asia’s most dynamic economic centers. Makati is the location of the country’s oldest bank, the Bank of the Philippine Islands, and the most valuable company in the Philippines in terms of market capitalization, the PLDT Group. The main trading floor of the Philippine Stock Exchange is also based on the city’s Ayala Avenue, which has been dubbed the “Wall Street of the Philippines”.
Buying a condo for sale in Makati is of utmost priority for busy professionals and enterprising investors because of the city’s thriving corporate environment. For employees, living in Makati means being close to where they work, and for investors, the city’s high growth potential means that they get a substantial return on their investment.
Makati is not only a city for work, it is also a city for higher education and high-end shopping. The city is home to some of the country’s top educational institutions such as the Asian Institute of Management, the Ateneo Graduate School of Business, and the De La Salle University-Professional Schools. Makati is also the shopping hub of the country, with many malls such as Glorietta, Landmark, SM Makati, Rustan’s, and the Power Plant Mall. The city’s highlight is Greenbelt, where the flagship stores of international brands such as Burberry, Louis Vuitton, Prada, Marc Jacobs, and Hermés are located.
Accessing Makati is made easy with its excellent road network systems and public transportation options. The city is connected to several major arterial roads such as the South Luzon Expressway (SLEX), Skyway, and Epifanio de Los Santos Avenue (EDSA). Visitors can also take the Manila Metro Rail Transit System (MRT) Line 3, the Philippine National Railways (PNR) system, and the Pasig River Ferry to get to the city. Regular jeepneys, e-jeepneys, hybrid buses, and taxis are the main modes of transportation to get around the area once you’re already in the city.
Investing in a condo for sale in Makati is a great opportunity for those who want to live in a city that offers unparalleled ease of access, high-end shopping, and excellent education opportunities. It’s a great place to live and work and enjoy the best that the Philippines has to offer. With the city’s high growth potential, it’s also a great opportunity for investors to get a substantial return on their investment.
Q: What is a condo in Makati?
A: A condo in Makati is a type of property that is a self-contained living space within a larger residential building, usually with shared amenities such as a gym, pool, or clubhouse. Condos in Makati are popular among city dwellers due to their convenient location and proximity to business districts, shopping centers, and entertainment establishments.
Q: What are the benefits of buying a condo in Makati?
A: Some of the benefits of buying a condo in Makati include a convenient location, access to amenities, security, and the potential for rental income. Makati is a bustling city with a vibrant business district, so owning a condo in the area can be advantageous for those who work in the city or want to be close to the action.
Q: How much does a condo in Makati cost?
A: The cost of a condo in Makati varies depending on a variety of factors, including location, size, and amenities. Prices can range from a few million pesos to tens of millions of pesos.
Q: What should I consider when buying a condo in Makati?
A: When buying a condo in Makati, you should consider your budget, the location of the property, the reputation of the developer, the quality of the building, the amenities, and the potential for rental income. It is also important to review the condominium association’s rules and regulations to ensure that they align with your lifestyle.
Q: Can foreigners buy condos in Makati?
A: Yes, foreigners are allowed to buy and own condos in Makati, subject to certain restrictions. Foreigners can own up to 40% of the units in a condominium building, and they must obtain approval from the Philippine government to purchase the property.
Q: What is the process for buying a condo in Makati?
A: The process for buying a condo in Makati typically involves finding a suitable property, making an offer, conducting due diligence, signing a contract, and paying a down payment. The buyer must then pay the balance of the purchase price through financing or cash, and complete the transfer of ownership.
Q: What are the maintenance fees for a condo in Makati?
A: Maintenance fees for a condo in Makati vary depending on the building and the amenities provided. These fees typically cover the cost of maintaining common areas, such as hallways, elevators, and swimming pools, as well as security and other services provided by the condominium association.
Q: Are there any taxes associated with buying a condo in Makati?
A: Yes, there are taxes associated with buying a condo in Makati. These include transfer taxes, documentary stamp taxes, and value-added taxes. The exact amount of taxes will depend on the purchase price of the property and other factors.
Q: Can I rent out my condo in Makati?
A: Yes, you can rent out your condo in Makati to generate rental income. However, it is important to review the condominium association’s rules and regulations to ensure that renting out your unit is allowed and to comply with any requirements or restrictions that may apply.
Q: How do I find a condo for sale in Makati?
A: There are several ways to find a condo for sale in Makati. You can browse real estate listings online, work with a reputable real estate agent or broker, check out classified ads in local newspapers, or visit the property developer’s sales office. It is important to do your due diligence and research the property thoroughly before making a purchase.
Q: What documents do I need to buy a condo in Makati?
A: To buy a condo in Makati, you will need to provide proof of identity, such as a passport or government-issued ID, as well as proof of income and financial capacity to purchase the property. You may also be required to provide other documents, such as tax identification numbers or bank statements.
Q: What is the difference between a condo and an apartment in Makati?
