
Imagine someone who bought a house in Pembo in 2022, believing it was in Makati. Today, the house pays property taxes to Taguig, its title is registered there, and the subway planned to serve it has been canceled. The house stayed the same, but the city around it changed.
That’s what has changed in Makati real estate since our 2023 guide. Makati lost 10 barangays to Taguig, canceled its subway project, and opened Ayala Avenue to residential development. It is still the country’s top business district, but the reasons to buy there have changed.
Below: what changed, Makati property prices and rents in 2026, the main pros and cons, and the best strategy for each buyer—from OFWs to foreign condo investors.
- Makati now has 23 barangays and 309,770 residents (2024 census). The 10 EMBO barangays, and their titles and taxes, belong to Taguig.
- The Makati subway is cancelled. Don’t pay a premium for a unit “near a future station.”
- Homes are now allowed on Ayala Avenue, and Congress has ratified the Condominium Redevelopment Act. Makati’s aging towers gain the most.
- Makati condos rented for an average of ₱889 per sqm a month in Q3 2026. A typical resale unit grosses about 4.6% and nets about 3.3% after costs.
- Makati rewards liquidity and tenant quality more than fast appreciation. Discounted resale units beat pre-selling luxury on entry math.
Makati in 2026: What’s Changed Since 2023
Since 2023, four changes have mattered more to Makati buyers than any single tower launch.
| What changed | Before (2023 guide) | Now (2026) |
|---|---|---|
| Barangays | 33 | 23 (10 EMBO barangays now in Taguig) |
| Census population | 629,616 (2020, old boundaries) | 309,770 (2024) |
| Makati subway | Under construction, target 2025 | Cancelled; settlement signed January 2026 |
| Homes on Ayala Avenue | Not allowed | Allowed under revised CBD zoning |
| Rebuilding an old condo tower | Every owner must agree | Two-thirds (30–50 years) or majority (50+ years) once the new law takes effect |
| Barangays on the West Valley Fault | 4 (Comembo, Rizal, Pembo, East Rembo) | None; all four are now in Taguig |
Sources: ABS-CBN, Manila Bulletin, PSA census, Senate Bill 2420 and Makati City fault-line surveys.
The EMBO transfer and what it means for buyers
In April 2023, the Supreme Court ruled that 10 barangays in Fort Bonifacio, known as the EMBO areas, belong to Taguig. In February 2024, the Land Registration Authority moved property transactions there under Taguig’s jurisdiction. Because of the boundary change, Makati’s population fell from 629,616 in 2020 to 309,770 in 2024. However, using today’s boundaries, Makati’s population actually grew from 292,743.
For buyers, the main issue is paperwork. A property in a former EMBO barangay now pays property tax to Taguig, follows Taguig’s zoning rules, and is registered through Taguig’s Registry of Deeds. The same applies to Ospital ng Makati and the University of Makati, despite their names.
Check before you pay a reservation fee: which Registry of Deeds holds the title, which city issued the latest tax declaration, and where the real property tax was last paid. An older title or tax declaration may still say “Makati” even though Taguig now has jurisdiction.
The Makati subway is off the table
The 10-kilometer subway started construction in 2018 and was expected to open by 2025. A boundary ruling placed its depot and several stations in Taguig. Partner Philippine Infradev said the project was no longer feasible and began arbitration in Singapore. The city reached a confidential settlement in January 2026, and no replacement line has been approved.
If a listing still mentions “the upcoming Makati subway,” consider it outdated and price the unit based on today’s transit: MRT-3, the EDSA busway, and nearby office buildings.
New CBD zoning opens Ayala Avenue to residential
The second revision of Makati CBD zoning rules, promoted by the estate association MACEA, allows mixed-use development. Residential towers, once banned on Ayala Avenue, are now permitted, and many sites can build more floor area. A JLL listing shows the change: 6799 Ayala Avenue, once limited to offices, is now marketed for residential and hotel use.
The Condominium Redevelopment Act also makes rebuilding residential towers easier. Under current rules, every owner must agree. The bill, approved by Congress in October 2026 and awaiting the President’s action, lowers the requirement to two-thirds for buildings aged 30 to 50 and a simple majority for those older than 50. Leechiu Property Consultants says about 26% of Makati’s tracked condo buildings fall into the older group, compared with about 3% nationwide.
