Get all the data you need about the real estate market in Manila
SUMMARY
Homes in Metro Manila are expensive now, especially relative to local incomes, but buyers with roughly ₱5 million to ₱10 million still have a broad set of real options outside the priciest parts of Makati and BGC.
The city is really several housing markets layered on top of one another. Broad asking prices run from around ₱99,000 per square metre in Quezon City to roughly ₱195,000–₱198,000 in Makati and Taguig, so the same budget can buy close to twice the space depending on location.
Official prices have started rising again, but this is not a return to a broad-based boom. Transaction-linked values are recovering while vacancies, unsold stock and developer incentives still show a market where buyers have leverage.
The clearest pressure point is the condo overhang. Metro Manila is carrying about 82,900 unsold condominium units, around 34 months of supply by Leechiu's estimate, far above a more normal market closer to 12 months.
That excess supply has not forced headline prices to collapse because developers can defend price lists and compete through payment terms, waived charges, bundled extras and slower launches instead. The brochure price and the real economic purchase price can therefore be quite different.
Resale units often make more sense than new stock. Secondary-market yields around 4.6% versus roughly 3.8% for primary units suggest private sellers are pricing closer to the income their condos can actually generate.
BGC is the strongest rental market among the major business districts, with rents back around their pre-pandemic benchmark. Makati, Ortigas, Alabang and especially the Bay Area remain below earlier rental levels, which makes high sale prices harder to justify for investors.
The affordability problem is bigger than the location problem. A ₱5 million home equals about 8.7 years of average NCR family income before living costs, while a ₱10 million home is more than 17 years of gross family income.
Cheaper Pag-IBIG financing helps at the margin, especially for affordable and middle-market buyers, but it does not reset the economics of the whole market. The strongest genuine demand is still concentrated farther down the price curve.
Landed homes operate on a different scale from condos because urban land scarcity dominates the price. Serious family houses commonly move into the ₱15 million–₱40 million range, while premium village properties can reach ₱60 million, ₱100 million or far more.
The practical takeaway is simple: Manila is expensive, but it is not a seller's market everywhere. Patient buyers who compare resale stock, older buildings and ready-for-occupancy units can often negotiate a much better deal than the headline asking price suggests.
Thinking of buying real estate in Manila?
Acquiring property in a different country is a complex task. Don't fall into common traps – grab our guide and make better decisions.
How expensive are homes in Manila now?
Homes in Metro Manila are expensive today, but the number that matters depends enormously on where and what you buy: around ₱4 million to ₱8 million can still buy a modest condo, while good units in Makati or BGC commonly push well beyond ₱10 million.
For this article, Manila means Metro Manila rather than Manila City alone. That distinction is essential because Makati, BGC in Taguig, Ortigas, Quezon City, Mandaluyong and Alabang all sit in different cities yet belong to the same housing market people usually mean when they search for “Manila property.”
Current listing data show just how wide the gap has become. BalayHub recently put median asking prices at roughly ₱198,000 per square metre in Taguig, ₱195,000 in Makati, ₱167,000 in Pasig, ₱128,000 in Mandaluyong and just under ₱99,000 in Quezon City.
At those levels, a theoretical 50-square-metre home ranges from about ₱5 million in Quezon City to nearly ₱10 million in Makati or Taguig before we even enter the luxury market.
There really is no useful single “Manila home price.” The city is better understood as several overlapping markets separated by location, building age, property type and buyer profile.
| Metro Manila market | Indicative asking price/sqm | Approx. 50 sqm value | Broad position |
|---|---|---|---|
| Taguig | ~₱198,000 | ~₱9.9M | Premium |
| Makati | ~₱195,000 | ~₱9.8M | Premium |
| Pasig | ~₱167,000 | ~₱8.4M | Upper-middle |
| Mandaluyong | ~₱128,000 | ~₱6.4M | Mid-market |
| Quezon City | ~₱99,000 | ~₱5.0M | More affordable |
| Parañaque | ~₱90,000 | ~₱4.5M | More affordable |
Are Manila home prices actually going up right now?
