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SECONDHAND Market in Makati - Collecting Data points Primary market (ie New Property) prices have zoomed higher and higher while Rents have not kept pace, and in some cases, such as 3BR units in Makati & BGC rents have even turned lower. So now Yields are falling, while developers keep pushing up the prices of New Properties. : Est. Gross Yield: 805x12/ 180,400 = 5.35% Is it time to focus on the Secondary Market? (where prices are lower & yields are better) Got some interesting data yesterday. Found a rare sight: a property agent with an office at street level on a nice Makati street (such offices are everywhere in Hong Kong, not in PH.) She told us that she specialized in renting out residential properties to Corporations and Expats. She also handles Buying and Selling properties in the secondary market. Rockwell is very nice. But at P 325k+ psm for New, it is a expensive and a very long walk, or slow ride / drive to Makati's CBD She was interested to show places like Rockwell (which have high prices & high commissions.) When we informed her that we were looking for something much closer to GB, and also cheaper and within a few minutes walk of her office. She said there is not much supply. We asked why, pointing out that there is a huge market for secondhand sales in Hong Kong and other global markets. She said that the older places in Makati are typically owned by Filipinos who have large families, and will hold onto a property "for generations", with older people passing ownership on to children or relatives. For those who want to be within 5-10 minutes walk of Greenbelt Mall. She said that it might be easier to find newer buildings, like maybe five years old, where people had bought them with the idea of reselling at a profits a few years after completion. / 2 / : Shang Grand (completed 2006) Profile on Emporis The agent reported to us a big jump in 2nd-hand prices at Shang Grand. She said her own firm had sold a high floor unit at over P250k per sqm! That's a big advance on the P150k psm level that I had heard prices were offered just 1-2 yrs ago. But not everything was over P200K, there was an older unit (Century Plaza?) which had been sold at P114k psm late last year. In this thread, I am to collect some Data on secondary sales, & properties on offer, to see if there really are some bargains available, and where they are. (Interesting comments from the agent, & Food for thought!)