A: The main difference between a condo and an apartment in Makati is ownership. A condo is a property that is individually owned by the unit owner, while an apartment is rented out by the landlord or property owner. Condos in Makati are typically more upscale and luxurious than apartments, and they often come with shared amenities that are not available in apartments.
Q: What are the common amenities in condos for sale in Makati?
A: Condos for sale in Makati often come with a range of shared amenities, such as swimming pools, fitness centers, game rooms, function halls, and landscaped gardens. Some upscale condos also offer premium services like concierge and 24-hour security.
Q: Can I customize the interior of my condo in Makati?
A: Yes, you can customize the interior of your condo in Makati, subject to the rules and regulations of the condominium association. However, it is important to get approval from the association before making any changes and to ensure that any modifications comply with building codes and safety regulations.
Q: Can I buy a pre-selling condo in Makati?
A: Yes, you can buy a pre-selling condo in Makati, which is a property that is not yet completed or ready for occupancy. Buying a pre-selling condo can be advantageous as it often comes with lower prices and flexible payment terms. However, it is important to do your due diligence and research the property and the developer before making a purchase.
Q: What are the different types of condos for sale in Makati?
A: Condos for sale in Makati come in a variety of sizes, styles, and price ranges. Some common types of condos include studio units, one-bedroom units, two-bedroom units, and penthouses. You can also find condos that are fully furnished, semi-furnished, or unfurnished. It is important to determine your budget and preferences before choosing a type of condo to buy.
Q: What is the average price of a condo for sale in Makati?
A: The average price of a condo for sale in Makati varies depending on the location, size, and amenities of the property. As of 2023, the price range for a condo in Makati is from PHP 2 million to PHP 500 million. Luxury condos in prime locations can be significantly more expensive. It is important to determine your budget and do your research to find a property that meets your needs.
Q: What is the difference between a leasehold and a freehold condo in Makati?
A: A leasehold condo in Makati is a property that is owned by a developer or landlord and is leased to the buyer for a set period of time, typically 50 or 99 years. A freehold condo, on the other hand, is a property that is owned by the buyer outright and can be transferred to their heirs or sold at any time. It is important to consider the terms of the leasehold before making a purchase, as they may affect the resale value of the property.
Q: Are there any taxes or fees associated with buying a condo in Makati?
A: Yes, there are several taxes and fees associated with buying a condo in Makati, including transfer taxes, documentary stamp taxes, registration fees, and notarial fees. These fees can add up to several percent of the purchase price, so it is important to budget for them when planning your purchase.
Q: What is the process for buying a condo in Makati?
A: The process for buying a condo in Makati typically involves the following steps: finding a property that meets your needs and budget, doing due diligence on the property and the developer, negotiating the terms of the purchase, securing financing if necessary, completing the paperwork and paying the necessary fees, and finally, taking possession of the property. It is important to work with a reputable real estate agent or broker to guide you through the process.
Q: Can foreign nationals buy condos in Makati?
A: Yes, foreign nationals can buy condos in Makati, subject to certain restrictions. Under Philippine law, foreign nationals are not allowed to own land, but they can own a condo as long as the building is at least 60% owned by Filipinos. Foreign nationals may also be subject to additional taxes and fees. It is important to seek legal advice before making a purchase as a foreign national.
Q: What are some of the amenities that condos for sale in Makati may offer?
A: Condos for sale in Makati offer a wide range of amenities to meet the needs of different residents. Some common amenities include swimming pools, fitness centers, game rooms, function halls, and 24-hour security. Some luxury condos may offer additional features such as concierge services, private elevators, and high-end finishes. It is important to consider what amenities are important to you when selecting a condo.
Q: What is the typical size of a condo for sale in Makati?
A: The size of a condo for sale in Makati can vary widely, depending on the location and price range. Some studio units may be as small as 20 square meters, while luxury penthouses may exceed 500 square meters. One-bedroom units typically range from 30 to 60 square meters, while two-bedroom units can range from 60 to 120 square meters. It is important to consider your space requirements and lifestyle when choosing a condo size.
Q: Are there any financing options available for buying a condo in Makati?
A: Yes, there are several financing options available for buying a condo in Makati, including bank loans, in-house financing, and Pag-IBIG housing loans. Bank loans typically offer the most competitive interest rates, but may have stricter requirements for approval. In-house financing and Pag-IBIG housing loans may be more accessible to buyers with limited income or credit history. It is important to research and compare different financing options to find the one that best suits your needs.
Q: What should I consider when choosing a location for a condo in Makati?
A: When choosing a location for a condo in Makati, it is important to consider factors such as accessibility, proximity to work, schools, and amenities, as well as the safety and security of the area. Makati has many different neighborhoods, each with its own distinct character and features. It is important to visit different locations and assess their suitability for your needs and lifestyle.
Q: What are some common risks associated with buying a condo in Makati?
A: Some common risks associated with buying a condo in Makati include the possibility of the developer defaulting on their obligations, hidden defects or structural issues with the property, and changes in market conditions that can affect the value of the property. It is important to do your due diligence and work with a reputable real estate agent or broker to minimize these risks. It is also advisable to seek legal advice before making a purchase.