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Makati's condo market remains the most expensive in the Philippines, with prices ranging from ₱200,000 to ₱364,000 per square meter as of June 2025.
The city's Central Business District continues to command premium prices, with luxury developments in Ayala Avenue and Rockwell Center reaching up to ₱590,000 per square meter. Studio units start at ₱1.8 million for older buildings, while luxury penthouses can cost over ₱329 million. Monthly ownership costs for a typical one-bedroom unit range from ₱45,000 to ₱65,000, including mortgage, association dues, and maintenance.
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Makati condo prices average ₱200,000-₱250,000 per sqm, with luxury units reaching ₱364,000+ per sqm in prime CBD locations.
The most expensive areas are Ayala Avenue, Rockwell Center, and Legazpi Village, while budget-friendly options exist in Chino Roces and outer Makati Avenue.
| Unit Type | Size (sqm) | Price Range (₱) |
|---|---|---|
| Studio | 22-30 | 1.8M - 7.6M |
| 1-Bedroom | 30-60 | 3M - 16M |
| 2-Bedroom | 50-100 | 4.2M - 90M+ |
| 3-Bedroom | 100-200+ | 20M - 329M |
| Monthly Costs | All-in | 45,000 - 65,000 |
| Rental Yield | Annual | 4% - 5% |
| Price Growth | 2025 Forecast | 0% - 2% |
How much do condos typically cost in Makati today, including taxes and fees?
As of June 2025, Makati condo prices average ₱200,000 to ₱250,000 per square meter for standard developments.
Luxury projects in prime CBD locations command significantly higher prices, reaching ₱364,000 per square meter or more. Ultra-luxury developments in Rockwell Center can exceed ₱590,000 per square meter for penthouse units and premium floors.
When calculating total purchase costs, buyers must add 6% to 12% on top of the listed price for various taxes and fees. This includes 12% VAT for units priced above ₱3.199 million, documentary stamp tax, registration fees, and miscellaneous charges like notarial fees and transfer taxes.
For a typical ₱5 million one-bedroom unit, expect to pay an additional ₱300,000 to ₱600,000 in total transaction costs. Pre-selling units often have different payment structures that can spread these costs over the construction period.
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How do average condo prices in Makati differ by neighborhood or district?
| Neighborhood/District | Price per sqm (₱) | Key Features |
|---|---|---|
| Ayala Avenue CBD | 250,000 - 364,000 | Premium office towers, luxury shopping |
| Rockwell Center | 250,000 - 590,000+ | Ultra-luxury lifestyle hub |
| Legazpi/Salcedo Villages | 220,000 - 320,000 | Upscale residential, parks |
| San Antonio Village | 180,000 - 220,000 | Emerging lifestyle district |
| Poblacion/NOMA | 180,000 - 200,000 | Arts, dining, nightlife hub |
| Chino Roces Avenue | 150,000 - 200,000 | Budget-friendly, new developments |
| Makati Avenue | 150,000 - 180,000 | Value options, transport access |
What are the price ranges for condos based on size, like studio, 1-bedroom, or 2-bedroom units?
Studio units in Makati range from ₱1.8 million to ₱7.6 million depending on location and building quality.
Budget studio units (22-25 sqm) in older buildings or outer Makati areas start at ₱1.8 million to ₱2.9 million. Mid-market studios in decent locations cost ₱3.5 million to ₱5 million. Luxury studios in prime CBD towers can reach ₱5.7 million to ₱7.6 million including all fees.
One-bedroom units (30-60 sqm) typically cost ₱3 million to ₱16 million. Standard one-bedroom units in good buildings range from ₱3 million to ₱7 million, while premium one-bedroom units in luxury developments can cost ₱7 million to ₱16 million.
Two-bedroom units show the widest price variation, from ₱4.2 million for basic units to over ₱90 million for luxury penthouses. Mid-market two-bedroom units (50-80 sqm) typically cost ₱4.2 million to ₱12 million. Premium two-bedroom units in top-tier developments can range from ₱16 million to ₱90 million or more for larger spaces with premium finishes.
Three-bedroom and larger units start at ₱20 million and can exceed ₱329 million for ultra-luxury penthouses in developments like The Estate Makati.
What's the difference in average cost between pre-selling, newly built, and older condo buildings?
Pre-selling condos in Makati cost approximately 49% more than older resale units in similar locations.
This premium exists because developers offer flexible payment terms, modern amenities, and buyers can secure units before completion. Pre-selling buyers also benefit from potential appreciation during the 2-4 year construction period, though they face completion risks and longer wait times.
Ready-for-occupancy (RFO) units from newly completed buildings are priced close to pre-selling rates but sometimes offer modest discounts of 5-10% when developers need to clear inventory quickly. These units provide immediate occupancy without construction delays.
Older condo buildings (5+ years) offer the best value per square meter but may require renovation costs and have higher maintenance expenses. Older units also typically generate lower rental yields due to dated amenities and finishes, though they can provide good capital appreciation in prime locations after refurbishment.
