Authored by the expert who managed and guided the team behind the Philippines Property Pack
Yes, the analysis of Manila's property market is included in our pack
Looking to buy a condo in Manila? The average price per square meter in Metro Manila ranges from PHP 150,000 to PHP 217,000 as of June 2025.
Prime areas like Makati CBD and BGC command PHP 200,000 to PHP 270,000 per square meter, while more affordable districts like Las Piñas and Parañaque offer units at PHP 70,000 to PHP 120,000 per square meter. When you factor in taxes and fees (approximately 8-9% of the purchase price), a typical 35-square-meter one-bedroom condo in Makati will cost you around PHP 7.6 to 7.7 million in total.
If you want to go deeper, you can check our pack of documents related to the real estate market in the Philippines, based on reliable facts and data, not opinions or rumors.
Manila condo prices vary dramatically by location, with central business districts commanding premium prices while outskirts offer more budget-friendly options. Additional costs like taxes, fees, and monthly association dues can add significant amounts to your total investment.
| Area | Price per sqm (PHP) | Total Cost for 35sqm Unit |
|---|---|---|
| Makati CBD | 200,000-250,000 | 7.6-9.5 million |
| BGC (Taguig) | 220,000-270,000 | 8.3-10.2 million |
| Ortigas Center | 150,000-200,000 | 5.7-7.6 million |
| Quezon City | 100,000-150,000 | 3.8-5.7 million |
| Mandaluyong | 110,000-160,000 | 4.2-6.0 million |
| Las Piñas | 70,000-120,000 | 2.6-4.5 million |
| Parañaque | 80,000-130,000 | 3.0-4.9 million |
What are the real prices of condos in Manila right now?
As of June 2025, you'll pay between PHP 150,000 and PHP 217,000 per square meter for a condo in Metro Manila.
The central business districts command the highest prices - expect to pay PHP 203,000 to PHP 217,000 per square meter on average. In prime locations like Makati and BGC, prices reach PHP 200,000 to PHP 270,000 per square meter.
Less central areas offer more affordable options at PHP 80,000 to PHP 150,000 per square meter. A typical one-bedroom unit (35 square meters) in Makati will cost you PHP 7 million for the unit alone, but your actual total outlay will be around PHP 7.6 to 7.7 million after including all taxes and fees.
These prices include the unit cost but you'll need to budget an additional 8-9% for various taxes and fees including documentary stamp tax (1.5%), transfer tax (0.5-0.75%), registration fees (0.25-0.35%), and notarial fees (PHP 10,000-50,000).
Monthly association dues range from PHP 80 to PHP 150 per square meter, which means PHP 2,800 to PHP 5,250 monthly for a 35-square-meter unit.
How much do Manila condo prices differ between neighborhoods?
Manila condo prices vary dramatically between neighborhoods, with some areas costing three times more than others.
BGC leads the pack at PHP 220,000 to PHP 270,000 per square meter, making it the most expensive district in Metro Manila. Makati CBD follows closely at PHP 200,000 to PHP 250,000 per square meter, maintaining its status as a premium location.
Mid-range options include Ortigas Center (PHP 150,000-200,000), San Juan (PHP 140,000-190,000), and Alabang (PHP 130,000-180,000). These areas offer good value while maintaining access to business districts and amenities. It's something we develop in our Philippines property pack.
Budget-conscious buyers should look at Las Piñas (PHP 70,000-120,000), Parañaque (PHP 80,000-130,000), or Manila City (PHP 90,000-140,000). These areas offer the most affordable entry points into the Manila condo market.
The price differences reflect factors like proximity to business districts, infrastructure quality, traffic conditions, and overall neighborhood development.
Which condo types cost more - studios or penthouses?
Penthouses and luxury units command the highest prices in Manila, often exceeding PHP 300,000 per square meter in prime CBD locations.
Studio units are the most affordable in terms of total price but actually have the highest price per square meter due to their small size. A typical studio costs less overall but you're paying a premium for the compact space.
| Unit Type | Typical Size | Price Range (Total) | Price per sqm |
|---|---|---|---|
| Studio | 20-25 sqm | PHP 2-5 million | Highest per sqm |
| 1-Bedroom | 30-45 sqm | PHP 4-10 million | Moderate per sqm |
| 2-Bedroom | 50-80 sqm | PHP 8-20 million | Lower per sqm |
| 3-Bedroom | 80-120 sqm | PHP 15-35 million | Lower per sqm |
| Penthouse | 150+ sqm | PHP 45+ million | Premium pricing |
Two-bedroom units offer better value per square meter than studios or one-bedrooms, typically located in better buildings with more amenities. Three-bedroom units and penthouses cater to the luxury market with premium finishes and exclusive facilities.
What's the price difference between central Manila and the outskirts?
Central Manila condos cost 2-3 times more per square meter than units in the outskirts.
