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
Buying a condo in Manila as a foreigner can feel overwhelming when you don't know what the real costs are.
This guide breaks down everything from average prices per square meter to hidden fees and neighborhood comparisons, all written in plain language so you can budget with confidence.
We constantly update this blog post to keep the numbers fresh and relevant for foreign buyers navigating Metro Manila's condo market.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Manila.
Insights
- Metro Manila condo prices average around ₱217,000 per square meter in early 2026, but Makati CBD commands nearly 70% more at ₱364,000 per square meter, showing just how much location matters in the Philippines.
- The BSP's official price index shows NCR condo prices actually contracted in Q2 2025, meaning buyers with cash have real negotiating power right now in Manila's softer market.
- Foreigners can legally own Manila condos, but only if the building's foreign ownership stays under 40%, and some popular towers are already near that cap, so always verify before putting down a deposit.
- Parking in Manila CBD condos is often sold separately, and a single slot in Makati or BGC can cost an extra ₱1 million to ₱2.5 million on top of your unit price.
- Developer promos and RFO discounts in 2025-2026 have compressed the usual 10-25% new-build premium, making ready-to-move-in units surprisingly competitive with resale.
- Metro Manila has an 8.2-year condo inventory overhang according to Colliers, which explains why sellers are more flexible on pricing than they were five years ago.
- Transaction costs in Manila typically run 3-6% of purchase price for buyers, but this can jump significantly if you agree to a "net to seller" deal structure.
- Meralco electricity rates in Manila sit around ₱13.11 per kWh as of late 2025, making a typical condo's monthly power bill around ₱3,000 to ₱4,000 for moderate usage.
- BGC and Makati remain the top picks for foreign condo buyers because of walkability and international-grade building management, but Ortigas offers similar quality at roughly 20% lower prices.
How much does a condo actually cost in Manila?
What is the average price per square meter for a condo in Manila in 2026?
As of early 2026, the average condo price in Metro Manila sits around ₱217,000 per square meter, which works out to roughly $3,900 USD or €3,600 EUR at current exchange rates.
That said, the realistic range in Manila is quite wide, from around ₱110,000 per square meter ($2,000 USD / €1,830 EUR) in non-prime areas to ₱364,000 per square meter ($6,500 USD / €6,070 EUR) in premium Makati locations, so where you buy matters enormously.
How much does a one-bedroom, a two-bedroom and a three-bedroom condo cost in Manila in 2026?
As of early 2026, a typical one-bedroom condo in Metro Manila (around 35 square meters) costs approximately ₱7.6 million, which is about $136,000 USD or €127,000 EUR.
For a two-bedroom unit of around 60 square meters, you're looking at roughly ₱13 million ($232,000 USD / €217,000 EUR) at Metro Manila average prices.
A three-bedroom condo (typically 90-100 square meters) in Manila will generally run between ₱19.5 million and ₱21.7 million ($348,000-$388,000 USD / €325,000-€362,000 EUR), though premium locations like Makati can push these numbers 50-70% higher.
By the way, you will find much more detailed price ranges across surfaces and neighborhoods in our Manila property pack.
What is the cheapest condo a foreigner can buy in Manila in 2026?
As of early 2026, the cheapest condos a foreigner can realistically buy in Metro Manila start around ₱2.3 million to ₱3.5 million ($41,000-$63,000 USD / €38,000-€58,000 EUR) for studio micro-units of 18-22 square meters.
These budget-friendly options are typically found in non-prime districts like Sampaloc, Santa Mesa, or parts of Quezon City near Cubao, and tend to be in older buildings or along commuter corridors rather than in the polished CBD towers.
The main trade-offs at this price point in Manila include smaller living space, older building amenities, longer commutes to business districts, and potentially weaker resale liquidity compared to units in Makati or BGC.
How much does a luxury condo cost in Manila in 2026?
As of early 2026, luxury condos in Manila typically start around ₱24 million ($429,000 USD / €400,000 EUR) for a well-appointed two-bedroom unit in prime areas like Makati or BGC, with ultra-luxury properties reaching ₱50 million and beyond.
Luxury condos in Manila are defined by features like premium finishes, concierge services, resort-style amenities (infinity pools, private gyms, sky lounges), branded residences, and often direct connections to high-end retail or business centers.
The neighborhoods known for the most luxury condo options in Manila are Makati CBD (particularly Ayala Avenue, Legazpi Village, and Rockwell Center), BGC's High Street and Uptown areas in Taguig, and the emerging Bay Area developments in Parañaque near Entertainment City.
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What is the usual price difference between new-build and resale condos in Manila in 2026?
As of early 2026, new-build condos in Manila typically carry a 10-25% premium over comparable resale units, but heavy developer promotions on ready-for-occupancy (RFO) stock have compressed this gap significantly in many projects.
