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SUMMARY
A condo in Manila typically costs about ₱5 million to ₱10 million today, with roughly ₱7 million a useful midpoint for the resale asking market.
That midpoint hides a very wide market. Around ₱5 million generally buys a studio or compact one-bedroom, while ₱10 million starts to open up larger one-bedrooms, some two-bedrooms and better central buildings.
Price per square meter tells us more than the headline purchase price. At roughly ₱167,000 per square meter, ₱5 million buys about 30 square meters, while the same budget buys only 20 square meters in a project priced at ₱250,000 per square meter.
Makati and BGC are not automatically expensive in every building, but the premium becomes obvious in newer and higher-end projects. Prime developments can move above ₱300,000 per square meter, roughly double the territory of plenty of ordinary resale stock.
The cheapest units are still there. Completed condos below ₱5 million remain available, but buyers usually give up space, building quality, location or some combination of the three.
Manila's oversupply is giving buyers leverage rather than producing a citywide collapse. About 82,900 condominium units were available across actively selling Metro Manila projects in the latest Leechiu figures, yet thousands of units are still being absorbed each quarter.
The weakness is very uneven. The Bay Area has far more vacancy and competing stock than prime Makati, so two condos with the same purchase price can have completely different resale and rental prospects.
New construction is not automatically the bargain. Developers are using long payment plans, discounts and ready-for-occupancy incentives, which means a completed resale unit or discounted RFO unit can sometimes beat a pre-selling project on the real cash-equivalent price.
Buyers also need more cash than the advertised price suggests. A resale purchase generally needs another 3% to 5% for buyer-side costs, and parking can add a surprisingly large amount to a smaller condo purchase.
For most buyers, the practical market therefore breaks into a few clear bands: below ₱5 million for small or compromised units, roughly ₱5 million to ₱10 million for mainstream condos, ₱10 million to ₱20 million for larger or better central properties, and ₱20 million-plus for the prime market.
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How much does a condo in Manila actually cost right now?
A normal Metro Manila condo currently costs roughly ₱5 million to ₱10 million, with about ₱7 million a useful midpoint for the resale asking market.
Current live listings tracked by Filipino Homes put the Metro Manila median asking price at about ₱7 million and roughly ₱167,000 per square meter. One-bedroom listings sit around ₱5.5 million, two-bedroom units around ₱7.4 million and three-bedroom units around ₱18 million.
Those numbers give us a decent starting point, but ₱7 million buys very different properties across the capital. At ₱167,000 per square meter, a 30-square-meter condo comes to about ₱5 million, a 45-square-meter condo to roughly ₱7.5 million and a 60-square-meter condo to about ₱10 million.
Once we move into newer or prime Makati and BGC projects, ₱167,000 per square meter quickly stops being a useful benchmark. Prices there can move above ₱250,000, ₱300,000 and, at the luxury end, ₱400,000 per square meter.
| Condo size | At ₱130k/sqm | At ₱167k/sqm | At ₱200k/sqm | At ₱300k/sqm |
|---|---|---|---|---|
| 25 sqm | ₱3.25m | ₱4.18m | ₱5.0m | ₱7.5m |
| 30 sqm | ₱3.9m | ₱5.01m | ₱6.0m | ₱9.0m |
| 45 sqm | ₱5.85m | ₱7.52m | ₱9.0m | ₱13.5m |
| 60 sqm | ₱7.8m | ₱10.02m | ₱12.0m | ₱18.0m |
| 100 sqm | ₱13.0m | ₱16.7m | ₱20.0m | ₱30.0m |
Does a condo in Makati or BGC cost much more than elsewhere in Manila?
Yes. Location can easily change the price of a Metro Manila condo by 50% or more, and prime buildings stretch the difference much further.
Current asking data put Makati around ₱179,000 per square meter, Pasay around ₱158,000, while the broader Metro Manila median sits near ₱167,000. Small listing samples move around from week to week, so these are better used as market references than exact district valuations.