The luxury wave hits a pause
Ayala Land paused Laurean Residences in April 2026 because construction costs rose, while Arthaland continued with Sondris (our ultra-luxury analysis covers both). For most buyers, the lesson is clear: top-tier pre-selling projects carry delivery risks that resale units do not.
Makati’s Property Sub-Markets, Explained
Makati isn’t one market: a ₱5.5 million one-bedroom on Chino Roces and a ₱100 million unit in Salcedo have little in common beyond the city name.
| Area | Asking price per sqm | Main tenants or buyers | Best for |
|---|---|---|---|
| CBD core (Legazpi, Salcedo, Ayala Ave) | ₱120K–₱450K | Executives, bank and embassy staff, expats | Liquidity, long leases |
| Rockwell | About ₱290K | Executives, families | Premium rents, quiet streets |
| Poblacion and Century City | ₱130K–₱290K | Young professionals, short-stay guests | Lower entry, short stays where allowed |
| Circuit and the Gil Puyat side | ₱300K–₱420K | Young professionals, couples | Newer stock off the CBD core |
| Fringe (Chino Roces, Bangkal, Pio del Pilar, San Antonio) | ₱130K–₱210K | CBD and BPO staff, students | Rental yield |
| Guadalupe and EDSA side | Lowest in the city (zonal ~₱90K) | Commuters | Entry-level end-users |
| Gated villages | ₱300K–₱700K per sqm of land | Families, executives, diplomats | Long-term land value |
Asking prices from active listings (March–June 2026), not closed sales. Village land: Santos Knight Frank, 1H 2024.
Makati CBD core: Legazpi, Salcedo and Ayala Avenue
Makati’s premium comes from its Grade A offices, embassies, and malls like Greenbelt and Glorietta. Prices vary widely by building: older towers in Legazpi and Salcedo cost about ₱120,000 to ₱180,000 per sqm, Shang Salcedo Place costs ₱325,000 to ₱360,000, and a 242 sqm unit at Escala Salcedo costs about ₱446,000 per sqm.

Rockwell and Poblacion
Rockwell is a private community with some of Makati’s highest rents outside the CBD. A furnished 59 sqm one-bedroom unit at One Rockwell rents for ₱65,000 a month. Nearby Poblacion has older walk-up buildings, nightlife and Century City towers, with studios renting for about ₱10,000 to ₱18,000. Short stays are most popular here.
Circuit Makati and the Gil Puyat side
Circuit Makati, built on the former Santa Ana racetrack, and Ayala North Exchange offer newer properties outside the central area, but they are not cheaper. A recent resale listing at Circuit’s Calisto Tower costs about ₱420,000 per square meter.
The Makati fringe: Chino Roces, Bangkal, Pio del Pilar and San Antonio
Most rental investors buy in the fringe areas. Towers like Avida Towers San Lorenzo and The Rise cost about ₱130,000 to ₱210,000 per sqm, while furnished studios rent for around ₱20,000 to ₱25,000 a month. However, Colliers reported a 35.9% office vacancy rate in the Makati fringe in 2024, meaning these areas still depend on jobs in the city center.
Guadalupe and the EDSA side
Guadalupe Nuevo, Guadalupe Viejo, and Pinagkaisahan are the only areas left in Makati’s 2nd District. They are along MRT-3 and have the city’s most affordable property prices. Pinagkaisahan’s average residential zonal value is about ₱90,000 per sqm.
The gated villages
Forbes Park, Dasmariñas, Urdaneta, Bel-Air, San Lorenzo, and Magallanes are land markets. Santos Knight Frank reported average prices in the first half of 2024 of about ₱700,000 per sqm in Forbes Park, ₱600,000 in Dasmariñas, ₱550,000 in Urdaneta, ₱480,000 in Bel-Air, ₱400,000 in San Lorenzo, and ₱300,000 in Magallanes. Buyers usually purchase land to build family wealth, not to earn rental income.