Yes, official Metro Manila home prices have started rising again, although the latest increase follows a period of weakness rather than a continuous property boom.
The Bangko Sentral ng Pilipinas' latest Residential Property Price Index shows NCR residential prices moving higher again after several softer quarters. Manila prices had previously weakened quarter after quarter before rebounding.
A rising index shows that completed, bank-financed transactions are being valued more highly again, but it does not mean buyers are rushing back indiscriminately.
Other parts of the market remain much weaker. Colliers' latest residential review still describes elevated vacancies and substantial unsold inventory, while developers have concentrated their strongest demand in economic and affordable condominium projects.
So we have a recovery in recorded prices without the broad buying frenzy that normally comes with a genuinely hot housing market.
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.
How much does a normal Manila condo cost now?
A realistic budget for a mainstream Metro Manila condo today is roughly ₱4 million to ₱12 million, with location doing more to move the price than almost anything else.
Current listing databases put median total condo prices at around ₱6 million in Quezon City and Mandaluyong, roughly ₱9 million in Pasig, about ₱11 million in Makati and above ₱12 million in Taguig.
Those medians hide big differences inside each city. A 25-square-metre studio in an older building can sit far below the median, while a new two-bedroom unit in a premium project can cost several times more.
The easiest way to think about today's condo market is by budget. Below ₱5 million, choices become smaller, older or farther from the premium CBDs. From roughly ₱5 million to ₱10 million, buyers get access to a much broader part of Metro Manila. Above ₱10 million, Makati, BGC and better central projects become much more realistic.
| Condo budget | What it generally buys today | Typical location |
|---|---|---|
| ₱2.5M–₱4M | Small studio or older unit | Peripheral / affordable projects |
| ₱4M–₱6M | Studio or compact 1BR | QC, Manila, Mandaluyong, Parañaque |
| ₱6M–₱10M | Better 1BR or some 2BR units | Pasig, Mandaluyong, QC, selected CBD stock |
| ₱10M–₱15M | Strong central 1BR / 2BR | Makati, BGC, Ortigas |
| ₱15M–₱30M+ | Large or premium condo | Prime Makati, BGC, Rockwell |
How much space does ₱5 million buy in Manila?
₱5 million still buys a real condo in Metro Manila, but today it may buy twice as much floor area in Quezon City as it does in Taguig.
Using current asking-price medians, ₱5 million translates to roughly 25 square metres at Taguig pricing, 26 square metres in Makati, 30 square metres in Pasig, 39 square metres in Mandaluyong and about 50 square metres in Quezon City.
Real units will differ because small condos often cost more per square metre, parking may be sold separately, and newer buildings command premiums. Still, the exercise shows how expensive location has become.
Someone moving from BGC to Quezon City is not saving 10% or 20%. At current broad asking levels, the same budget can potentially buy close to twice the space.
| Budget | ₱200K/sqm market | ₱160K/sqm market | ₱125K/sqm market | ₱100K/sqm market |
|---|---|---|---|---|
| ₱3M | 15 sqm | 19 sqm | 24 sqm | 30 sqm |
| ₱5M | 25 sqm | 31 sqm | 40 sqm | 50 sqm |
| ₱8M | 40 sqm | 50 sqm | 64 sqm | 80 sqm |
| ₱10M | 50 sqm | 63 sqm | 80 sqm | 100 sqm |
| ₱15M | 75 sqm | 94 sqm | 120 sqm | 150 sqm |
Get to know the market before buying a property in Manila
Better information leads to better decisions. Get all the data you need before investing a large amount of money.
Is BGC really that expensive now?
Yes, BGC is currently one of the most expensive mainstream residential markets in Manila, and ordinary units can easily cost around ₱180,000 to ₱250,000 per square metre.