The bigger gap appears once we stop mixing ordinary resale stock with genuinely prime projects. A mainstream older condo might trade around ₱130,000 to ₱180,000 per square meter, while a high-end development in Makati or BGC can move past ₱300,000.
That means two 60-square-meter condos can cost ₱9 million and ₱18 million even though both sit in major business districts. Building quality, developer, age and exact micro-location explain much of the gap.
| Metro Manila segment | Rough current price territory | What that usually means |
|---|---|---|
| Older / mass-market stock | ₱100k–₱150k/sqm | Lowest entry prices |
| Mainstream central resale | ₱150k–₱200k/sqm | Typical professional-buyer range |
| Better newer CBD projects | ₱200k–₱300k/sqm | Strong location and developer premium |
| Luxury Makati / BGC | ₱300k–₱400k+/sqm | Much larger absolute purchase |
| Ultra-prime projects | ₱400k+/sqm | Separate luxury market |
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Can we still buy a Manila condo for less than ₱5 million?
Yes. There are still plenty of Metro Manila condos below ₱5 million, although most involve a compromise on size, age or location.
Current listings include studios and compact units around ₱4 million to ₱5 million in Makati, Pasig and other central areas. Filipino Homes currently shows around 20 Metro Manila condo listings below ₱5 million in its live sample.
A recent Makati example was a roughly 27-square-meter one-bedroom at ₱5.5 million. In Pasig, studios in the low-20-square-meter range have appeared around ₱4.7 million.
Those examples are more useful than some of the rock-bottom prices advertised online. A cheap advertisement can represent only the seller's equity or an assumption-of-balance payment rather than the complete property price.
For a completed condo with a conventional sale structure, roughly ₱3 million to ₱5 million remains the real lower end of the market today.
What does ₱5 million buy in Manila today?
Around ₱5 million usually buys a studio or compact one-bedroom condo in Metro Manila, and floor area is where the compromise becomes obvious.
At ₱150,000 per square meter, ₱5 million buys roughly 33 square meters. At ₱180,000, it buys about 28 square meters. At ₱250,000, the same budget gives us only 20 square meters.
Current Makati listings around this budget fit that pattern pretty closely. Many sit in the 25-to-30-square-meter range. Move farther from the premium CBD core or into an older building and 30 to 40 square meters becomes more achievable.
Total price alone can therefore make Manila condos look cheaper than they really are. Developers have kept entry prices within reach partly by building smaller units, so price per square meter often tells us more about value.
| Budget | At ₱150k/sqm | At ₱180k/sqm | At ₱250k/sqm |
|---|---|---|---|
| ₱3m | 20 sqm | 17 sqm | 12 sqm |
| ₱5m | 33 sqm | 28 sqm | 20 sqm |
| ₱7m | 47 sqm | 39 sqm | 28 sqm |
| ₱10m | 67 sqm | 56 sqm | 40 sqm |
| ₱15m | 100 sqm | 83 sqm | 60 sqm |
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How much does a one-bedroom condo in Manila cost now?
A one-bedroom condo in Metro Manila currently costs roughly ₱5 million to ₱10 million, with about ₱5.5 million sitting near the median of current asking listings.
The lower part of that range usually means a small unit. Around ₱5 million to ₱6 million in Makati, for example, we often see floor areas in the high 20s rather than a spacious apartment.
At ₱7 million to ₱10 million, the choice becomes much better. Buyers can look at larger one-bedroom units, newer buildings or stronger locations without paying the full luxury premium.
The phrase “one bedroom” can still be misleading. A 27-square-meter investment unit and a 60-square-meter premium apartment belong to the same listing category, yet their prices can be several times apart.
If the goal is a comfortable one-bedroom rather than the cheapest possible one, a budget closer to ₱7 million than ₱5 million makes more sense.
How much does a two-bedroom condo in Manila cost?
A realistic current budget for a two-bedroom Metro Manila condo is around ₱7 million to ₱15 million, although prime units can easily move above ₱20 million.
