Metro Manila is the place to be when it comes to real estate investments. It is the bustling capital region of the Philippines, the center of socio-cultural, economic, and political affairs. Read our in-depth guide to learn everything you need to know about buying a house in metro manila.
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Costs Of Buying A House
The prices of houses and other real estate properties vary across different neighborhoods. For instance, if you wish to purchase a home in Makati, the nation’s financial capital, the prices are going to be higher than in other cities. Visiting the heart of Makati City, you will realize that cost of living is noticeably higher. The price of a unit in this area is $300,000, and smaller units of up to $100,000.
Looking to purchase a condominium? Read our full guide on buying a condo in the Philippines!
Beyond Makati, you can find a large two-bedroom unit in Quezon City for around $80,000. Are these in the inexpensive tier? Believe it or not, yes. It still reflects the economic movement, though. At the Bonifacio Global City, the newest hub for social circles and trade, three-bedroom condominiums have appreciated by about 15 percent since 2018.
Major Cities In Metro Manila
Currently, there are 17 cities in Metro Manila. These are: Manila, Quezon City, Las Piñas, Makati, Caloocan, Mandaluyong, Malabon, Muntinlupa, Pasig, Parañaque, Pasay, Taguig, Valenzuela, San Juan, Navotas, Marikina, and the municipality of Pateros.
Read further to get to know some of these cities in terms of the housing market.
Manila City
In spite of the rapid growth of the capital city, real estate prices in Manila are among the most affordable in the world. For instance, the average condominium unit in central Manila roughly costs around $2,600 per square meter.
The city’s former name was Maynilad, which refers to the Nilad plant. This plant pertains to the flowering shrub that adapts easily to marshy ground and is very proliferate in the riverbanks.
In the mid-1970s, during the time the world became more commercialized, Manila and the neighboring communities have been integrated to function and become a single administrative region, now known as the National Capital Region. During the Corazon Aquino administration beginning in 1986, the city launched skyscrapers and attracted businessmen, investors, and workers from around the world.
Makati City
This is Metro Manila’s center for finance and business. The Makati business district also comprises shopping centers, restaurants, fitness clubs, schools and universities, and subdivisions that attract the elite lifestyle, particularly for upper-class Filipinos, Filipino-Asians, business owners, magnates, and expats.
There is a stereotype that Makati is the higher-end option for investors who wish to buy houses in the Philippine capital. After all, this is the city is where you can find some of the most prominent offices of multinational firms, corporations, companies, and small businesses serving a variety of interests across the globe. The cost of living here is also a bit higher compared with other cities.
Since it is more expensive than other parts of the metro, a luxury condo unit may sell for about $5,000 per square meter, twice the country’s average. However, you can find units in the mid-range. For example, properties that are well-constructed and fully furnished at about $500,000. Appreciation is at the double-digit range in the past few years.
Bonifacio Global City
There’s a new city being continuously developed in Manila that competes with the Makati business district: the Bonifacio Global City in Taguig. Visiting it leads you to high-rise buildings in the middle of construction, and lands that are up for grabs for interested buyers.
However, it is interesting to note that BGC stands midway between the National Capital Region and the Southern Tagalog region or Region IV. One of the great topics of conversation is the ownership of land in this beautiful area.
The overall design of this new, sprawling city is born out of the public-private partnership among the Campos Group of Evergreen Holdings, Bases Conversion and Development Authority (BCDA) Ayala Land, a conglomerate that also owns much of Makati City.
This area is highly attractive for the emerging market and demand. BGC does not suffer from flooding and other infrastructural damage. Despite lapses in how it is politically run, as many would say, the developments in this location have attracted businesses, locals, and expats. You can find shops, restaurants, offices, and technology firms. BGC is also home to the main offices of various commercial labels, in the fields of fashion, automotive, electronics, and more.
Quezon City
If there’s one other city in Metro Manila’s 17 major cities that deserve notice when speaking about housing and properties, that has to be Quezon City. You can visit shopping districts and some of the country’s biggest television networks. It is also where you can find the premier universities in the Philippines.
This suburb in the north of Manila has one of the highest elevations in the capital, the reason why during earthquakes and flooding, Quezon City is mostly spared. These features make it attractive for buyers who are looking to invest their money in properties. Many estates are very affordable, as well. They cost half as much as other properties of their kind in the neighboring cities.