Makati Property Prices, Rents and Rental Yields in 2026
Condo prices per square meter by tier
BalayHub’s June 2026 data shows that Makati’s median asking price is about ₱198,000 per sqm, similar to Taguig. Prices range from around ₱130,000 in older mid-rise buildings to more than ₱600,000 in new luxury projects. For a fair comparison, compare resale units with other resale units: Colliers reported that Makati CBD pre-selling units cost ₱267,000 to ₱400,000 more per sqm than secondary units in early 2025.
| Tier | Example areas | Asking price per sqm | Typical furnished rent |
|---|---|---|---|
| Entry, older stock | Guadalupe, Poblacion walk-ups | ₱90K–₱150K | Studio or 1BR: ₱10K–₱20K |
| Mid-market | Chino Roces, Bangkal, Pio del Pilar | ₱130K–₱210K | Studio or 1BR: ₱18K–₱30K |
| CBD resale, older towers | Legazpi, Salcedo | ₱120K–₱250K | 1BR: ₱30K–₱55K |
| CBD and Rockwell, newer towers | Salcedo, Legazpi, Rockwell, Circuit | ₱250K–₱450K | 1BR: ₱55K–₱100K |
| Ultra-prime launches | Dela Rosa, Arnaiz | ₱420K–₱650K | Mostly owner-occupied |
| Village land | Forbes, Dasmariñas, Urdaneta, Bel-Air | ₱300K–₱700K | Houses lease by negotiation |
Active listings and RentScout (March–June 2026); ultra-prime range computed from Laurean Residences and Sondris launch prices; village land from Santos Knight Frank (1H 2024).
Bars are scaled to Forbes Park land at ₱700K. Citywide median from BalayHub (June 2026); tier midpoints from the table above.
What a Makati condo actually rents for
LPC says average condo rents in Makati were ₱889 per sqm per month in Q3 2026, compared with ₱1,116 in BGC and ₱703 in the Bay Area. Listings range from ₱30,000 for a furnished 39 sqm 1BR at The Columns in Legazpi to ₱75,000 for a 60 sqm 1BR at One Legazpi Park.
Gross vs. net yield: a worked example
Gross yield is the yearly rent divided by the property price. Net yield is what remains after the owner pays expenses. LPC estimates gross yields for new Metro Manila purchases at 3.4% to 4.7%, or up to 5.1% with a cash discount. Here’s what causes the difference.
Illustrative. Rent uses LPC’s Q3 2026 Makati average; dues use a mid-range high-end rate; RPT and upkeep are estimates. Check the tax declaration and the building’s actual dues for any unit you’re pricing.
What comes out of that net yield once the BIR takes its share, and how to register as a landlord.
Market Pulse: Office Demand, Supply and Vacancy
Makati condo tenants follow the offices, making the office market the best guide for residential buyers.
Colliers put Makati CBD’s office vacancy rate at 8.2% in September 2025, the lowest in Metro Manila, and expects it to become a landlord’s market in 2026. In the first half of 2026, Makati led the metro with about 65,000 sqm of office deals. LPC’s data also showed Makati taking 102,000 of the 154,000 sqm leased in Makati and BGC from January to May.
Savills reports a much higher vacancy rate in Makati CBD: 21.3% in the first quarter of 2026, down from 22.3%. The difference likely comes from the buildings each firm tracks. Both report little new supply and steady demand in the area.
Makati CBD has less than 2% of Metro Manila’s unsold ready-for-occupancy condos, compared with a 24.9% metro-wide vacancy rate in Q2 2026, according to Colliers. Our condo glut analysis shows where the oversupply is located.
Financing is the main challenge. The BSP raised its policy rate to 5.50% on October 22, marking its fourth consecutive increase, and will meet again on December 17. Pag-IBIG’s promotional rates end on December 31, 2026, and cover loans of up to ₱10 million—less than the price of most CBD properties.
The Pros: Why Makati Still Earns Its Premium
Makati’s 2026 strength comes from depth, not growth. Its offices attract tenants, tenants support prices, and a strong resale market brings buyers back.
Holding costs also fell: Makati lowered the residential property tax rate from 1.5% to 1.0% in January 2025. A future update to property values under the RPVARA law could increase taxes, but the first-year rise is limited to 6%.
- The deepest corporate tenant pool. Makati CBD led Metro Manila office leasing in the first half of 2026.
- Thin unsold inventory. Less than 2% of the metro’s unsold ready-for-occupancy condos are in the CBD.
- Resale buyers at every price, from about ₱5 million to over ₱100 million.
- A walkable core. Covered and elevated walkways, Ayala Triangle Gardens and Car-Free Sundays on Ayala Avenue.