The current metropolitan median for two-bedroom asking listings is about ₱7.4 million. That number sits close to the compact end of the market.
A 50-square-meter two-bedroom at ₱150,000 per square meter costs ₱7.5 million. Increase the rate to ₱200,000 and the same floor area becomes ₱10 million. A more comfortable 75-square-meter unit at ₱200,000 reaches ₱15 million.
Prime Makati buildings can go much further. In areas such as Rockwell, current two-bedroom listings with roughly 100 square meters can move into the ₱30 million range.
For buyers who actually need two bedrooms, size and building quality matter more than the citywide median.
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Why can two condos in the same Manila neighborhood have completely different prices?
Two Manila condos a few blocks apart can differ massively in price because buyers care about the building almost as much as the address.
Developer reputation is one of the clearest examples. Ayala Land Premier, Rockwell Land and Shang Properties can command premiums over older or higher-density developments nearby.
Age also shows up quickly in resale pricing. A well-maintained 15-year-old building with large units can hold up surprisingly well, while another tower of the same age may trade at a discount because of worn common areas, high association dues or poor management.
Density creates another gap. A tower with hundreds of almost identical studio units gives sellers plenty of competition. In a smaller premium project, buyers may have only a handful of comparable units to choose from.
Floor, view, layout and parking can then push two otherwise similar condos even farther apart. Looking only at the district average misses most of this.
Are new Manila condos more expensive than resale condos?
Yes, quite often. New and pre-selling Manila condos can carry a large premium over comparable resale units, especially in today's oversupplied market.
Developers sell payment flexibility as part of the product. A buyer may be allowed to spread the down payment over several years, which makes a ₱10 million pre-selling condo feel easier to afford than an ₱8 million resale unit requiring much more cash immediately.
The full price can tell a different story.
Colliers has recently described Metro Manila as a buyer's market, with developers using discounts, extended payment terms, rent-to-own programs and other incentives to move ready-for-occupancy inventory. That puts fresh developer stock directly into competition with resale owners who may also be willing to negotiate.
Pre-selling therefore no longer deserves the automatic assumption that “earlier means cheaper.” In some projects, the better deal today can be a completed unit with a motivated seller or an aggressive RFO promotion.
Compare the final cash-equivalent price, floor area and building quality. Monthly payment alone can hide a surprisingly expensive purchase.
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Has Manila's condo oversupply actually pushed prices down?
Manila's condo glut has made buyers much more powerful, but prices have softened unevenly rather than collapsing across Metro Manila.
Leechiu's latest half-year figures show about 82,900 available condominium units across 616 actively selling Metro Manila buildings. That is a record high and equivalent to roughly 34 months of stock at recent sales rates.
At the same time, buyers still took up 7,255 units during the latest quarter. Take-up slipped only around 6% from the previous quarter despite weaker purchasing power and broader economic uncertainty.
Supply is still running ahead of absorption, but people have not stopped buying.
Colliers reaches a similar conclusion from a different dataset. It expects Metro Manila residential vacancy to peak around 25.6% before easing as completions slow. Developers have already responded by cutting launches and focusing harder on unsold ready-for-occupancy stock.
So buyers have leverage, but that does not turn every Manila condo into a distressed sale.
| Current market measure | Latest indication | What it tells us |
|---|---|---|
| Available Metro Manila condos | ~82,900 units | Record-high inventory |
| Actively selling buildings | 616 | Oversupply is spread widely |
| Latest quarterly take-up | 7,255 units | Demand is still substantial |
| Stock at recent sales pace | ~34 months | Clearance will take time |
| Forecast residential vacancy | 25.6% | Pressure remains high |
| New launches, latest quarter | 2,586 units | Developers are still adding stock selectively |
Which parts of Manila have the worst condo oversupply?
The Bay Area remains the clearest weak spot in Metro Manila's condo market, while prime Makati is much tighter.