One important factor that can narrow this gap in Manila is the current oversupply situation: with an estimated 8.2 years of condo inventory on the market, developers are offering aggressive discounts, freebies, and flexible payment terms that make new units surprisingly competitive with resale prices.
Are condo prices rising or falling in Manila in 2026?
As of early 2026, Metro Manila condo prices are essentially flat to slightly declining, with the BSP's official Residential Property Price Index showing NCR condominium prices contracted both year-on-year and quarter-on-quarter in Q2 2025.
The main factor driving this softness in Manila is the significant inventory overhang combined with affordability constraints, as market analysts have explicitly noted that condo prices "need correction" relative to local incomes and purchasing power.
This trend is not uniform across Manila: premium pockets like Makati CBD and BGC remain relatively resilient with stable pricing, while non-prime areas and buildings with weaker management are experiencing more noticeable price pressure and buyer negotiating power.
You can also read our latest update about property price forecasts in Manila.
What has been the 5-year condo price trend in Manila in 2026?
As of early 2026, Manila condo prices have shown modest cumulative growth of roughly 5-15% over the past five years, though this masks significant volatility including pandemic-era disruptions and the subsequent uneven recovery.
The peak period for Manila condo price growth during this span was 2018-2019 (just before the pandemic), when strong economic growth and overseas Filipino worker remittances fueled robust demand, followed by a sharp slowdown in 2020-2021 and gradual stabilization from 2023 onward.
Please note that you will find much more detailed price analyses and forecasts in our property pack covering the real estate market in Manila.
We made this infographic to show you how property prices in the Philippines compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What extra costs should I expect when buying a condo in Manila?
What are the total transaction costs when buying a condo in Manila in 2026?
As of early 2026, total transaction costs when buying a condo in Manila typically range from 3% to 6% of the purchase price for buyer-side expenses, though this can climb higher if you agree to cover seller-side costs.
These transaction costs in Manila typically include Documentary Stamp Tax (1.5%), local transfer tax (up to 0.75% in NCR cities), registration fees, notarial fees, and potentially broker commissions (3-5% in resale transactions).
The largest single expense for Manila condo buyers is usually the Documentary Stamp Tax at 1.5% of the purchase price or zonal value (whichever is higher), which is unavoidable and collected by the Bureau of Internal Revenue.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Manila.
What hidden fees do condo buyers often overlook in Manila?
The most commonly overlooked fee for Manila condo buyers is the foreign-ownership verification process: if a building is near its 40% foreign cap, you may lose your reservation deposit (typically ₱20,000-₱100,000 / $360-$1,800 USD) and waste weeks of due diligence time.
Other hidden fees that frequently surprise first-time condo buyers in Manila include unpaid association dues or sinking fund arrears that must be cleared before transfer, move-in and fit-out deposits (elevator booking, renovation bonds), and real property tax arrears that sellers sometimes leave unresolved.
These hidden fees in Manila typically surface at different stages: foreign ownership issues emerge during reservation, unpaid dues come up during due diligence, and tax arrears often only become clear when you request the tax clearance certificate needed for title transfer.
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Which neighborhoods are best for buying a condo in Manila?
What are the most popular neighborhoods for foreign condo buyers in Manila in 2026?
As of early 2026, the top three most popular neighborhoods for foreign condo buyers in Metro Manila are BGC (Bonifacio Global City) in Taguig, Makati CBD (especially Legazpi Village, Salcedo Village, and Rockwell Center), and Ortigas Center straddling Pasig and Mandaluyong.
What makes these neighborhoods particularly attractive to foreign buyers in Manila is the combination of walkable urban design, international-standard building management with transparent finances, proximity to multinational offices and international schools, and established expat communities that make settling in easier.
Typical condo prices in these popular foreigner-friendly Manila neighborhoods range from ₱275,000 to ₱364,000 per square meter ($4,900-$6,500 USD / €4,580-€6,070 EUR), translating to roughly ₱10-15 million ($179,000-$268,000 USD) for a decent one-bedroom unit.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Manila.
Which areas have the cheapest condos in Manila in 2026?
As of early 2026, the three areas with the cheapest condos in Metro Manila are Sampaloc and Santa Mesa in Manila City, the Cubao fringes in Quezon City, and parts of Caloocan along the northern LRT corridor.
Typical condo prices in these budget-friendly Manila areas range from ₱110,000 to ₱160,000 per square meter ($2,000-$2,900 USD / €1,830-€2,670 EUR), meaning you can find studio units starting around ₱2.3 million ($41,000 USD / €38,000 EUR) and one-bedrooms from ₱4.5 million ($80,000 USD / €75,000 EUR).
Which neighborhoods have the best rental demand for condos in Manila in 2026?
