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 property in Manila as a foreigner means understanding which neighborhoods actually deliver returns and which ones are all hype.
We constantly update this blog post to reflect the latest market shifts, new infrastructure developments, and changing rental dynamics across Metro Manila's districts.
This guide breaks down everything from yield hotspots like Eastwood City to oversaturated areas in Bay City, with real numbers and evidence-based analysis.
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.
What's the Current Real Estate Market Situation by Area in Manila?
Before diving into specific Manila neighborhoods, here is what the overall market looks like going into 2026: the Bangko Sentral ng Pilipinas residential price index shows prices still rising year-on-year, but the growth rate is slowing down, and some quarters have shown slight softness. Meanwhile, Colliers Philippines reports that Metro Manila residential vacancy peaked around 2025 and is expected to ease into 2026 as new supply slows and absorption improves. What this means for you as a buyer in January 2026 is that you have more negotiating power than in previous years, especially in districts with heavy new condo completions.
Which areas in Manila have the highest property prices per square meter in 2026?
As of early 2026, the three most expensive areas for residential property in Manila are Rockwell Center in Makati, the Legazpi Village and Salcedo Village corridor in Makati, and Bonifacio Global City (BGC) in Taguig, particularly the Uptown and High Street vicinity.
In these prime Manila neighborhoods, typical condo prices range from around ₱250,000 to ₱450,000 per square meter, with trophy projects in Rockwell and core BGC occasionally exceeding that ceiling.
Each of these areas commands premium prices for distinct reasons:
- Rockwell Center (Makati): ultra-limited land supply and strong owner-occupier demand create defensive pricing.
- Legazpi and Salcedo Villages (Makati): direct walkability to Ayala Avenue, Greenbelt, and Glorietta malls.
- BGC Uptown and High Street (Taguig): master-planned "city within a city" with modern infrastructure.
Which areas in Manila have the most affordable property prices in 2026?
As of early 2026, the most affordable Manila neighborhoods with genuine rental demand are Eastwood City in Quezon City, the Araneta City and Cubao area in Quezon City, parts of the Ortigas fringe in Pasig and Mandaluyong, and the Bay City and MOA complex area in Pasay.
In these more accessible Manila neighborhoods, typical condo prices range from around ₱140,000 to ₱260,000 per square meter, which is roughly half to two-thirds the cost of prime Makati or BGC properties.
The trade-offs vary by area: Eastwood City condos are affordable because you are not paying Makati prestige premiums but you are further from the main business districts; Cubao offers strong transport links but the surrounding streetscape is less polished; Ortigas fringe areas like Kapitolyo give you proximity to job centers but older building stock in some pockets; and Bay City units are cheap relative to their tourism potential but you face stiff competition from thousands of similar investor-owned units.
You can also read our latest analysis regarding housing prices in 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.
Which Areas in Manila Offer the Best Rental Yields?
In early 2026, Manila rental yields follow a predictable pattern: the most prestigious districts like Rockwell, Legazpi Village, and core BGC have such high purchase prices that gross yields tend to be lower, typically in the 3% to 4.5% range. Meanwhile, secondary but well-connected nodes like Eastwood City, Cubao, and parts of the Ortigas fringe can deliver gross yields of 5.5% to 7% if you buy at the right price and manage vacancy well.
Which neighborhoods in Manila have the highest gross rental yields in 2026?
As of early 2026, the Manila neighborhoods delivering the highest gross rental yields are Eastwood City in Quezon City (around 5.5% to 7%), Araneta City and Cubao in Quezon City (around 5.5% to 6.5%), and the Ortigas fringe areas like Kapitolyo and Shaw-side Mandaluyong (around 5% to 6.5%).
Across Metro Manila as a whole, gross rental yields for residential condos typically fall between 4% and 6%, which aligns with international yield trackers that place Philippine urban yields in the mid-single-digit zone.
Here is why these top-yielding Manila neighborhoods outperform:
- Eastwood City (Quezon City): purchase prices are 40% lower than BGC but rents stay competitive due to BPO tenants.
- Araneta City and Cubao (Quezon City): major transport hub status keeps tenant demand steady without CBD price premiums.
- Kapitolyo and Shaw corridor (Pasig and Mandaluyong): spillover demand from Ortigas CBD workers seeking more affordable rent.
- Bay City and MOA area (Pasay): yields can reach 5% to 6% but volatility is higher due to STR competition.
Finally, please note that we cover the rental yields in Manila here.
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Which Areas in Manila Are Best for Short-Term Vacation Rentals?