Colliers expects Bay Area residential vacancy to approach 60%. That is far beyond a normal vacancy level and reflects the huge volume of investor-oriented condominium stock built around Pasay and Parañaque.
The Bay Area is also expected to become Metro Manila's largest condominium submarket by total inventory. Buyers there can face heavy competition when they eventually resell or rent out a unit.
Other areas with substantial ready-for-occupancy inventory have included parts of Quezon City, Pasig, the C5 Corridor and Alabang.
Makati CBD sits at the other extreme. Colliers previously found that Makati CBD represented only a tiny share of Metro Manila's unsold RFO inventory, helping explain why developers there can still launch expensive luxury projects.
A ₱7 million condo in an oversupplied cluster and a ₱7 million condo in a supply-constrained location can have very different resale prospects. The purchase price doesn't capture that risk.
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Are Manila condo prices falling right now?
Manila condo prices are still soft overall, even though some transaction indices have recently bounced.
JLL's latest Manila residential update says capital values continued to decline while vacancy improved only slightly. That fits the physical market: plenty of available units, selective buyers and continued pressure on sellers.
The Bangko Sentral ng Pilipinas gives us another angle. Its Residential Property Price Index showed national residential prices up 4.5% year on year in the first quarter of 2026, while NCR prices jumped 10.4% from the previous quarter.
Those figures look contradictory at first, but they measure different slices of the market. Transaction indices can rebound when the mix of properties sold changes, while asking prices and appraised capital values remain under pressure across large parts of the condo market.
Current live listings add another clue. Filipino Homes' Metro Manila median asking price is around ₱7 million, down roughly 5.7% over the latest three-month period in its dataset.
Today's Manila condo market looks soft, not like a crash. Buyers still have room to negotiate, especially outside the strongest prime buildings.
How much should we add on top of the advertised condo price?
For a normal resale condo in Manila, we would usually keep another 3% to 5% of the purchase price available for buyer-side closing costs, before adding any parking or furnishing.
Documentary stamp tax is typically 1.5%. Local transfer tax can reach roughly 0.75% in Metro Manila, followed by Registry of Deeds charges, notarization and smaller processing expenses.
The seller normally shoulders the 6% capital gains tax when the unit qualifies as a capital asset. The Bureau of Internal Revenue calculates that tax on the higher of the gross selling price or fair market value.
Developer purchases work differently because VAT and miscellaneous charges may already be included in the total contract price or added separately. Buyers should ask for the complete schedule of payments before comparing projects.
Parking can materially change the bill too. A parking slot worth ₱1.5 million adds 30% to the cost of a ₱5 million condo. On a ₱20 million unit, the same slot adds only 7.5%.
That makes parking a surprisingly important question for smaller investment units, especially when the tenant base may not need a car.
| Condo price | 3% extra | 4% extra | 5% extra | Approx. total before parking |
|---|---|---|---|---|
| ₱4m | ₱120k | ₱160k | ₱200k | ₱4.12m–₱4.20m |
| ₱5m | ₱150k | ₱200k | ₱250k | ₱5.15m–₱5.25m |
| ₱7m | ₱210k | ₱280k | ₱350k | ₱7.21m–₱7.35m |
| ₱10m | ₱300k | ₱400k | ₱500k | ₱10.30m–₱10.50m |
| ₱20m | ₱600k | ₱800k | ₱1.0m | ₱20.60m–₱21.0m |
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How much cash do we need to buy a Manila condo with a mortgage?
For a ₱7 million Manila condo financed at 80%, the buyer needs roughly ₱1.6 million to ₱1.75 million in initial cash once the down payment and typical closing costs are combined.
A 20% down payment on ₱7 million is ₱1.4 million. Another 3% to 5% for buyer-side purchase expenses adds around ₱210,000 to ₱350,000.
Using 6.5% as a simple mortgage example over 20 years, a ₱5.6 million loan produces a monthly payment of roughly ₱41,800.