Broader Taguig listing data already sits close to ₱200,000 per square metre. Inside BGC itself, the range stretches much further because older towers, newer luxury buildings and trophy projects all trade at very different levels.
Specialist BGC market data puts some properties close to ₱130,000 per square metre at the lower end, while the most prestigious new projects can exceed ₱400,000 per square metre. Those extreme luxury prices should not be used as the normal BGC benchmark, but they show how high the ceiling has become.
For a more ordinary buyer, a 50-square-metre BGC condo around ₱200,000 per square metre means roughly ₱10 million. At ₱250,000, the same floor area costs ₱12.5 million. Larger two-bedroom units can move beyond ₱20 million surprisingly quickly.
Is Makati still as expensive as BGC?
Yes, Makati is still in the same top Manila price tier as BGC, although buyers have more opportunities to find cheaper older condos there.
Current city-level asking prices put Makati at roughly ₱195,000 per square metre, almost identical to Taguig's broad median. But the average hides a much wider market.
Older Makati buildings can sell at substantial discounts to new projects, while Rockwell and the most prestigious developments can reach roughly ₱280,000 to ₱380,000 per square metre or higher.
Two condos only a short distance apart can have dramatically different values because one is a new luxury development and the other is a 15- or 20-year-old building.
For buyers who care more about location than having the newest amenities, Makati's resale stock is one of the clearest ways to get into a premium district without paying the newest-project price.
Buying real estate in Manila can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Are Quezon City and Mandaluyong actually cheap?
Quezon City and Mandaluyong are much cheaper than Makati or BGC, but calling them cheap becomes difficult once we compare their prices with local incomes.
Current asking prices around ₱100,000 per square metre in Quezon City and roughly ₱125,000 to ₱130,000 in Mandaluyong make these markets look affordable beside the premium CBDs.
A 45-square-metre home at ₱100,000 per square metre still costs ₱4.5 million, however. At ₱128,000, the same apartment is about ₱5.8 million.
The Philippine Statistics Authority's latest Family Income and Expenditure Survey puts average annual family income in the National Capital Region at about ₱574,000. Average annual family expenditure is already around ₱461,000.
Even a ₱4.5 million property equals almost eight years of the average NCR family's total income before accounting for living expenses. The cheaper parts of Metro Manila offer much better value than BGC or Makati, but for the typical local household they remain expensive purchases.
Why are there so many unsold Manila condos if prices are still high?
Metro Manila can still have high condo prices with 82,900 unsold units because developers have been defending headline prices while competing through promotions, payment terms and slower new launches.
Leechiu Property Consultants recently counted 82,900 unsold condominium units in Metro Manila, the highest inventory since the firm began tracking the series at least a decade ago. The historical comparison is more revealing than the record itself: Leechiu says current inventory represents about 34 months of supply, compared with a normal market closer to 12 months.
Buyers have started absorbing more units. First-half take-up reached about 14,500 condos, up 6% from a year earlier, while developers launched only around 4,900 units.
Colliers reaches the same broad conclusion through a different dataset. Its latest report says developers are limiting launches and concentrating on clearing inventory, while economic and affordable projects have become the strongest part of demand.
The excess stock has not disappeared. Developers are slowly working through it instead of adding another huge wave of supply.
| Indicator | Latest reading | Useful comparison |
|---|---|---|
| Unsold Metro Manila condos | 82,900 | Highest in Leechiu series |
| Estimated inventory life | ~34 months | Historical norm ~12 months |
| H1 condo take-up | ~14,500 units | +6% YoY |
| H1 launches | ~4,900 units | Supply remains restrained |
| Expected residential vacancy | 25.6% | Projected peak |
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 Manila condo buyers negotiate much more today?
Yes, Manila condo buyers currently have considerably more leverage than advertised prices suggest, especially on ready-for-occupancy units.
The evidence shows up in how developers are selling. Colliers has repeatedly noted aggressive promotions and flexible payment schemes, while developers have focused on moving existing units before launching large amounts of new stock.
