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
If you are looking to buy an apartment in Manila, you probably want to know what prices really look like in 2026.
This guide gives you real numbers for Manila condo prices, from studios to three-bedroom units, across different neighborhoods like Makati, BGC, and Quezon City.
We update this blog post regularly so that you always have the freshest data when making your buying decision.
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
- Manila condo prices in 2026 show a 15% gap between the median (PHP 170,000 per sqm) and average (PHP 200,000 per sqm), revealing how luxury units in Makati and BGC pull the citywide average upward.
- Bay Area condos in Pasay and Parañaque offer 30% to 40% discounts compared to Makati CBD because vacancy rates in some buildings exceeded 50% after offshore gaming companies left.
- Ready-for-occupancy units in oversupplied Manila neighborhoods can be negotiated to near-resale prices, shrinking the typical 12% new-build premium to almost zero in some cases.
- Foreigners can legally own Manila condos, but they must verify in writing that the project has not exceeded its 40% foreign ownership cap before signing any contract.
- Electricity accounts for roughly 50% to 60% of a typical Manila condo's monthly utility bill, with Meralco charging around PHP 12.95 per kWh as of January 2026.
- Buyer closing costs in Manila typically add 3.5% to the purchase price, covering documentary stamp tax, local transfer tax, and registration fees at the Land Registration Authority.
- Makati's Legazpi and Salcedo villages command Manila's highest prices at PHP 300,000 to PHP 450,000 per sqm, while Sampaloc and Sta. Mesa remain the most affordable at PHP 90,000 to PHP 150,000 per sqm.
- Katipunan corridor in Quezon City shows the strongest price momentum in 2026, driven by university proximity, new retail developments, and improved transport links.
How much do apartments really cost in Manila in 2026?
What's the average and median apartment price in Manila in 2026?
As of January 2026, the median apartment price in Metro Manila is approximately PHP 170,000 per square meter (around $2,860 or €2,460 per sqm), while the average sits higher at PHP 200,000 per square meter ($3,370 or €2,900 per sqm) because luxury condos in Makati and BGC push the average upward.
To put this in perspective, the median price per square foot works out to roughly PHP 15,800 ($266 or €229), and for a typical 45 sqm one-bedroom condo in Manila, you would be looking at around PHP 7.7 million ($130,000 or €112,000) at the median level.
Most standard apartments in Manila in 2026 fall within a price range of PHP 5 million to PHP 15 million ($84,000 to $252,000 or €72,000 to €217,000), which covers everything from small studios in emerging areas to spacious two-bedroom units in established business districts.
How much is a studio apartment in Manila in 2026?
As of January 2026, a typical studio apartment in Metro Manila costs around PHP 4.25 million ($72,000 or €62,000), though prices vary significantly depending on whether you are looking at an outer area or a prime business district.
Entry-level to mid-range studio apartments in Manila range from PHP 3.2 million to PHP 4.5 million ($54,000 to $76,000 or €46,000 to €65,000), while high-end studios in Makati CBD, BGC, or Rockwell Center can reach PHP 6.5 million to PHP 8 million ($109,000 to $135,000 or €94,000 to €116,000).
Studio apartments in Manila typically measure between 22 and 28 square meters, with some premium developments offering slightly larger 30 sqm studios that include a separate sleeping alcove or small balcony.
How much is a one-bedroom apartment in Manila in 2026?
As of January 2026, a typical one-bedroom apartment in Metro Manila costs around PHP 6.8 million ($114,000 or €99,000) at the median price level, making it the most popular choice for young professionals and first-time investors.
Entry-level to mid-range one-bedroom condos in Manila range from PHP 5 million to PHP 8 million ($84,000 to $135,000 or €72,000 to €116,000), while high-end one-bedroom units in prime locations like Makati, BGC, or Rockwell can reach PHP 10 million to PHP 12.8 million ($168,000 to $215,000 or €145,000 to €186,000).
One-bedroom apartments in Manila typically measure between 35 and 45 square meters, with most developments offering layouts that include a separate bedroom, a living area, a small kitchen, and one bathroom.
How much is a two-bedroom apartment in Manila in 2026?
As of January 2026, a typical two-bedroom apartment in Metro Manila costs around PHP 11.1 million ($187,000 or €161,000) at the median level, making it suitable for small families or buyers seeking rental income from expatriate tenants.
Entry-level to mid-range two-bedroom condos in Manila range from PHP 8.5 million to PHP 13 million ($143,000 to $219,000 or €123,000 to €188,000), while high-end two-bedroom units in Makati CBD, BGC, or Rockwell Center can reach PHP 16.5 million to PHP 21 million ($278,000 to $354,000 or €239,000 to €304,000).