The same calculation gives us around ₱29,800 a month on a ₱4 million loan and approximately ₱59,600 on an ₱8 million loan.
Financing has become somewhat more supportive lately. Pag-IBIG has introduced promotional housing-loan rates for eligible borrowers, while commercial-bank terms vary depending on fixed-rate period, income, loan-to-value ratio and borrower profile.
The real cash requirement is therefore larger than the down payment shown in a developer advertisement. Buyers need money for closing and, eventually, furnishing, association dues and possibly parking.
| Condo price | 20% down payment | 80% mortgage | Approx. payment at 6.5%, 20 years | Buyer costs at 3–5% |
|---|---|---|---|---|
| ₱5m | ₱1.0m | ₱4.0m | ₱29.8k/month | ₱150k–₱250k |
| ₱7m | ₱1.4m | ₱5.6m | ₱41.8k/month | ₱210k–₱350k |
| ₱10m | ₱2.0m | ₱8.0m | ₱59.6k/month | ₱300k–₱500k |
| ₱15m | ₱3.0m | ₱12.0m | ₱89.5k/month | ₱450k–₱750k |
| ₱20m | ₱4.0m | ₱16.0m | ₱119.3k/month | ₱600k–₱1.0m |
How expensive are luxury condos in Makati and BGC now?
Luxury condos in Makati and BGC currently start around ₱20 million in many new prime projects and can climb well above ₱50 million.
Colliers classifies many new Makati CBD and Fort Bonifacio developments as luxury or ultra-luxury, with starting prices around ₱20 million per unit.
Ayala Land Premier's Laurean Residences shows how strong that segment can still be. Colliers reported roughly ₱10.4 billion in sales after launch even while the broader Metro Manila market was struggling with unsold inventory.
At the top of BGC, projects such as Aurelia Residences push pricing into a completely different range from ordinary investment condos. Market evidence for premium projects can exceed ₱400,000 per square meter.
At ₱400,000 per square meter, a 100-square-meter apartment costs ₱40 million. A 150-square-meter apartment costs ₱60 million before parking and transaction expenses.
This part of the market follows its own economics. Wealthier buyers are paying for scarce locations, larger units, stronger developers and lower-density buildings, while the worst oversupply is concentrated elsewhere.
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Can foreigners buy a condo in Manila at the same price as Filipinos?
Yes. Foreign buyers can own Manila condominium units without a general foreigner surcharge, provided the project's foreign ownership limit has not been reached.
Under Philippine condominium law, foreign ownership in a condominium corporation is limited by the country's 40% foreign ownership ceiling.
Foreigners generally cannot own Philippine land directly, which makes condominium ownership the simplest route into residential property for many international buyers.
The price itself does not automatically increase because the buyer is foreign. A foreign buyer and a Filipino buyer can agree on the same price for the same unit.
The practical problem appears in internationally popular projects where foreign ownership allocation is already close to full. Verify that capacity before paying a large reservation fee or deposit.
Foreign buyers also need to think carefully about financing because mortgage access can be more restrictive than it is for Filipino residents. Cash purchases remain common in this segment.
Is this a good moment to negotiate on a Manila condo?
Yes. Buyers currently have unusually strong negotiating leverage on ordinary Metro Manila condos, especially where many similar units are for sale.
Leechiu's 82,900-unit inventory figure gives us the clearest reason. There is simply a lot of property competing for buyers.
Developers have responded with discounts, flexible payment plans and ready-for-occupancy promotions. Resale sellers then have to compete against those incentives, sometimes while also competing against several nearly identical units inside their own building.
The opportunity is much weaker in scarce prime projects, where comparable inventory is limited and wealthy buyers are less sensitive to short-term financing conditions.
Push hardest on older investor-heavy towers, Bay Area stock, buildings with many comparable listings and units that have been sitting unsold for a long time. Those are the places where today's market imbalance is most useful to a buyer.
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So what does it really cost to buy a condo in Manila today?