As of early 2026, the three neighborhoods with the strongest rental demand for condos in Manila are BGC (driven by multinational tenants), Makati CBD (corporate and embassy-linked renters), and Ortigas Center (broad office worker demand with good affordability).
Typical rental yields for condos in these high-demand Manila neighborhoods range from 4% to 6% gross annually, with smaller units in BGC and Makati often achieving the higher end of that range due to consistent expat and corporate housing demand.
The main factor driving rental demand in these Manila neighborhoods is the concentration of BPO offices and multinational headquarters within walking distance, which creates a stable tenant pool of professionals who prioritize convenience and are willing to pay premium rents for quality buildings.
You can also read our detailed analysis about the rental yields for condos in Manila.
What neighborhoods should I avoid when buying a condo in Manila in 2026?
As of early 2026, rather than avoiding entire neighborhoods in Manila, buyers should be cautious about specific buildings that show red flags: those with poor condo corporation governance, chronic maintenance issues, or heavy exposure to a single industry that has weakened.
The main reason certain Manila buildings are less desirable is the 8.2-year inventory overhang affecting the market, which means poorly managed buildings in non-prime areas get punished harder with weaker resale values, while quality buildings in the same neighborhoods can still perform well.
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.
What is the condo buying process like in Manila?
What are the steps to buying a condo as a foreigner in Manila?
Buying a condo as a foreigner in Manila involves approximately six main steps, from initial eligibility verification through to final title registration.
The key steps in Manila's condo buying process for foreigners are: (1) confirm the building has foreign ownership headroom under the 40% cap, (2) reserve the unit with a deposit, (3) conduct due diligence on the title and seller, (4) sign the contract and arrange payment or financing, (5) complete tax payments and secure eCAR clearance from BIR, and (6) register the transfer to obtain your Condominium Certificate of Title.
The step that typically takes the longest in Manila is the BIR processing and Registry of Deeds registration, which can add 4-8 weeks to your timeline even when everything is in order, and longer if there are document discrepancies.
Before starting the condo purchase process in Manila, foreigners should prepare a valid passport, proof of funds or financing pre-approval, and if buying remotely, an apostilled Special Power of Attorney (SPA) authorizing a local representative to sign documents on their behalf.
You can also read our blog article about what foreigners can buy and own in Manila.
How long does it take to complete a condo purchase in Manila?
A typical condo purchase in Manila takes between 4 to 10 weeks from accepted offer to title transfer when dealing with a clean title and responsive parties, though complicated transactions can stretch to 3-4 months or longer.
Factors that can speed up the process in Manila include having all documents ready upfront, using an experienced lawyer, and dealing with a motivated seller with clear title, while delays often come from missing signatures, tax clearance backlogs at BIR, or title discrepancies that require court or administrative resolution.
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What are the ongoing costs of owning a condo in Manila?
What are the typical recurring monthly condo costs in Manila in 2026?
As of early 2026, the total typical monthly cost for owning a condo in Manila (including dues, sinking fund, and utilities) ranges from ₱8,000 to ₱18,000 ($143-$321 USD / €133-€300 EUR) for a standard one-bedroom unit, depending on building quality and usage.
Monthly common area or maintenance fees in Manila typically range from ₱3,500 to ₱8,750 ($63-$156 USD / €58-€146 EUR) for a 35-square-meter one-bedroom, with mid-range buildings charging around ₱100-150 per square meter and luxury buildings charging ₱150-250+ per square meter.
Monthly sinking fund contributions in Manila condos typically add another ₱500 to ₱2,000 ($9-$36 USD / €8-€33 EUR) depending on the building's reserve policies and unit size, though some buildings embed this in the association dues.
Monthly utility costs for a standard Manila condo run approximately ₱4,000 to ₱7,000 ($71-$125 USD / €67-€117 EUR), covering electricity (around ₱3,000-4,000 at Meralco's ₱13.11/kWh rate), water (₱300-1,500), and internet (₱1,500-2,500).
What are the typical annual condo ownership costs in Manila in 2026?
As of early 2026, total typical annual ownership costs for a Manila condo (property tax plus insurance) range from approximately ₱15,000 to ₱85,000 ($268-$1,518 USD / €250-€1,417 EUR) depending on assessed value and coverage levels.
Annual real property tax for Manila condos typically falls between ₱10,000 and ₱60,000 ($179-$1,071 USD / €167-€1,000 EUR), calculated based on assessed value and paid to your local city government (like Makati, Taguig, or Quezon City) according to their schedules.
Annual condo insurance (covering your unit contents and personal liability) in Manila typically costs ₱5,000 to ₱25,000 ($89-$446 USD / €83-€417 EUR) depending on coverage limits, while the building's structural insurance is usually covered by association dues.