- Redevelopment upside. Mixed-use zoning and the Condominium Redevelopment Act both favor older CBD sites.
- Lower property tax. The residential RPT rate fell from 1.5% to 1.0% in 2025.
The Cons and Risks, and How to Manage Each
Traffic is the main risk, and with the subway cancelled, there will be no rail alternative within the city. The Metro Manila Subway’s nearest stations, at Kalayaan Avenue and BGC in Taguig, began construction in February 2026 and are expected to open in the early 2030s.

The bigger financial risk is the building’s age. Many CBD towers were built in the 1980s and 1990s, so they often have higher fees, costly repairs for elevators and facades, and competition from newer buildings. Redevelopment may offer a way out, but the majority decides the terms.
Then there’s the math. High purchase prices keep net returns around 3% to 3.5%, BGC attracts the same expatriate tenants with higher rents, and many CBD condo buildings limit short-term rentals.
| Risk | What to do about it |
|---|---|
| Traffic, no subway | Buy within walking distance of your tenants’ offices or an MRT-3 station. Ignore subway premiums. |
| Aging building, rising dues | Get the building’s age, reserve fund balance, five years of special assessments and the last three dues increases. |
| Thin net yield | Underwrite net, not gross, and negotiate cash discounts on ready units. |
| Fringe oversupply | Favor low-vacancy towers a short walk from the CBD. |
| EMBO paperwork | Confirm whether the title and tax declaration sit with Makati or Taguig. |
| Short-stay bans | Read the master deed and house rules before buying for short-term rental. |
| Property revaluation | Check the current assessed value and follow Makati’s schedule-of-market-values update. |
Makati Investment Strategies by Goal and Budget
The best Makati strategy depends on your goal: monthly income, preserving value, or a larger future return.
The yield play: resale studios and 1BRs near the CBD
For rental income, consider discounted ready units in fringe towers near the CBD or older CBD buildings with good reserves, priced around ₱5 million to ₱9 million. Target at least 4.5% gross rental yield, and avoid dues above ₱120 per sqm unless the rent covers them.
Capital preservation: prime CBD ready-for-occupancy units
For buyers looking for a safe investment, a newer unit in a Salcedo or Legazpi tower is like Makati’s blue-chip asset, starting at about ₱15 million. Prices rise steadily, while strong resale demand and a large pool of tenants make these units easy to sell or rent.
The redevelopment and land-value play
Patient investors can buy older CBD buildings on large lots, where the land may be worth more than the units. Once the Condominium Redevelopment Act takes effect, selling a 30- to 50-year-old tower to a developer will require approval from two-thirds of the owners. First, check the lot size, new zoning rules, and how other owners feel.
Pre-selling luxury: when it makes sense
Top-tier pre-selling works best for buyers who want a specific new address and can wait for turnover. Look for a DHSUD license to sell, a payment plan that leaves most of the balance until turnover, and a developer with a strong delivery record.
Short-term rentals in Poblacion and Rockwell
Short stays can earn more than long-term leases in Poblacion and near Rockwell, but only if the building’s master deed and rules allow them. Our short-term vs. long-term rental guide compares the numbers.
Commercial units and office condos
Small CBD office and retail units may benefit from a landlord-friendly market, but leases are longer, tenants expect fit-out support, and vacancies can last for months. They are best suited to investors who already own residential properties.
Foreign buyers: condo units only
Foreigners can own condo units in Makati if foreign ownership in the project is 40% or less, but they cannot own land. Check the condominium corporation’s current foreign-ownership ratio before reserving.
- You’ll hold for seven years or more.
- A ready unit is priced below comparable listings per sqm.
- You can pay cash, or lock a Pag-IBIG promo rate by December 31, 2026 on a loan of ₱10M or less.
- The building’s reserves, dues and assessments are documented.
- Your numbers depend on subway-driven appreciation.
- You need strong monthly cash flow from day one.
- It’s a pre-selling ultra-luxury unit with no delivery track record.
- You need a bank loan and expect rates to keep rising.
Makati vs. BGC vs. Ortigas: Which Fits Your Goal?