One can snag a two-bedroom unit in this area for $100,000 and below. It is also accessible to Manila and other cities.
Noteworthy Landmarks in Metro Manila
What are the landmarks to note when buying a house in Metro Manila? Proximity to these places is crucial, compared to buying a house in far-flung areas.
- SM Supermalls. If there is one mall that is a distinctive part of the Philippine map, it has to be SM Supermalls. They’re one of the largest mall chains in Asia and the world. There are branches nationwide, and a total of 74 malls in the country are in the countries of China and Thailand. It covers around 9.24 million square meters of gross floor area. Global brands such as Uniqlo, H&M, Starbucks, Tim Ho Wan, and other renowned retail companies are renting spaces within the mall for consumers to enjoy. In almost every corner in Metro Manila, you can find a branch of SM Supermalls.
- Makati Business District. Also known as the Makati Central Business District, it is located in Makati City, and is the country’s leading district for business and finance. Politically, it’s been known as the “central cluster” in the city’s West District, different from the “Makati Poblacion” area, which is the civic district. It consists of the communities of Urdaneta, Bel-Air, San Antonio, and San Lorenzo. The distinct landmarks are EDSA, Arnaiz Avenue, Gil Puyat Avenue, and Chino Roces Avenue. Many of the country’s skyscrapers are found in the area. For instance, Ayala Avenue houses PBCom Tower, the country’s tallest office building at 259 meters high. It is also the main office of the Philippine Bank of Communications. This is the most vibrant commercial location in Southeast Asia. Near the Makati Business District, you can find Ayala Center, Gloriette, Greenbelt, and the RCBC Tower.
- Luneta Park. This park is for one, a historical site dedicated to the Philippines’ national hero, Jose Rizal. It has transformed from a heritage location that makes it sacred in history to being a place of meet-up for the locals. Here, you can find Filipino vendors selling street food, ice cream, and families on picnics during the weekend.
- Ateneo De Manila University. Many property owners are looking at units that are nearby important places like universities. At the center of Quezon City and highly accessible to various other cities in Manila is one of the Philippines’ premier schools, the Ateneo De Manila University provides education for both basic and higher instruction in its 11 schools. Higher education comprises the Loyola Schools, offering both undergraduate and graduate fields in the arts, humanities, engineering, business management, social sciences, and natural sciences. The Ateneo Professional Schools, meanwhile, are for continuing education in the fields of business, medicine, governance, and law. The university also offers Grade School, Junior and Senior High School, and education within the K-12 program.
- Uptown BGC. Located right at the Bonifacio Global City, it is one of the most recent and hippest areas where people of all ages, especially the youth, meet together for food, partying, shopping, movie watching, and a good time with the family. Since the area has several offices, it is where young professionals meet together after day’s or week’s work to party. The locals meet with foreigners from countries such as the United States and China to get together. Party clubs and venues are all over the place, lined up with shopping malls, high-end restaurants, parks, and museums. For instance, the Mind Museum is among the modern attractions that children, teenagers, and students visit as part of their educational tours.
Important Tips When Buying a House
If you are a first-time home buyer in Metro Manila, here are some guidelines and tips that will help you succeed in your purchase.
- Identify and take note of your needs. The choices are wide when it comes to investing in the Philippine real estate. Decide whether you want to live in a single-family home with a yard or a condominium in an urban location.
- Get to know the area. Once you’ve found the property that you want, research the area that it’s located in. Find out if the property is near hospitals, schools, banks, and other commercial establishments. Make sure that it’s protected against calamities.
- Arrange your budget. Once you’ve figured out your budget, you’ll get an idea of what property to consider and which you can afford.
- Find real estate agents and professionals to help you with the process. Real estate agents will take charge of looking for the home that fits your needs and, of course, your budget. They will negotiate the terms and conditions with the sellers and assist you in the process.
Looking to buy a house? Read our comprehensive article on things to watch out for before buying a house in the Philippines
Conclusion
Nationwide, real estate remains a very lucrative form of investment for many Filipinos and expats. Aside from being a stable asset, it provides you with reasonable prices appreciating in time. Nevertheless, taking the time to invest in real estate may be a daunting procedure, especially if you are a beginner in the field.