Other significant annual costs Manila condo owners should budget for include special assessments for major repairs (unpredictable but can be substantial), potential increases in association dues, and any unforeseen sinking fund calls for building upgrades.
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of the Philippines. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
What do expats and locals really say about buying condos in Manila?
Do most expats regret or recommend buying a condo in Manila in 2026?
As of early 2026, expat sentiment on buying condos in Manila is generally positive for those who bought in well-managed buildings for personal use, but more mixed among those who expected quick capital appreciation in this softer market.
The most common reason expats recommend condo ownership in Manila is the quality-of-life upgrade from renting: owning in a building with good management means predictable costs, the freedom to renovate, and avoiding Manila's notoriously difficult landlord situations where leases can be terminated with little notice.
The most common reason expats regret their Manila condo purchase is buying in a building that looked good during the sales pitch but turned out to have weak condo corporation governance, leading to rising dues, deferred maintenance, and poor resale prospects in a market already struggling with oversupply.
What unexpected challenges do foreign condo owners face in Manila?
The most common unexpected challenge foreign condo owners face in Manila is discovering the foreign ownership cap issue too late, either losing a reservation deposit or facing a lengthy resale when they want to exit because the building has limited foreign buyer pool.
Other unexpected challenges that frequently surprise foreign owners in Manila include the dramatic variance in building management quality between neighboring towers, the slow pace of BIR and registry paperwork that can delay rentals or resales, and the reality that "generic" buildings in this oversupplied market can be very difficult to sell without significant discounts.
Finally, please note that we have made a list of potential risks, scams and pitfalls when buying a new property in Manila.
Don't buy the wrong property, in the wrong area of Manila
Buying real estate is a significant investment. Don't rely solely on your intuition. Gather the right information to make the best decision.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Manila, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Bangko Sentral ng Pilipinas (BSP) RPPI | The Philippine central bank's official residential property price statistics. | We used it to anchor our price trend discussion and verify whether condo prices are rising or falling in NCR. |
| BSP RPPI Report Q2 2025 | Primary-source quarterly statistical report from the central bank. | We used it to quantify recent condo price changes year-on-year and quarter-on-quarter for NCR. |
| Colliers Philippines Q3 2025 Report | Major global real estate consultancy's official Philippines research. | We used it to characterize Manila's condo cycle, including recovery signs, promos, and vacancy trends. |
| Philstar Business | Major national newspaper citing specific market price metrics. | We used it for Metro Manila condo price benchmarks per square meter across Makati, Taguig, and Parañaque. |
| Manila Bulletin (KMC Savills) | Major national newspaper summarizing a respected brokerage's outlook. | We used it to establish the ₱217,000/sqm Metro Manila average and support the market correction narrative. |
| Savills Metro Manila | Top-tier global real estate firm's official research channel. | We used it to provide context on condo inventory overhang and explain negotiating dynamics. |
| Bureau of Internal Revenue (DST) | Philippine tax authority's official Documentary Stamp Tax portal. | We used it to anchor transaction cost discussions in official BIR terminology and rates. |
| Bureau of Internal Revenue (CGT) | BIR's official Capital Gains Tax portal. | We used it to explain seller-side tax obligations and typical deal structures in Manila. |
| BLGF Transfer Tax Memo | Department of Finance agency document on local transfer tax. | We used it to establish the legal basis for local transfer tax and apply NCR-typical rates. |
| Republic Act 4726 (Condominium Act) | Primary statute defining condominiums and foreign ownership structure. | We used it to explain why condos are the main legal path for foreign buyers in the Philippines. |
| 1987 Philippine Constitution | Constitutional foundation for the 60/40 foreign ownership limits. | We used it to explain the 40% foreign cap logic and create practical due diligence checklists. |
| Supreme Court E-Library | Official judiciary source for registration fee schedules. | We used it to justify registration costs and incorporate them into buyer budget estimates. |
| Meralco Rate Advisory | Primary-source advisory from Metro Manila's main power distributor. | We used it to estimate realistic electricity costs per kWh for Manila condo households. |
| Maynilad Water Rates | Official tariff notice from Metro Manila West Zone water concessionaire. | We used it to anchor realistic water cost assumptions for ongoing condo expenses. |
| Quezon City Government RPT | Official LGU page showing property tax administration in a major Manila city. | We used it to show how RPT is paid and reinforce annual property tax budgeting needs. |
| Global Property Guide | Respected international property market analysis platform. | We used it to cross-reference luxury pricing benchmarks and historical price trends. |
| InsiderPH | Philippine business news outlet covering Colliers research. | We used it to document the 8.2-year inventory overhang affecting Manila's condo market. |
We have made this infographic to give you a quick and clear snapshot of the property market in the Philippines. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
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