Ready-for-occupancy condos deserve particular attention because developers have already built them and tied up capital in units that remain unsold. That creates stronger pressure to close a deal than on a preselling unit due for completion several years from now.
The discount does not always appear as a simple 15% cut on the price sheet. Buyers can receive longer installment plans, lower initial cash requirements, waived charges, bundled parking or furnishing, and other incentives.
We would pay more attention to the effective acquisition cost than the brochure price today. Two nominally identical ₱8 million condos can have very different real costs once the financing package is included.
Are Manila resale condos cheaper than new ones?
Yes, resale condos can currently offer some of the clearest value in Metro Manila because private owners often have to price more realistically than developers.
A developer can hold its official price high and compensate through long payment terms. An individual owner who needs to sell normally has fewer tools available, particularly when competing against thousands of unsold developer units.
Rental-yield data backs this up. Leechiu has estimated average yields around 3.8% for primary-market condos and roughly 4.6% for secondary units. Since both types of property compete for broadly similar tenants, the higher resale yield points to a lower purchase price relative to the income generated.
Age still matters. An older building may face higher maintenance costs, weaker amenities or poorer resale prospects, so a cheaper price does not automatically mean better value.
But in Makati, Ortigas, Mandaluyong and other mature areas, buyers willing to inspect older buildings can sometimes avoid a surprisingly large new-development premium.
Get the full checklist for your due diligence in Manila
Don't repeat the same mistakes others have made before you. Make sure everything is in order before signing your sales contract.
Is the Manila Bay Area cheap for a reason?
Yes, Bay Area condos are cheaper than prime Makati or BGC partly because this part of Manila has one of the clearest oversupply problems in the market.
Many Bay Area condominiums currently sit roughly in the ₱115,000 to ₱200,000-per-square-metre range, depending heavily on building quality and age. That can look attractive beside new luxury stock elsewhere.
Rental conditions explain much of the discount. Leechiu recently put Bay Area rents at about ₱706 per square metre per month, around 59% below their pre-pandemic level.
Colliers also expects the Bay Area to become Metro Manila's largest condominium submarket while vacancy there remains exceptionally high.
The picture is pretty stark: huge condominium stock, depressed rent and cheaper resale pricing. Buyers can find bargains there, but some cheap units are simply reflecting weak tenant demand rather than obvious mispricing.
Are Manila rents high enough to justify condo prices?
In many areas, no: Manila rents still look weak relative to sale prices, particularly outside BGC.
Recent Leechiu data show Makati rents at roughly ₱887 per square metre per month, still around 18% below their pre-pandemic benchmark. Ortigas and Mandaluyong sit around ₱729, roughly 25% lower, while Alabang is around ₱715 and about 42% below its earlier level.
The Bay Area remains the weakest major example at around ₱706 per square metre, down roughly 59%.
BGC stands apart. Its rents have essentially returned to the old benchmark at around ₱1,105 per square metre.
That divergence helps explain why prime sale prices can look uncomfortable for investors. A condo may have recovered in capital value even while its achievable rent remains below earlier levels, leaving gross yields fairly thin.
| Area | Approx. rent/sqm/month | Change from pre-pandemic level | Current rental picture |
|---|---|---|---|
| BGC | ₱1,105 | ~0% | Strong |
| Makati | ₱887 | -18% | Still below old peak |
| Ortigas / Mandaluyong | ₱729 | -25% | Weak recovery |
| Alabang / Muntinlupa | ₱715 | -42% | Soft |
| Bay Area / Pasay | ₱706 | -59% | Very weak |
Don't sign a document you don't understand in Manila
Buying a property over there? We have reviewed all the documents you need to know. Stay out of trouble - grab our comprehensive guide.
How expensive are houses in Manila compared with condos?
Landed homes in Metro Manila become expensive very quickly, with serious family houses commonly entering the ₱15 million to ₱40 million range and premium village properties going far beyond that.