The age premium varies by location - older units in prime CBD areas like Ayala Avenue retain value better than older units in secondary locations.
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Which areas in Makati are considered the most expensive, the most up-and-coming, and the most budget-friendly for condos?
The most expensive areas are Ayala Avenue, Rockwell Center, and Legazpi/Salcedo Villages, where luxury condos command ₱250,000 to ₱590,000+ per square meter.
Ayala Avenue remains the premium business district with the highest concentration of Grade A office towers and luxury retail. Rockwell Center represents the ultra-luxury segment with exclusive residential towers and premium lifestyle amenities. Legazpi and Salcedo Villages offer upscale living with tree-lined streets and proximity to parks.
Up-and-coming areas include San Antonio Village, Poblacion (NOMA), and Chino Roces Avenue. These districts are experiencing rapid development with new dining, entertainment, and residential projects. San Antonio Village particularly benefits from its central location and improving infrastructure. Poblacion has emerged as Manila's premier arts and nightlife district, attracting young professionals and creatives.
Budget-friendly options are found in Chino Roces Avenue, outer Makati Avenue areas, and the edges of the CBD. These locations offer better value with prices starting at ₱150,000 per square meter while still providing access to Makati's business district and transport links.
Future infrastructure projects like new MRT stations and road improvements will likely boost values in currently budget-friendly areas over the next 3-5 years.
What are some real example prices of recently sold or listed condos in Makati?
Recent market listings in mid-2025 show concrete pricing examples across different segments and locations.
In the budget segment, older studio units (25-30 sqm) in buildings like One Legaspi Park or similar developments are listed at ₱1.8 million to ₱2.9 million. A specific example is a 22.95 sqm studio at Air Residences priced at ₱7.6 million including VAT and fees, representing the higher end of studio pricing.
Mid-market examples include a 62 sqm one-bedroom unit at Two Central listed at ₱5.5 million as a resale property. A 54.6 sqm two-bedroom unit at Greenbelt Hamilton was listed at ₱7.5 million, showing good value in a prime Legazpi Village location.
In the luxury segment, The Estate Makati offers dramatic price examples: a 151 sqm two-bedroom unit costs ₱90.3 million, while a 195 sqm three-bedroom unit is priced at ₱111.6 million. These represent the ultra-luxury market with premium finishes and exclusive amenities.
Pre-selling projects in emerging areas like Chino Roces show one-bedroom units starting at ₱3.5 million to ₱4.5 million for 35-45 sqm spaces, offering better value than CBD locations.
How have condo prices in Makati changed over the past 5 years and in the last 12 months?
Makati condo prices peaked in 2019, declined during the pandemic years 2020-2021, then rebounded through 2022-2024.
The luxury CBD segment grew 3.2% in 2023 but experienced a slight decline of 0.7% in Q1 2025, indicating market cooling in the premium segment. This recent softening reflects oversupply concerns and economic uncertainty affecting high-end buyers.
Over the five-year period, prime locations like Ayala Avenue and Rockwell have maintained value better than secondary areas. Ultra-luxury segments above ₱20 million per unit have shown more resilience than mid-market properties due to limited supply and wealthy buyer demand.
The last 12 months specifically show stabilization in most price segments, with modest decreases in some luxury projects but continued strength in well-located, smaller units that appeal to investors and young professionals. New supply has put pressure on older buildings and less desirable locations.
Rental markets have remained relatively stable, supporting investor confidence despite capital value fluctuations. This stability suggests the current price adjustments may be temporary corrections rather than fundamental market decline.
What's the forecast for condo prices in Makati in the next 1, 5, and 10 years?
Short-term forecasts for 2025-2026 predict stable to modest growth of 0-2% annually in premium and luxury segments.
The mid-market segment faces potential correction due to oversupply, particularly affecting newly completed projects and secondary locations. Economic factors including inflation, interest rates, and employment levels will significantly influence this near-term outlook.
Five-year projections (2025-2030) anticipate gradual appreciation in prime areas including Ayala Avenue, Rockwell Center, and Legazpi Village. Up-and-coming districts like San Antonio Village and Poblacion may experience higher growth rates as infrastructure improvements and lifestyle developments mature. Annual appreciation of 3-5% is realistic for prime locations during this period.
Ten-year outlook (2025-2035) suggests continued outperformance for premium and luxury segments, with Makati maintaining its position as the Philippines' benchmark condo market. Market cycles and broader economic factors will create periodic fluctuations, but long-term demographic trends and urbanization support sustained demand.
Climate change considerations and sustainability requirements may favor newer, more efficient buildings over older stock in the longer term. Smart building technologies and green certifications will likely become value differentiators.