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Manila.
How much is a three-bedroom apartment in Manila in 2026?
As of January 2026, a typical three-bedroom apartment in Metro Manila costs around PHP 17 million ($286,000 or €246,000) at the median level, though these larger units tend to concentrate in premium projects where prices run higher.
Entry-level to mid-range three-bedroom condos in Manila range from PHP 13 million to PHP 20 million ($219,000 to $337,000 or €188,000 to €290,000), while high-end three-bedroom units in Makati, BGC, or Rockwell can reach PHP 26 million to PHP 32 million or more ($438,000 to $539,000+ or €377,000 to €464,000+).
Three-bedroom apartments in Manila typically measure between 90 and 120 square meters, and they are most commonly found in mid-rise to high-rise developments targeting families or buyers who want home office space.
What's the price gap between new and resale apartments in Manila in 2026?
As of January 2026, new-build apartments in Metro Manila typically carry a premium of around 12% compared to resale units in similar locations, though this gap can shrink to nearly zero for ready-for-occupancy (RFO) units in oversupplied submarkets.
New-build condos in Manila average around PHP 190,000 to PHP 225,000 per square meter ($3,200 to $3,790 or €2,750 to €3,260 per sqm), depending on the developer and location.
Resale condos in Manila average around PHP 150,000 to PHP 200,000 per square meter ($2,525 to $3,370 or €2,170 to €2,900 per sqm), with older buildings in less central locations sitting at the lower end of that range.
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Can I afford to buy in Manila in 2026?
What's the typical total budget (all-in) to buy an apartment in Manila in 2026?
As of January 2026, the typical all-in budget to buy a standard apartment in Metro Manila is roughly PHP 7 million to PHP 11.5 million ($118,000 to $194,000 or €101,000 to €167,000), which includes the purchase price plus buyer closing costs.
Beyond the purchase price, your all-in budget should cover documentary stamp tax, local transfer tax, registry of deeds fees, notarial fees, and any condo corporation transfer or move-in charges that the building requires.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Manila property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Manila.
What down payment is typical to buy in Manila in 2026?
As of January 2026, the typical down payment to buy an apartment in Metro Manila is around 20% of the purchase price, which means roughly PHP 1.4 million ($24,000 or €20,000) for a median-priced one-bedroom condo.
Most Philippine banks require a minimum down payment of 10% to 20% for condominium mortgages, with some lenders offering 80% loan-to-value ratios for qualified borrowers with stable income documentation.
To secure the most favorable mortgage terms in Manila, a 20% down payment is recommended because it typically results in better interest rates and avoids additional mortgage insurance requirements.
You can also read our latest update about mortgage and interest rates in The Philippines.
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.
Which neighborhoods are cheapest or priciest in Manila in 2026?
How much does the price per m² for apartments vary by neighborhood in Manila in 2026?
As of January 2026, the price per square meter for apartments in Metro Manila ranges from around PHP 90,000 ($1,515 or €1,300 per sqm) in the most affordable areas to over PHP 450,000 ($7,575 or €6,520 per sqm) in ultra-premium locations.
The most affordable neighborhoods for Manila apartments in 2026 include Sampaloc, Sta. Mesa, and parts of the Bay Area in Pasay, where prices typically range from PHP 90,000 to PHP 150,000 per square meter ($1,515 to $2,525 or €1,300 to €2,170 per sqm).
The most expensive neighborhoods in Manila in 2026 are Rockwell Center and Makati CBD (Legazpi and Salcedo villages), where prices typically range from PHP 300,000 to PHP 550,000 per square meter ($5,050 to $9,260 or €4,350 to €7,970 per sqm).
By the way, we've written a blog article detailing what are the current best areas to invest in property in Manila.
What neighborhoods are best for first-time buyers on a budget in Manila in 2026?
As of January 2026, the top three neighborhoods for first-time buyers on a budget in Metro Manila are Bay Area (Pasay and Parañaque near MOA), Mandaluyong (outside the immediate Ortigas edge), and Quezon City (around Araneta Center and parts of the Katipunan fringe).
Apartment prices in these budget-friendly Manila neighborhoods typically range from PHP 4 million to PHP 8 million ($67,000 to $135,000 or €58,000 to €116,000) for a studio or one-bedroom unit.
These neighborhoods offer good access to public transportation, shopping centers, and business districts, while maintaining more affordable entry prices compared to Makati or BGC.
