What is the average property price in Panay Island?

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BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Panay Island. If you'd like to learn more about us, you can check our presentation page.

Which property types should you consider when analyzing Panay Island prices?

The Panay Island property market includes several key residential property types that offer different investment opportunities and price points.

Condominiums represent the most liquid investment option, particularly in Iloilo City's central business district and near Boracay's tourist areas. Single-family houses dominate suburban markets across Iloilo, Roxas City, and Kalibo, offering steady rental demand from local families and expatriates.

Townhouses have gained popularity in master-planned subdivisions like Pueblo de Panay, providing a middle ground between condos and standalone houses. Residential lots present opportunities for custom builds or land banking, especially in emerging areas like Pavia and Oton suburbs.

Resort and beachfront properties command premium prices near Boracay and along the Aklan coast, targeting tourism and short-term rental markets. Mixed-use commercial units in ground floors of residential buildings offer additional income potential in urban centers.

You should exclude timeshare units, raw agricultural land (unless targeting agribusiness), socialized housing segments, and purely industrial properties from residential investment analysis.

Which specific areas and neighborhoods offer the best price comparisons?

Panay Island's property market centers around five main areas, each with distinct pricing characteristics and investment profiles.

Iloilo City serves as the economic hub, with Mandurriao's central business district commanding the highest prices, followed by Jaro's residential and educational zones, and emerging suburban areas in Pavia and Oton. Coastal Tigbauan and Miagao offer more affordable beachfront alternatives to premium locations.

Boracay and greater Aklan present the island's tourism-focused market, with Malay municipality (including Boracay proper, Newcoast, and Manoc-Manoc) offering beachfront premium pricing, while Kalibo provides gateway accessibility at more moderate costs.

Roxas City anchors Capiz province as the seafood capital, with its urban core offering mid-range pricing and suburban areas providing budget-friendly options. The city benefits from improved road connectivity to Iloilo.

Antique's coastal areas, particularly around San Jose, represent the island's most affordable land prices, suitable for long-term appreciation plays or eco-tourism developments. These rural zones offer land at ₱2,000-7,000 per square meter.

Location types range from beachfront properties (highest premiums) to urban cores (high demand, steady appreciation), suburban zones (emerging value), and rural areas (lowest entry costs, highest potential upside).

What size ranges should you use for accurate price-per-square-meter comparisons?

Standardizing property sizes ensures accurate price comparisons across different areas and property types on Panay Island.

What are the current average listing and transaction prices across Panay Island?

As of September 2025, Panay Island property prices reflect a clear hierarchy based on location, property type, and proximity to economic centers.

Iloilo City commands the highest prices, with studio condos averaging ₱4.6-4.8 million (₱154-160k per sqm), standard 60sqm condos reaching ₱9.3-9.6 million, and modern 75sqm apartments priced at ₱12.4-12.8 million. Townhouses in premium areas like Pueblo de Panay cost ₱36-37.4 million for 150sqm units (₱240-249k per sqm).

Boracay and Aklan areas show strong tourism premiums, with beachfront condos averaging ₱5.5-7 million per unit (₱100k per sqm), while houses range from ₱6-7 million (₱75-80k per sqm). Townhouses in the area average ₱3 million (₱65k per sqm).

Roxas City offers mid-range pricing with townhouses at ₱2.8-4 million (₱30-50k per sqm) and houses at ₱4-7 million (₱35-55k per sqm). Urban lots in Roxas range from ₱8-18k per sqm.

Antique and rural areas provide the most affordable entry points, with agricultural land at ₱2,000-3,000 per sqm and beachfront lots at ₱4,000-7,000 per sqm. A typical 996sqm lot in San Jose, Antique costs around ₱2 million (₱2,010 per sqm).

What are representative purchase prices for typical properties today?

Current market examples demonstrate the range of investment opportunities available across Panay Island's diverse property landscape.