Short-term rentals in Metro Manila work differently from beach destinations because the demand mix is business travelers, event attendees, mall tourists, and casino visitors rather than pure vacationers. AirDNA data shows Manila-wide occupancy at moderate levels with modest average daily rates, but specific neighborhoods significantly outperform this baseline.
Which neighborhoods in Manila perform best on Airbnb in 2026?
As of early 2026, the Manila neighborhoods performing best on Airbnb are BGC in Taguig (especially the High Street and Uptown areas), Newport City in Pasay near the airport and casino cluster, and the Bay City and MOA Entertainment City area in Pasay.
Top-performing Airbnb properties in these Manila neighborhoods typically generate between ₱40,000 and ₱90,000 per month in revenue, with the best-managed BGC units occasionally exceeding ₱100,000 during peak periods.
Here is what drives short-term rental performance in each area:
- BGC High Street and Uptown (Taguig): highest ADR in Metro Manila due to business traveler demand and walkable lifestyle.
- Newport City (Pasay): captures airport layovers, Resorts World visitors, and convention attendees.
- Bay City and MOA area (Pasay): event-driven demand spikes from concerts, conventions, and mall tourism.
- Malate and Ermita edges (City of Manila): budget tourist demand near Intramuros and Manila Bay, but quality varies block by block.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Manila.
Which tourist areas in Manila are becoming oversaturated with short-term rentals?
The three Manila areas showing the clearest signs of short-term rental oversaturation are Bay City and the MOA Entertainment City corridor in Pasay, certain BGC towers with high investor-studio concentrations in Taguig, and the Poblacion nightlife pocket in Makati.
In Bay City and Pasay alone, AirROI data shows thousands of active Airbnb listings concentrated in a handful of condo towers, meaning you are competing against dozens or even hundreds of nearly identical units within the same building.
The clearest sign of oversaturation in these Manila areas is not just high listing counts but declining average occupancy rates combined with hosts undercutting each other on price, which creates a race to the bottom that compresses everyone's returns.
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.
Which Areas in Manila Are Best for Long-Term Rentals?
Long-term renters in Metro Manila are primarily driven by proximity to job centers like Makati CBD, BGC, and Ortigas, plus access to universities, hospitals, and predictable commute routes. In 2026, the rental market remains tenant-friendly in many buildings due to elevated vacancy from recent new completions, which means landlords need to price competitively.
Which neighborhoods in Manila have the strongest demand for long-term tenants?
The Manila neighborhoods with the strongest and most consistent long-term tenant demand are Legazpi Village and Salcedo Village in Makati, BGC in Taguig, Ortigas Center and its immediate edges in Pasig, and Eastwood City in Quezon City.
In these high-demand Manila neighborhoods, well-priced units typically rent within two to four weeks, while buildings with strong amenities and professional management can maintain vacancy rates below 5%.
Here is what type of tenant drives demand in each area:
- Legazpi and Salcedo Villages (Makati): corporate executives and expats working in Ayala Avenue offices.
- BGC (Taguig): young professionals, tech workers, and expat families drawn to the walkable lifestyle.
- Ortigas Center (Pasig): mid-level corporate employees and BPO workers seeking proximity to office towers.
- Eastwood City (Quezon City): BPO employees working night shifts who want to live steps from their office.
The key characteristic that makes these Manila neighborhoods attractive to long-term tenants is walkability to daily necessities: tenants in Legazpi Village value walking to Greenbelt, BGC tenants value High Street retail, and Eastwood tenants value the self-contained township where everything is within minutes on foot.
Finally, please note that we provide a very granular rental analysis in our property pack about Manila.
What are the average long-term monthly rents by neighborhood in Manila in 2026?
As of early 2026, long-term monthly rents in Manila vary significantly by neighborhood, with BGC studios asking ₱25,000 to ₱45,000 per month, Makati studios in Legazpi and Salcedo asking ₱20,000 to ₱35,000, and more affordable areas like Eastwood and Cubao starting around ₱14,000 to ₱25,000 for a studio.
In the most affordable Manila rental neighborhoods like Eastwood City and Cubao in Quezon City, entry-level one-bedroom apartments typically ask between ₱18,000 and ₱35,000 per month.
In mid-range Manila neighborhoods like the Ortigas fringe areas in Pasig and Mandaluyong or the Bay City area in Pasay, one-bedroom apartments typically ask between ₱22,000 and ₱45,000 per month.
In premium Manila neighborhoods like Legazpi Village, Salcedo Village, and BGC, one-bedroom apartments typically ask between ₱30,000 and ₱70,000 per month, with two-bedroom units ranging from ₱60,000 to ₱140,000 depending on the tower and furnishing level.
You may want to check our latest analysis about the rents in Manila here.