The main trade-off of buying in these budget-friendly Manila neighborhoods is that some buildings have higher vacancy rates, which can affect resale liquidity and building maintenance quality over time.
Which neighborhoods have the fastest-rising apartment prices in Manila in 2026?
As of January 2026, the three Manila neighborhoods with the fastest-rising apartment prices are the Katipunan corridor in Quezon City, the C5 corridor spanning Taguig to Pasig to QC, and select Ortigas fringe pockets in Pasig and Mandaluyong.
Year-over-year price increases in these fast-appreciating Manila neighborhoods range from approximately 5% to 8%, outpacing the broader Metro Manila average of around 2% to 4%.
The main driver behind rapid price growth in these Manila neighborhoods is improved transport access, new retail and commercial developments, and spillover demand from buyers priced out of Makati and BGC.
You can also read our latest update about property price forecasts in Manila.
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What extra costs will I pay on top of the apartment price in Manila in 2026?
What are all the buyer closing costs when you buy an apartment in Manila?
The estimated total buyer closing costs for a typical apartment purchase in Manila amount to roughly PHP 240,000 to PHP 385,000 ($4,000 to $6,500 or €3,500 to €5,600) on a PHP 7 million median-priced unit.
The main categories of closing costs that buyers must pay in Manila include documentary stamp tax, local transfer tax (charged by the city), registry of deeds or LRA registration fees, and notarial fees for document preparation.
Documentary stamp tax is typically the largest expense for buyers in Manila, calculated as a percentage of the higher of the selling price or the BIR zonal value.
Some closing costs are negotiable in Manila, particularly who pays the broker's fee and certain building-level charges like condo corporation transfer fees, so it is important to clarify everything in the contract.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Manila?
Buyers in Manila should budget approximately 3.5% of the purchase price for closing costs, which is the typical percentage that covers all standard transaction fees.
The realistic low-to-high percentage range for buyer closing costs in Manila is 2.5% to 5%, with the lower end applying to straightforward transactions and the higher end accounting for buildings with extra admin fees or bank mortgage charges.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Manila.
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 are the ongoing monthly and yearly costs of an apartment in Manila in 2026?
What are typical HOA fees in Manila right now?
HOA fees (called condo association dues) are standard for apartment buildings in Manila, and as of January 2026 they typically range from PHP 70 to PHP 180 per square meter per month, depending on the building's tier and amenities.
For a 40 sqm one-bedroom condo in Manila, this means monthly HOA fees of around PHP 2,800 to PHP 7,200 ($47 to $121 or €41 to €104), with mid-market buildings at the lower end and luxury towers in Makati, BGC, or Rockwell at the higher end.
What utilities should I budget monthly in Manila right now?
The estimated total monthly utility cost for a typical one-bedroom apartment in Manila is around PHP 4,800 to PHP 8,700 ($81 to $146 or €70 to €126), depending on your usage patterns and unit size.
Monthly utility costs in Manila can range from PHP 3,500 for a small studio with moderate usage to PHP 12,000 or more ($59 to $202 or €51 to €174) for a larger unit with heavy air conditioning use during summer months.
The typical monthly utility budget in Manila includes electricity (Meralco), water (Manila Water or Maynilad), and internet service, with some buildings also including a small garbage collection fee.
Electricity is by far the most expensive utility for Manila apartment owners, with Meralco charging around PHP 12.95 per kWh as of January 2026, and air conditioning accounting for most of the bill during hot months.
How much is property tax on apartments in Manila?
The estimated typical annual property tax (called Real Property Tax or RPT) for a one-bedroom apartment in Manila is around PHP 28,000 to PHP 56,000 ($470 to $940 or €405 to €810), depending on the property's assessed value and location.
Property tax in Manila is calculated by applying the city's tax rate to the assessed value of your condo unit, which is determined by the local assessor and is usually lower than your purchase price.
Annual property tax in Manila can range from around 0.4% to 0.8% of the market value, with the variation depending on the specific city within Metro Manila (rates differ between Makati, Taguig, Pasig, and others).
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Manila.
What's the yearly building maintenance cost in Manila?
The estimated typical yearly building maintenance cost for Manila apartment owners is around PHP 34,000 to PHP 86,000 ($570 to $1,450 or €490 to €1,250), based on the HOA fee ranges mentioned earlier.
Yearly maintenance costs in Manila can range from PHP 25,000 for basic buildings with minimal amenities to PHP 150,000 or more ($420 to $2,525 or €360 to €2,170) for luxury towers with extensive facilities like pools, gyms, and concierge services.