1. Iloilo City 1-bedroom condo (30sqm): ₱4.65-4.8 million (~$82,000-85,000)
2. Boracay beachfront studio (35sqm): ₱5.5-7 million (~$97,000-123,000)
3. Roxas City 3-bedroom house (120sqm): ₱4-6.5 million (~$71,000-115,000)
4. Urban lot in Iloilo suburbs (200sqm): ₱4-9 million (~$71,000-159,000)
5. Pueblo de Panay townhouse (150sqm): ₱36.05-37.45 million (~$637,000-662,000)
6. Antique beachfront lot (996sqm): ₱2 million (~$35,000)
7. Kalibo residential house (100sqm): ₱3-5 million (~$53,000-88,000)

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What total acquisition costs should buyers expect beyond the purchase price?

Property acquisition in the Philippines involves several mandatory fees and optional costs that buyers must factor into their total investment.

Documentary Stamp Tax represents 1.5% of the purchase price, while Transfer Tax adds 0.5-0.8% depending on the local government unit. Registration fees contribute another 0.8% of the transaction value.

Professional services include notarial and legal fees ranging from 1.5-3% of the purchase price, though these rates are often negotiable. Agent or brokerage fees typically cost 5-6% but are usually paid by developers in new projects, while resale properties may have varying arrangements.

Administrative costs include title transfer and documentation fees of ₱35,000-₱50,000, plus HOA initiation fees of ₱50,000-₱100,000 for condominiums and gated communities. Property furnishing and fit-out costs range from ₱200,000 for basic setups to ₱2 million for luxury finishes.

Budget 8-12% additional costs above the stated purchase price to cover all acquisition expenses. A ₱5 million condo purchase, for example, would require ₱5.4-5.6 million total investment including all fees and basic furnishing.

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What ongoing annual ownership costs should property owners budget?

Annual property ownership costs on Panay Island vary significantly by property type, location, and management requirements.

Property taxes range from 1% of assessed value in provincial areas to 2% in city centers like Iloilo City's central business district. Condominium association dues typically cost ₱80-250 per sqm per month, while house HOA fees range from ₱1,000-₱5,000 monthly depending on amenities and security services.

Insurance costs ₱12,000-₱25,000 annually depending on property value and coverage level. Routine maintenance for houses requires ₱15,000-₱60,000+ yearly, while condos need ₱6,000-₱15,000 annually excluding major repairs covered by association reserves.

Utility expenses average ₱2,000-₱8,000 monthly for water, electricity, and internet, with air conditioning usage significantly impacting electric bills. Property management services for rental properties charge 8-15% of gross rental income for short-term or long-term management.

Vacancy periods should be factored at 5-10% of annual rental income for financial modeling. Special assessments for hurricane repairs or infrastructure upgrades occur rarely but can cost ₱50,000-₱200,000 when required.

What financing options are available for local and foreign buyers?

Property financing options differ significantly between Filipino citizens and foreign nationals, with locals enjoying broader access to institutional lending.

Local buyers can access bank housing loans requiring 20-30% down payments with 5-7% interest rates for 5-year fixed terms, extending to 10-25 year total loan periods. Pag-IBIG Fund offers competitive rates at 5.75-7% for loans up to ₱6 million over 30 years, making it the most affordable option for qualified borrowers.

Foreign buyers face significant financing restrictions, as Philippine banks rarely approve loans for non-residents without substantial local ties or employment. Most foreign buyers rely on cash purchases or developer in-house financing programs.

Developer financing typically requires 20-30% down payments with 3-7 year payment terms, sometimes offering zero interest promotions on pre-selling projects. This option works for both condominiums (which foreigners can own) and houses (requiring Filipino spouse or corporation structure).

For a ₱4.8 million condo with 20% down and 20-year Pag-IBIG financing at 7%, monthly payments would approximate ₱30,000. Foreign buyers should budget for full cash purchases or explore offshore financing secured by other assets.

Which property types and locations work best for different investment goals?

Investment success on Panay Island depends on matching property selection with specific financial objectives and risk tolerance.