Central areas (Makati, BGC, Ortigas) command PHP 200,000 to PHP 270,000 per square meter. These districts offer proximity to major offices, international schools, hospitals, and entertainment venues.
Midtown areas like Pasig, Mandaluyong, and San Juan range from PHP 120,000 to PHP 190,000 per square meter. These locations provide good access to central districts while offering more reasonable prices.
Outskirt areas including Las Piñas, Parañaque, and outer Quezon City offer units at PHP 70,000 to PHP 150,000 per square meter. While more affordable, these areas require longer commutes to business districts.
The price gap reflects differences in infrastructure, traffic conditions, flooding risk, and overall development quality between central and peripheral areas.
Don't lose money on your property in Manila
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
Can you show me real examples of Manila condo prices with full costs?
Here are actual examples of Manila condo purchases with complete cost breakdowns as of June 2025.
A studio unit in Mandaluyong (22 square meters) lists at PHP 2,860,000. After adding taxes and fees of approximately PHP 228,800 (8%), your total investment reaches PHP 3,088,800. Monthly association dues run PHP 1,760 to PHP 3,300.
A one-bedroom unit in BGC (38 square meters) costs PHP 9,120,000 at PHP 240,000 per square meter. Taxes and fees add PHP 729,600, bringing your total to PHP 9,849,600. Association dues range from PHP 3,040 to PHP 5,700 monthly.
A two-bedroom unit in Makati (55 square meters) lists at PHP 13,750,000. With PHP 1,100,000 in taxes and fees, your total outlay becomes PHP 14,850,000. Monthly association dues run PHP 4,400 to PHP 8,250.
These examples show that taxes and fees typically add 8% to the purchase price, while monthly association dues depend on the building's amenities and management quality.
How have Manila condo prices changed compared to last year and 5 years ago?
Manila condo prices increased 5% year-over-year in 2025, though some luxury segments saw small declines due to oversupply.
One year ago in 2024, average prices ranged from PHP 143,000 to PHP 207,000 per square meter - about 5% lower than current levels. The growth was uneven, with prime locations maintaining steady appreciation while oversupplied luxury segments experienced price corrections.
Five years ago in 2020, prices were significantly lower at PHP 100,000 to PHP 150,000 per square meter in CBDs and PHP 70,000 to PHP 100,000 in outskirt areas. This represents a 50-60% increase in central areas over five years.
The market experienced rapid growth from 2020 to 2023, driven by low interest rates and pent-up demand. Prices then stabilized or corrected slightly in 2024-2025 as supply caught up with demand. Details about these market dynamics are covered in our Philippines property pack.
The overall trend shows Manila condos have been a solid investment over the past five years, though recent oversupply in certain segments suggests more moderate growth ahead.
What will happen to Manila condo prices in the next 5-10 years?
Manila condo prices are expected to grow modestly at 1-5% annually in 2025-2026, with prime locations outperforming the broader market.
Over the next five years (2025-2030), expect gradual appreciation of 3-6% annually in prime areas like Makati and BGC. Mid-tier and outer districts may see slower growth or stagnation due to oversupply concerns. Infrastructure projects including the Metro Manila Subway and additional rail lines will boost values in specific areas.
The 10-year outlook remains positive for central locations and areas near new infrastructure. Long-term growth will depend on economic cycles, supply-demand balance, and continued infrastructure development. Areas like North Makati (NoMa) and districts along new rail lines show the most promise.
Oversupply in the luxury segment may continue pressuring prices in the short term, creating buying opportunities for investors. Focus on locations with limited new supply and strong rental demand for the best long-term appreciation.
The Manila condo market will likely follow broader economic trends, with central locations maintaining their premium status while peripheral areas develop gradually.
Which Manila areas offer the best value for different budgets?
The most expensive areas in Manila are Makati CBD, BGC, and Ortigas Center, commanding premium prices but offering excellent liquidity and rental potential.
The most promising areas for future growth include North Makati (NoMa), Mandaluyong near the MRT stations, eastern Pasig near Ortigas, and locations along upcoming infrastructure projects. These areas offer good entry prices with strong appreciation potential.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in the Philippines versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
Budget-friendly options include Las Piñas, Parañaque, outer Quezon City, and Manila City. These areas offer affordable entry points at PHP 70,000 to PHP 130,000 per square meter, suitable for first-time buyers or rental investments targeting the local market.
For PHP 5 million or less, focus on studios and small one-bedrooms in Quezon City, Mandaluyong, or Pasig. For PHP 5-10 million, you can access prime locations with studio units or get larger spaces in mid-tier areas. Above PHP 10 million opens up two-bedroom units in prime districts.
Each area serves different investment strategies - choose based on your budget, timeline, and whether you prioritize rental yield, capital appreciation, or personal use.
What's the smartest condo investment strategy for Manila in 2025?
Your investment strategy should match your goals - different approaches work best for living, short-term rentals, long-term rentals, or resale profits.