Building maintenance costs in Manila typically cover security personnel, elevator maintenance, common area cleaning, swimming pool upkeep (if applicable), and administrative staff salaries.
In most Manila condos, building maintenance costs are included within your monthly HOA dues, so you generally do not pay a separate maintenance fee unless there is a special assessment for major repairs.
How much does home insurance cost in Manila?
The estimated typical annual home insurance cost for a one-bedroom apartment in Manila is around PHP 6,000 to PHP 18,000 ($100 to $303 or €87 to €260), depending on coverage level and property value.
Annual home insurance costs in Manila can range from PHP 4,000 for basic contents coverage to PHP 30,000 or more ($67 to $505 or €58 to €435) for comprehensive policies that include unit improvements, personal liability, and natural disaster coverage.
Home insurance for condo owners in Manila is generally optional, but it is strongly recommended because the building's master policy typically covers only the structure itself, not your unit's interior finishes or personal belongings.
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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 Q2 2025 | It's the Philippine central bank's official house-price index built from regulated bank housing-loan data. | We used it to anchor how fast prices were moving nationally and in NCR before early 2026. We then used it as the reality check against private-sector condo price levels. |
| BSP RPPI Q1 2025 | Another official BSP release showing the same index using consistent methodology over time. | We used it to confirm the trend direction going into 2025 and 2026. We used it to avoid relying on a single quarter of data. |
| BSP Exchange Rate Statistics | It's the official BSP gateway for PHP/USD reference exchange-rate data. | We used it as the official reference for how foreign exchange should be sourced. We convert peso prices to USD and EUR using early January 2026 market levels. |
| JLL Manila Residential Market Report Q3 2025 | JLL is a top global real-estate consultancy with consistent market-reporting methodology. | We used it to anchor prime condo capital values and rents in Manila right before 2026. We then scaled that down to estimate broader market averages outside prime submarkets. |
| Colliers Philippines Q3 2025 Residential Report | Colliers is another major global consultancy with regular, transparent quarterly reporting. | We used it to understand 2025 vacancy and oversupply and why buyer negotiating power improved. We used its submarket notes to explain neighborhood price gaps. |
| Philippine News Agency (Meralco January 2026) | PNA is the Philippine government's newswire commonly used for official announcements. | We used it to anchor a realistic electricity cost for January 2026 bills. We then built a simple monthly utilities budget from typical condo consumption. |
| Manila Standard (Meralco Rates) | It reports the specific published all-in rate number used for consumer bills. | We used it to pin down the headline electricity rate in early January 2026. We used it to cross-check the PNA announcement and reduce single-source risk. |
| BusinessWorld (Water Rate Hikes) | BusinessWorld is a long-running national business paper citing MWSS Regulatory Office approvals. | We used it to anchor that water tariffs increased starting January 1, 2026. We used the adjustments to build a monthly water budget range. |
| Manila Water Tariff Table | It's a primary document published by the concessionaire showing actual tariff schedules. | We used it as ground truth for how water tariffs are structured in the East Zone. We used it to sanity-check tariff levels reported in the press. |
| BIR Documentary Stamp Tax | It's the official tax authority page for DST rules and references. | We used it to list DST as a real buyer-side cost when transferring a condo. We used it to justify including DST in the closing-cost percentage. |
| BIR Capital Gains Tax | It's the official tax authority page for CGT rules and references. | We used it to explain that CGT exists and is typically seller-paid in practice. We used it to keep buyer versus seller cost responsibilities clear. |
| BIR Zonal Values Hub | It's the official place where BIR publishes zonal values used in tax base computations. | We used it to explain why the taxable base can differ from your negotiated price. We used it in the methodology for estimating closing costs. |
| Land Registration Authority Fee Portal | LRA is the government agency that sets and implements title registration fees. | We used it to justify including registration and transfer-of-title costs beyond taxes. We used it to frame those costs as smaller than DST but still material. |
| Republic Act No. 4726 (Condominium Act) | Lawphil republishes Philippine statutes and is widely used as a reliable reference text. | We used it to explain what you legally own when you buy a condo unit. We used it to support the foreign-ownership-cap discussion at the project level. |
| 1987 Philippine Constitution | It's the constitutional text republished in a well-known legal reference library. | We used it to ground the rule that foreigners cannot own land, which is why condos are the common route. We used it to keep the legal explanation short and buyer-friendly. |
| Local Government Code (RA 7160) | It's the core law that authorizes local taxes like transfer tax and real property tax. | We used it to justify why LGUs charge transfer taxes and annual property tax. We used it to explain why rates vary by city even within Metro Manila. |
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.
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