Makati and BGC have the same asking prices; BGC has higher rents, while Ortigas has lower entry prices.
| Measure | Makati | BGC | Ortigas |
|---|---|---|---|
| Median asking price per sqm | ~₱198K | ~₱198K (Taguig) | ~₱167K (Pasig) |
| Average condo rent per sqm a month | ₱889 | ₱1,116 | ~₱729 (with Mandaluyong) |
| Office rent per sqm a month | ₱991.60 | ₱1,094.30 | ₱690.90 |
| Office vacancy (Savills) | 21.3% | 8.0% | 11.7% (Greater Ortigas) |
| Rail access | MRT-3; subway cancelled | Metro Manila Subway stations due early 2030s | MRT-3; Metro Manila Subway stations under construction |
| Main tenants | Executives, banks, embassies | Multinationals, expats | BPO staff, mid-income professionals |
| Best for | Liquidity and prestige | Rent level and newer stock | Lower entry price |
BalayHub (June 2026), LPC (Q3 2026; Ortigas Q2), Savills (Q1–Q2 2026). Different firms and quarters: read for direction, not decimals.
BGC’s higher rents usually mean better yields, while Makati’s cheaper older properties can offer similar returns with careful buying. Ortigas is a good fit for buyers who don’t need a CBD address. See our BGC and Taguig investor guide and Ortigas deep dive for the full numbers.
Makati Buyer’s Due-Diligence Checklist
Most Makati mistakes involve paperwork. Do these eight checks before paying a reservation fee.
- Confirm the city. If the address is in a former EMBO barangay, Taguig handles the title, tax declaration and permits.
- Get a certified true copy of the title from the right Registry of Deeds.
- Ask for the building’s age, reserve fund balance and five years of special assessments.
- Get dues per sqm and the last three increases in writing.
- Compare the price per sqm with the zonal value and resale asks in the same building.
- Check flood and fault exposure for the exact address on HazardHunterPH.
- Read the master deed and house rules on leasing, short stays and pets. Foreign buyers: confirm the foreign-ownership ratio.
- Confirm RPT payments are current on the latest tax declaration.
Our guides on checking flood and fault-line risk, transferring a property title, real property tax and condo fees walk through each step in detail.
Living in Makati: The Quick Version
Day to day, Makati is easy to explore on foot. Covered walkways connect offices and malls, while small parks like Ayala Triangle Gardens, Washington SyCip Park, Legazpi Active Park and Jaime Velasquez Park are popular with locals.
Getting around is harder. MRT-3 stops at Guadalupe, Buendia, and Ayala, while the EDSA busway and Pasig River Ferry cover some areas. Rent is the biggest expense, costing about ₱18,000 to ₱35,000 a month for a studio or one-bedroom unit outside the newest towers.
- Makati: The Pulse of the Philippine Economy and Multinational Influence
- Makati’s Accessible Heartbeat: Navigating the City’s Roads and Beyond
- From Retail Bliss to Cultural Dive: Navigating Makati’s Top Attractions
- Makati’s Commitment to Excellence: A Glimpse into Education and Healthcare
- Finding Your Dream Home in Makati: An Overview of Housing Choices
Frequently Asked Questions
Is Makati a good real estate investment in 2026?
For liquidity and stable tenants, yes; for fast appreciation or high cash yields, less so. Discounted resale units near the CBD offer the best entry math.
Which has better rental yields, Makati or BGC?
On averages, BGC: its condo rents run about 25% higher at a similar median asking price. But Makati’s older resale stock is cheaper per square meter, so a careful Makati buyer can match it.
Are the EMBO barangays still part of Makati?
No. The Supreme Court’s ruling became final in April 2023, and Taguig now handles titles, real property tax and permits for all 10 barangays.
Can foreigners buy property in Makati?
Foreigners can buy condo units as long as foreign ownership in the project stays at or below 40%. They can’t own land, so houses and lots in the villages are off-limits.
Where are the cheapest places to buy in Makati?
Guadalupe Nuevo, Guadalupe Viejo and Pinagkaisahan, plus older buildings in Poblacion and along Chino Roces, where asking prices start around ₱90,000 to ₱150,000 per sqm.
Which Makati Unit Actually Pencils Out for You?
Tell U-Property PH your budget, goal and timeline. We’ll shortlist Makati condos that fit, with the dues, building age and rent comparables for each, and flag listings still priced on the cancelled subway.