For most buyers, a realistic Manila condo budget is currently ₱5 million to ₱10 million, while ₱10 million to ₱20 million opens the door to larger or better central units and ₱20 million-plus takes us into the prime market.
Below ₱5 million, buyers can still find studios and compact one-bedroom condos, especially in older buildings or less expensive locations.
Around ₱5 million to ₱7 million is the most realistic entry range for ordinary central condos. Around ₱7 million to ₱12 million gives buyers much more choice, including better one-bedrooms and some two-bedroom units.
Once the budget passes ₱15 million, size and building quality improve noticeably. Around ₱20 million, the search begins to overlap with premium Makati and BGC stock. High-end new projects can then move to ₱30 million, ₱50 million and far beyond.
Keep another 3% to 5% available for buyer-side resale costs and price parking separately.
The current market makes those budgets more flexible than they first appear. Metro Manila has about 82,900 available condominium units, developers are still working through excess inventory, and current asking prices show softness over the latest few months.
But there is no single Manila condo price. A small investor unit in an oversupplied tower, a comfortable one-bedroom in Makati and a luxury residence in BGC now belong to very different price brackets.
If we have to give one number, around ₱7 million is a fair current midpoint. For an actual purchase, though, ₱5 million to ₱10 million is the range that best captures what most buyers mean when they ask how much a condo in Manila costs today.
OUR METHODOLOGY
This analysis estimates what it currently costs to buy a condo in Manila by combining current asking prices with evidence on unit size, location, building segment, new versus resale stock, inventory, take-up, vacancy, purchase costs, financing and foreign-buyer rules.
We do not treat a single citywide average as a formal valuation. Metro Manila includes everything from small investor studios and older resale towers to prime Makati and BGC residences, so the practical price ranges above are built by comparing several parts of the market rather than relying on one headline number.
Live listing data from Filipino Homes were used mainly for current asking prices, price per square meter, bedroom medians, lower-priced inventory and examples of the floor area available at different budgets. Asking prices are useful for seeing what buyers face today, but they are not treated as completed transaction prices.
For supply and demand, we relied mainly on Colliers Philippines and Leechiu Property Consultants. Their research is used for available inventory, launches, take-up, vacancy, ready-for-occupancy stock, developer incentives and differences between heavily supplied areas such as the Bay Area and tighter prime submarkets.
Price direction was cross-checked with JLL's Manila residential research and the Bangko Sentral ng Pilipinas Residential Property Price Index. We keep these measures separate because appraised capital values, asking prices and transaction-linked indices can move differently when the mix of properties being sold changes.
Purchase-cost estimates were checked against Bureau of Internal Revenue guidance on documentary stamp tax and capital gains tax. Foreign ownership was checked against the Philippine Condominium Act and the constitutional restrictions on foreign ownership of land, while Pag-IBIG information was used to check the current public housing-finance environment.
For the prime and luxury market, we used Colliers reporting on new luxury supply and Laurean Residences together with the official Aurelia Residences project information. These references help separate ordinary Metro Manila condo pricing from the much smaller high-end Makati and BGC segment.
Key sources include: Filipino Homes' Metro Manila condominium listings, Filipino Homes' Makati listings, Colliers Philippines' Q2 2026 Residential Market Report, Colliers Philippines' Q1 2026 Residential Market Report, Colliers' 2026 Philippine Property Market Outlook, Philippine News Agency reporting on Leechiu Property Consultants' condominium data, JLL's Manila Residential Market Dynamics, the Bangko Sentral ng Pilipinas Q1 2026 Residential Property Price Index report, BIR guidance on capital gains tax, BIR guidance on documentary stamp tax, the Philippine Condominium Act, Pag-IBIG housing-loan information, and Aurelia Residences' official project source.
The final ranges are practical buying ranges rather than formal appraisals. They are designed to answer what different budgets can realistically buy in today's Manila condo market while keeping ordinary resale stock, oversupplied investor projects and prime luxury developments separate.
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