Which areas offer the best value and which are most expensive currently?

Panay Island's property market shows clear price stratification, with opportunities ranging from premium investments to budget entry points.

Mandurriao in Iloilo City represents the most expensive segment, commanding premium prices for its central business district location with office buildings, shopping centers, and luxury condos. Boracay beachfront properties also carry high price tags due to tourism demand and limited supply.

Up-and-coming areas include Pavia and Oton suburbs of Iloilo City, benefiting from urban expansion and improved infrastructure. Kalibo shows growth potential with airport development and increased connectivity. Pueblo de Panay represents emerging master-planned community development.

Best budget opportunities exist in Antique coastal areas, particularly around San Jose, where land costs ₱2,000-7,000 per sqm. Rural Capiz areas and inland Aklan (away from Boracay) offer affordable house and land options. Oton coastal areas provide budget beachfront access compared to premium locations.

Smart investment strategies focus on Iloilo City for stability and liquidity, Pavia/Oton/Jaro for growth potential, and carefully selected Boracay properties for tourism income. Antique and rural Capiz suit long-term appreciation plays and eco-tourism development.

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How have property prices changed over the past five years and one year?

Panay Island property prices have shown consistent upward momentum, reflecting broader Philippine economic growth and infrastructure development.

From 2020-2025, average annual appreciation reached 6% across the island, with horizontal developments in peri-urban areas achieving up to 12% yearly growth. This performance outpaced inflation and matched national real estate trends during the post-pandemic recovery period.

The 2024-2025 period demonstrated continued strength with 6-7% year-over-year price increases in prime segments. Condominiums and new township developments like Mandurriao and Pueblo de Panay showed particular resilience, benefiting from urbanization trends and improved amenities.

Boracay properties experienced volatility during tourism restrictions but recovered strongly as international travel resumed. The area now shows stable 5-8% annual appreciation with seasonal rental income driving investor interest.

Infrastructure-adjacent areas, particularly those benefiting from the planned Panay-Guimaras-Negros bridge project, have seen accelerated appreciation as investors position for improved connectivity. Rural and suburban areas have maintained steady 4-6% growth, providing more affordable entry points with solid fundamentals.

What is the price and rental outlook for Panay Island over the next 1, 5, and 10 years?

Panay Island's property market outlook reflects strong fundamentals driven by infrastructure development, tourism recovery, and economic diversification.

Short-term projections for 2025-2026 anticipate continued moderate appreciation of 4-7%, with prime and infrastructure-adjacent areas likely outpacing the overall market. The Panay-Guimaras-Negros bridge project and airport improvements should drive specific corridor appreciation.

Medium-term outlook for 2025-2030 shows significant upside potential from major infrastructure completion, growing rental demand from young professionals and digital nomads, and increased domestic and international tourism. Rental yields should remain above the Philippine national average of 5.4%, with current 6-9% yields maintaining competitiveness.

Long-term projections for 2025-2035 suggest Boracay and Iloilo City will converge toward secondary market pricing similar to Cebu and Bacolod, though likely remaining below Metro Manila levels. The island's strategic position in the Visayas and infrastructure investments support sustained growth.

Regional comparisons show Panay currently offers better value than established markets. Cebu condos average ₱160k/sqm and Bacolod condos range ₱193-273k/sqm, while Panay's ₱100-160k/sqm pricing provides entry opportunities with similar infrastructure and amenities. Current 6-9% Panay yields compare favorably to Cebu/Bacolod's 5.8-9.3% range.

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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.

Sources

1. BambooRoutes Panay Island Property Analysis
2. InvestAsian Philippines Property Costs
3. Own Property Abroad - Philippines Land Prices
4. Nestoria Philippines Property Listings
5. Cebu BAI Property Tax Guide
6. Multilaw Philippines Real Estate Guide
7. Respicio Pag-IBIG Housing Loan Guide
8. Own Property Abroad - Philippines Housing Loans