This article is for general informational purposes only and does not constitute legal, financial, tax, or professional advice. Market conditions, laws, regulations, and government fees change. Always consult a licensed real estate broker, lawyer, or tax professional for advice specific to your situation.
- ABS-CBN News: ‘Comelec OKs transfer of 10 Makati barangays to Taguig City’ (Aug. 21, 2023). [abs-cbn.com]
- Manila Bulletin: ‘LRA transfers EMBO barangay property transactions to Taguig’ (Feb. 8, 2024). [mb.com.ph]
- ABS-CBN News: ‘P700 million slashed from Makati’s tax allotment’ (Jan. 5, 2024). [abs-cbn.com]
- CityPopulation.de (PSA census data): Makati City population, 2000–2024 censuses. [citypopulation.de]
- The Philippine Star: ‘Makati subway contractor seeks international arbitration’ (May 3, 2025). [philstar.com]
- Context.ph: ‘Infradev declines to disclose subway settlement details’ (Feb. 19, 2026). [context.ph]
- BusinessWorld (Colliers Insights): Makati CBD zoning amendments, mixed-use lots and bonus FAR. [bworldonline.com]
- JLL: 6799 Ayala Avenue, Makati: redevelopment listing (mixed-use rezoning, total FAR 16). [jll.com]
- BusinessWorld: ‘Senate approves condo redevelopment bill on final reading’ (Sept. 1, 2026). [bworldonline.com]
- Context.ph: ‘Condo redevelopment bill to unlock urban renewal, revive Makati market — LPC’ (Oct. 6, 2026). [context.ph]
- BusinessWorld: ‘Makati’s aging condos offer redevelopment opportunities — LPC’ (Oct. 26, 2026). [bworldonline.com]
- Inquirer Property (Colliers): ‘The true barometer of premium Makati CBD living’: Q3 2025 vacancy and 2026–2029 condo supply. [inquirer.net]
- Manila Bulletin (Colliers): ‘The Makati Central Business District is up for redevelopment’ (July 2, 2025): share of unsold RFO units. [mb.com.ph]
- Manila Bulletin (Colliers): ‘Diverse market demand to ease office space vacancies’ (Mar. 19, 2025): Makati fringe vacancy. [mb.com.ph]
- BusinessWorld via EdgeX: ‘Slower Q2, but office market remains resilient — Colliers’: H1 2026 Makati CBD transactions. [edgex.exchange]
- Context.ph (LPC): ‘Leechiu expects BGC to keep office hub crown’: Makati’s 66% share of take-up, January–May 2026. [context.ph]
- Listd.ph (Savills): ‘Makati CBD Real Estate 2026’: Savills 1Q 2026 office vacancy. [listd.ph]
- Manila Bulletin (Colliers): ‘Cautious recovery across property sectors’ (Aug. 9, 2026): Q2 2026 residential vacancy. [mb.com.ph]
- Colliers Philippines: Residential Property Market Report, Q2 2026. [colliers.com]
- The Manila Times (LPC): ‘NCR residential market resilient, not rebounding’ (Oct. 13, 2026): Q3 2026 rents and yields. [manilatimes.net]
- BalayHub: Average price per square meter in the Philippines (June 2026 medians). [balayhub.com]
- Santos Knight Frank: ‘What it’s like to live in Metro Manila’s most exclusive villages’: 1H 2024 land values. [santosknightfrank.com]
- RentScout: ‘Renting in Makati & BGC: The Complete Guide for 2026’ (Mar. 2, 2026). [rentscout.ph]
- Manila Bulletin: ‘Makati City OKs lower real property tax rates’ (Mar. 31, 2025). [mb.com.ph]
- Deloitte Philippines: Real Property Valuation and Assessment Reform Act (RA 12001): first-year 6% cap. [deloitte.com]
- Inquirer.net: ‘Over 400 Makati homes must move away from fault line’: the four West Valley Fault barangays. [inquirer.net]
- Spot.ph: Construction begins on the Kalayaan and BGC stations of the Metro Manila Subway (Feb. 16, 2026). [spot.ph]
- Daily Tribune: ‘BSP delivers jumbo 50-basis-point rate hike’ (Oct. 22, 2026). [tribune.net.ph]
- Daily Tribune: ‘Pag-IBIG cuts home loan rates’ (June 18, 2026): promo rates through Dec. 31, 2026. [tribune.net.ph]
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