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What are the total monthly costs of owning a condo in Makati, including mortgage, association dues, property taxes, and maintenance?
| Cost Category | Monthly Amount (₱) | Notes |
|---|---|---|
| Mortgage Payment | 36,000 - 40,000 | ₱5M unit, 20 years, 6.7% interest |
| Association Dues | 2,400 - 9,000+ | ₱80-150 per sqm depending on amenities |
| Property Tax | 300 - 800 | 0.75% of assessed value annually |
| Utilities | 4,000 - 7,000 | Electricity, water, internet, cable |
| Maintenance/Repairs | 2,000 - 3,000 | Personal unit upkeep and improvements |
| Insurance | 500 - 1,500 | Fire and comprehensive coverage |
| Total Monthly | 45,000 - 65,000+ | For typical 1BR unit in good building |
What are the best types of condos and areas to consider if you want to live there yourself?
For working professionals, one-bedroom or compact two-bedroom units in Legazpi Village, Salcedo Village, or San Antonio Village offer the best lifestyle balance.
These locations provide walking distance to major office buildings, restaurants, and shopping centers. Legazpi and Salcedo Villages feature tree-lined streets, weekend markets, and a more residential atmosphere while remaining in the heart of the business district.
Families should consider two to three-bedroom units in Rockwell Center, Legazpi Village, or premium towers in the Ayala Avenue corridor. These areas offer family-friendly amenities, good schools nearby, and larger unit layouts with proper separation between living and sleeping areas.
Young professionals and creatives might prefer one-bedroom units in Poblacion (NOMA) or Chino Roces for vibrant nightlife, arts scene, and relatively affordable pricing. These up-and-coming areas provide a more dynamic urban lifestyle with easy access to the broader Makati district.
Retirees or those seeking luxury living should focus on premium developments in Rockwell or high-floor units in established Ayala Avenue towers that offer concierge services, extensive amenities, and security.
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What are the smartest condo investments if you want to rent out, whether short-term (Airbnb) or long-term?
For short-term rentals like Airbnb, studio and one-bedroom units in Legazpi Village, Salcedo Village, or near Greenbelt and Glorietta shopping centers perform best.
These locations attract business travelers, tourists, and conference attendees who value proximity to corporate offices, shopping, and dining. Units with modern furnishing and good building amenities can command ₱3,000 to ₱6,000 per night depending on size and location.
Long-term rental investments should target one to two-bedroom units in the main CBD area or Rockwell Center to attract expatriate tenants and Filipino professionals. These tenants typically prefer newer buildings with comprehensive amenities and are willing to pay premium rents for quality and location.
Budget-friendly studio units in emerging areas like Chino Roces or Makati Avenue can generate good yields from young professionals and recent graduates seeking affordable Makati addresses. Monthly rents for these units range from ₱25,000 to ₱35,000.
Luxury two-bedroom units in Rockwell or premium Ayala towers can attract high-end expatriate tenants paying ₱80,000 to ₱150,000+ monthly, though these investments require higher capital and target a smaller tenant pool.
The best rental yields typically come from smaller units in premium locations or well-amenitized buildings that offer strong value propositions to tenants.
What are the best buy-and-hold or buy-to-resell condo opportunities in Makati today, and how does this market compare with other major cities like Bangkok, Kuala Lumpur, or Jakarta?
The best buy-and-hold opportunities are pre-selling units in up-and-coming areas like San Antonio Village and Chino Roces, or luxury units in established Ayala Avenue and Rockwell developments.
Pre-selling investments in emerging districts offer potential for both rental income growth and capital appreciation as these areas develop further. Established luxury locations provide stable long-term appreciation with lower volatility, making them suitable for conservative investors seeking steady returns.
For buy-to-resell strategies, older condos in prime CBD locations present opportunities for renovation and resale at higher values. Units requiring cosmetic updates in good buildings can be acquired below market value and improved for profitable resale within 2-3 years.
Compared to regional capitals, Makati's luxury condo prices at ₱364,000 per sqm ($6,500 per sqm) are below Singapore's levels but higher than most Bangkok, Kuala Lumpur, or Jakarta locations. Rental yields in Makati average 4-5%, similar to Bangkok but with potentially higher capital appreciation in prime areas.
Makati offers better liquidity than Jakarta, similar market transparency to Kuala Lumpur, and more stable political environment than some regional alternatives. The peso's relative stability and Philippines' English-speaking advantage make Makati attractive for international investors compared to other Southeast Asian markets.
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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.
Makati remains the Philippines' premier condo market with prices ranging from ₱1.8 million for budget studios to ₱329 million for luxury penthouses as we reach mid-2025.
Prime districts command the highest prices while emerging areas offer growth potential, making Makati attractive for both owner-occupiers and investors seeking stable returns in Southeast Asia's most established real estate market.
Sources
- BambooRoutes - Manila Average Condo Prices
- Housing Interactive - Makati City Market Analysis Q1 2025
- Philippine Star - Condo Prices NCR Need Correction
- Lamudi - Makati Condo Listings
- Air Residences Makati - Prices and Computations
- Reddit Philippines Investment - Condo in 2025
- Preselling.com - Pre-selling Makati Condos
- Preselling.com - The Estate Makati
- BusinessWorld - Premium Real Estate Booms in Makati
- TOP.org.ph - Condos in Makati