The reason is straightforward: buyers are paying for scarce urban land as well as the building. Current property portals show ordinary three- and four-bedroom houses stretching from around ₱10 million into the ₱30 million-plus range across many Metro Manila locations.
Exclusive villages operate on another scale. In Ayala Alabang, Forbes Park, Dasmariñas Village and comparable enclaves, ₱60 million to ₱100 million is no longer an extraordinary asking price. Larger or better-positioned properties can exceed ₱200 million.
The difference with condos gets wider as buyers move upmarket. A ₱10 million budget can buy a respectable condo in many parts of Manila, whereas finding a comparable landed family home in a central premium location is much harder.
| Manila property type | Rough current price range |
|---|---|
| Entry condo | ₱2.5M–₱5M |
| Mainstream condo | ₱5M–₱12M |
| Prime CBD condo | ₱10M–₱30M+ |
| Mainstream house / townhouse | ₱10M–₱40M |
| Premium village house | ₱40M–₱100M+ |
| Trophy landed property | ₱100M–₱300M+ |
Can an average Manila family still afford to buy a home?
For the average Metro Manila family, buying a normal private-market home is still very difficult despite improving incomes and cheaper mortgage options.
The Philippine Statistics Authority's latest figures put average NCR family income at ₱574,370 a year, equivalent to roughly ₱47,900 a month. Average annual spending is already about ₱460,500.
A ₱3 million property therefore costs about 5.2 times average annual family income. At ₱5 million, the ratio reaches 8.7 times. A ₱10 million home equals more than 17 years of gross family income.
Even that comparison is generous because families obviously cannot devote their entire income to buying property.
Makati households earn more than the NCR average—the latest PSA figure is around ₱797,000 annually—but even there, a ₱10 million condo equals more than 12 years of average family income.
This affordability gap also helps explain why Colliers now sees economic and affordable condominiums carrying a larger share of demand. Developers have plenty of units to sell, but the strongest pool of real buyers is concentrated farther down the price curve.
| Property price | Multiple of average NCR annual family income |
|---|---|
| ₱3M | ~5.2× |
| ₱5M | ~8.7× |
| ₱8M | ~13.9× |
| ₱10M | ~17.4× |
| ₱15M | ~26.1× |
Get fresh and reliable information about the market in Manila
Don't base significant investment decisions on outdated data. Get updated and accurate information.
Are cheaper mortgages making Manila homes affordable again?
Cheaper housing loans help Manila buyers today, but the new rates are not enough to erase the huge gap between local incomes and private-market prices.
Pag-IBIG recently cut promotional housing-loan rates to 4.5% for qualifying lower-priced homes and condos and 5.75% for open-market housing loans above ₱4.9 million. It also raised the maximum housing loan to ₱10 million. Qualified socialized-housing borrowers can access a subsidized 3% rate.
That is a meaningful improvement for households already close to qualifying. A lower interest rate can reduce monthly repayments by thousands of pesos and bring some borderline purchases within reach.
The benefit has limits. A family earning around the NCR average still faces a property market where even ₱5 million represents close to nine years of gross income.
The new financing conditions should support affordable and middle-market demand more than they transform the entire Manila housing market. That fits what Colliers is already seeing: the strongest demand is concentrated in economic and affordable projects.
Are Manila asking prices higher than what buyers actually pay?
Yes, advertised Manila property prices can currently give a misleading impression of how firm the market really is.
Listing platforms measure what sellers ask. The Bangko Sentral's house-price index measures bank-financed transactions. Colliers and Leechiu tell us how quickly homes sell, how much stock remains and what is happening to rents.
Put those sources together and the market looks less firm than the asking prices alone suggest.
Asking prices remain high in many districts. Official transaction-linked prices have also rebounded. Yet developers are still using flexible terms, the condo market is carrying elevated inventory, and rental performance remains weak in several major districts.
