Property Investment – Metro Manila
As the city of Manila grows; so does the surrounding metropolitan area known as Metro Manila. Metro Manila is the metropolitan region of the country that contains the city of Manila itself and sixteen other surrounding municipalities and cities. The political, cultural and commercial centre of the country, the region is one of the most modern and fastest growing in South East Asia and the whole region is often, inaccurately, referred to simply as Manila.
With an established industrial base and an expanding BPO industry, the region has a very diverse economy and also boasts some of the best shopping malls, entertainment districts and cultural centres in the country and is attracting workers and businesses from around the world which in turn is creating increasing demand for the development of high quality condominium projects.
As well as the capital city of Manila and the seat of government, the area of Metro Manila also includes Makati City, the country’s financial capital and central business district. Most multinational companies with a presence in the Philippines have their offices in Makati city and many countries' embassies are located there too along with banks and financial institutions.
Of the twelve defined metropolitan areas defined in the Philippines, Metro Manila is the most populous with a population of some 12 million people which equates to nearly 13% of the entire population of the country.
As is to be expected in such a large metropolitan area, Metro Manila does have its wealthy areas as well as it’s not so wealthy and in, some areas, the difference is quite extreme. Many of the wealthy population live in gated communities in areas such as Forbes Park and Dasmariñas Village in the city of Makati or in hi-rise condominium developments in and around the central areas which can be in stark contrast to some of the informal and illegal slum settlements that can be found elsewhere in the region.
The region is well served by road and rail systems and Ninoy Aquino International Airport, the country’s busiest international airport, is the hub for the national airline, Philippine Airways. A new airport which is planned to become one of the largest in the world is being built at Clark International Airport and a fast train is planned to connect the new airport with the Metro Manila area.
Demand for mid to high range properties in the region has been steadily growing for some years and that growth looks set to continue as the growing economy continues to attract both foreign workers as well as provide local workers with a higher level of disposable income. Many of the new condominium developments are being built with an international theme and all are constructed to high international standards and provide an excellent investment opportunity as well as a great place to live.