For personal use, choose central or midtown areas that offer convenience and lifestyle benefits. Avoid oversupplied luxury units unless heavily discounted. Focus on established areas with good infrastructure and amenities.
Short-term rental investments (Airbnb) perform best in BGC, Makati, and Pasay near Mall of Asia. These areas attract business travelers and tourists willing to pay premium rates. Studio and one-bedroom units offer the highest yields.
Long-term rental investments should target Mandaluyong, Pasig, and Quezon City where steady local demand exists. These areas offer affordable entry prices with reliable rental income from office workers and families.
For capital appreciation, focus on areas near infrastructure projects or districts with limited new supply. North Makati, areas along new MRT lines, and established neighborhoods with development restrictions show the best potential. This analysis is expanded in our Philippines property pack.
What extra costs should I budget for when buying a Manila condo?
Budget an additional 8-9% of the purchase price for taxes and fees when buying a Manila condo.
The main costs include:
- Documentary Stamp Tax: 1.5% of the purchase price (buyer pays)
- Transfer Tax: 0.5-0.75% depending on the city (buyer pays)
- Registration Fee: 0.25-0.35% of the purchase price
- Notarial and Legal Fees: PHP 10,000-50,000 depending on the law firm
- Capital Gains Tax: 6% (typically paid by seller but may affect negotiations)
Monthly association dues range from PHP 80 to PHP 150 per square meter, covering building maintenance, security, and amenities. For a 35-square-meter unit, expect PHP 2,800 to PHP 5,250 monthly. Some buildings charge special assessments for major repairs.
One-time utility deposits typically range from PHP 5,000 to PHP 20,000. If buying from a developer, factor in turnover fees and punch list costs for fixing defects.
How do financing options affect the total cost of a Manila condo?
Financing can double your total payment over the loan term, making the choice of loan terms crucial for your investment.
Bank financing typically requires 20-30% down payment with loan terms of 5-20 years at 6-10% interest rates as of mid-2025. A PHP 7 million condo with 20% down (PHP 1.4 million) and a 15-year loan at 8% interest results in monthly payments around PHP 53,500.
| Financing Type | Down Payment | Interest Rate | Terms | Best For |
|---|---|---|---|---|
| Bank Loan | 20-30% | 6-10% | 5-20 years | Qualified buyers |
| Developer | 10-20% | 12-16% | 3-10 years | Quick approval |
| Pag-IBIG | 10-20% | 4.5-9% | Up to 30 years | Government employees |
| In-house | 5-15% | 0% (pre-selling) | 2-5 years | Pre-selling units |
| Cash | 100% | 0% | Immediate | Best negotiations |
Developer financing offers easier approval but higher interest rates. Pag-IBIG provides the lowest rates for qualified members but has strict requirements. Longer loan terms reduce monthly payments but increase total interest paid significantly.
How does Manila compare to other Southeast Asian cities for condo investment?
Manila condos cost more than Jakarta but less than Bangkok and Singapore, positioning the city in the middle of the Southeast Asian market.
At USD 3,600-5,700 per square meter, Manila sits between Jakarta (USD 2,800-3,800) and Bangkok (USD 4,100-8,200). Kuala Lumpur offers similar pricing at USD 3,200-4,300 per square meter. Singapore remains in a different league at over USD 19,000 per square meter.
Manila offers competitive rental yields of 5-7% in prime areas, matching or exceeding Bangkok and Kuala Lumpur. The city benefits from strong English proficiency, making it attractive to international tenants and investors.
Foreign ownership restrictions in Manila (no land ownership, 40% limit in condo buildings) are similar to Thailand but more restrictive than Malaysia. Indonesia has the most restrictive policies while Singapore allows full foreign ownership.
Manila's growing economy, young population, and BPO industry drive consistent rental demand, making it an attractive alternative to more expensive regional markets.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Manila condo prices vary significantly across districts, with central areas commanding premium prices while outskirts offer budget-friendly options.
Smart investors should factor in the additional 8-9% for taxes and fees, monthly association dues, and consider how financing options affect their total investment. As we reach mid-2025, the market shows signs of stabilization after years of rapid growth, creating opportunities for well-informed buyers who understand the nuances of each district and investment strategy.
Sources
- Philstar Business - Condo Prices NCR Need Correction
- BambooRoutes - Manila Market Data About Real Estate Market
- BambooRoutes - Manila Average Condo Prices
- Global Property Guide - Philippines Price History
- Respicio & Co. - Condominium Purchase Contracts in the Philippines
- Exiap - Buy Property in the Philippines Guide
- BambooRoutes - Manila Condo Maintenance Fees
- Wealth Insights Metrobank - Developers Struggle to Adjust Condo Prices
- BusinessWorld - Condo Prices in Manila Create Market Imbalance
- BambooRoutes - Philippines Real Estate Forecasts