So a listing at ₱10 million should be treated as the opening number rather than proof that comparable buyers are consistently paying ₱10 million in cash-equivalent terms.
This is especially important now because long installment schedules and incentives can preserve the headline price while quietly lowering the economic cost of buying.
Get to know the market before buying a property in Manila
Better information leads to better decisions. Get all the data you need before investing a large amount of money.
So how expensive are homes in Manila now?
Manila homes are very expensive today relative to local incomes, although buyers with roughly ₱5 million to ₱10 million still have plenty of genuine options once they move beyond the most expensive parts of Makati and BGC.
At the lower end, around ₱3 million to ₱5 million can still reach small condos, older units and more affordable projects. Around ₱5 million to ₱10 million opens much of the mainstream condominium market. Prime Makati and BGC buyers should expect roughly ₱10 million to ₱30 million or more, while good landed homes often start around the mid-teens and can easily run into tens or hundreds of millions of pesos.
The latest evidence also gives buyers more leverage than those headline numbers suggest. Metro Manila still has 82,900 unsold condos, Colliers expects residential vacancy to peak around 25.6%, and rents remain below old levels across several major business districts. At the same time, lower mortgage rates and stronger affordable-housing demand are preventing the market from simply freezing.
That combination explains the strange Manila market we have today: prices are high, official home values have started rising again, yet sellers still have to compete hard for buyers.
Our final judgment is clear. Manila housing is expensive now, especially for local households, but today's market gives patient buyers much more negotiating power than the headline asking prices imply. Anyone willing to compare resale units, older buildings and ready-for-occupancy inventory can often buy far better than someone who simply accepts the price attached to a new launch.
OUR METHODOLOGY
This analysis asks how expensive homes in Metro Manila are by comparing the parts of the market that actually determine what buyers face: current asking prices, official price movement, condominium supply and absorption, rents and yields, household affordability, financing conditions, and the gap between new, resale and ready-for-occupancy stock.
Throughout the article, “Manila” means Metro Manila/NCR rather than Manila City alone. That lets us compare Makati, BGC in Taguig, Ortigas, Quezon City, Mandaluyong, Parañaque, Alabang and the Bay Area within the wider housing market people usually mean when they search for Manila property.
We keep different types of evidence separate. Listing data are used for current asking-price comparisons; the Bangko Sentral ng Pilipinas Residential Property Price Index is used for transaction-linked price direction; Colliers and Leechiu Property Consultants are used for unsold inventory, launches, take-up, vacancy, rents, yields and developer behavior; and Philippine Statistics Authority data are used for family income and expenditure.
We also treat advertised prices and effective purchase prices as different things. Developer incentives, long installment schedules, waived charges, bundled extras and ready-for-occupancy promotions can reduce the real economic cost of a condo even when the official price list barely moves.
Affordability is tested by comparing property values with NCR family income rather than relying on price alone. Financing conditions are cross-checked against current Pag-IBIG housing-loan changes, including promotional rates, the subsidized socialized-housing rate and the higher maximum loan amount.
Key sources include BalayHub's Residential Price Index, BalayHub's Metro Manila condo comparison, Bangko Sentral ng Pilipinas RPPI data, the BSP's RPPI publication page, Colliers' Q2 2026 Metro Manila residential report, Colliers' Q1 2026 residential report, Colliers' 2026 Philippine property outlook, Leechiu Property Consultants' Metro Manila condo analysis, Philippine News Agency reporting on Leechiu's H1 2026 figures, the Philippine Statistics Authority's FIES regional results, PSA OpenSTAT FIES tables, the Presidential Communications Office on Pag-IBIG's housing-loan changes, and the Philippine Information Agency on Pag-IBIG H1 housing financing.
Buying real estate in Manila can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Related blog posts
- What does it cost to buy a condo in Manila?
- Are rents in Manila still rising?
- How expensive are homes in Mindoro Island now?
- Should you buy real estate in Manila now?