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Which Are the Up-and-Coming Areas to Invest in Manila?
In early 2026, "up-and-coming" in Metro Manila typically means new transport infrastructure, developer-led mixed-use estates, or spillover from expensive CBD cores. The key is finding areas where the price has not yet fully caught up to the improving fundamentals.
Which neighborhoods in Manila are gentrifying and attracting new investors in 2026?
As of early 2026, the Manila neighborhoods attracting the most investor attention for gentrification potential are Bridgetowne on the Pasig-Quezon City border, Vertis North in the North Triangle area of Quezon City, and Arca South in Western Bicutan in Taguig.
These gentrifying Manila neighborhoods have seen annual price appreciation in the range of 5% to 10% over recent years as new office towers, retail, and residential buildings have come online, though appreciation can be lumpy depending on specific project launches.
Which areas in Manila have major infrastructure projects planned that will boost prices?
The Manila areas with the highest "option value" from planned infrastructure are the station catchments along the Metro Manila Subway line and the northern stations of the North-South Commuter Railway (NSCR), including areas around Blumentritt and Solis in Manila City.
The Metro Manila Subway project has cleared approximately 90% of its right-of-way as of late 2025 according to DOTr reports, and the NSCR North has cleared about 56%, meaning these are real projects in active construction rather than speculative announcements.
Historically in Metro Manila, areas that gain new rail connectivity have seen price appreciation of 10% to 30% over the years following station opening, though the exact timing and magnitude depend on how underpriced the area was before construction began.
You'll find our latest property market analysis about Manila here.
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.
Which Areas in Manila Should I Avoid as a Property Investor?
In Manila, "avoid" does not necessarily mean a bad neighborhood to live in, but rather areas where renting out is harder, resale liquidity is weak, or hidden risks like building management issues can silently destroy your returns.
Which neighborhoods in Manila with lots of problems I should avoid and why?
The Manila investment situations that tend to cause the most problems are generic investor-heavy towers in Bay City in Pasay, buildings in nightlife-adjacent pockets like parts of Poblacion in Makati without strong building administration, and any condo where the condo corporation is weak on dues collection and maintenance.
Here are the specific problems affecting each:
- Bay City investor towers (Pasay): dozens of identical units competing on price creates a commodity market with thin margins.
- Poblacion nightlife-adjacent buildings (Makati): tenant complaints, rule changes, and higher wear-and-tear compress net yields.
- Weak condo corporation buildings (anywhere): poor maintenance causes the building itself to depreciate even if the location is fine.
For any of these Manila situations to become viable investments, you would need either a significant price discount that compensates for the risks, a building management turnaround with new leadership, or in the case of Bay City, genuine demand growth that absorbs the oversupply.
Buying a property in the wrong neighborhood is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Manila.
Which areas in Manila have stagnant or declining property prices as of 2026?
As of early 2026, the Manila micro-markets showing the most price stagnation are Bay City and the reclaimed-area condo clusters in Pasay, where heavy new completions have outpaced demand absorption.
The BSP Residential Property Price Index shows nationwide price growth moderating with some quarters showing slight quarter-on-quarter declines, which translates to flat or negative real returns in the most supply-heavy submarkets like Bay City where new units keep hitting the market.
Here is what is causing stagnation in each area:
- Bay City condo clusters (Pasay): massive new supply with limited differentiation creates buyer's market conditions.
- Some Ortigas fringe pockets (Pasig and Mandaluyong): older buildings losing competitiveness to newer stock nearby.
- Oversupplied investor-heavy towers (various): too many similar units for sale at once suppresses pricing power.
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Which Areas in Manila Have the Best Long-Term Appreciation Potential?
Long-term appreciation in Metro Manila typically comes from scarcity, enduring demand, and improving accessibility. The areas that have performed best historically share these characteristics, and the areas positioned for future growth tend to have at least one of these factors working in their favor.
Which areas in Manila have historically appreciated the most recently?
The Manila areas that have shown the strongest and most consistent appreciation over the past five to ten years are Legazpi Village and Salcedo Village in Makati, core BGC in Taguig, and Rockwell Center in Makati.
Here is the approximate appreciation these top-performing Manila areas have achieved:
- Rockwell Center (Makati): estimated 50% to 80% total appreciation over ten years due to extreme land scarcity.
- Legazpi and Salcedo Villages (Makati): estimated 40% to 70% total appreciation driven by persistent CBD premium.
- Core BGC (Taguig): estimated 60% to 100% total appreciation as the district matured into a "second CBD."
The main driver behind above-average appreciation in these Manila areas is that they are fundamentally supply-constrained: Rockwell cannot expand, Legazpi and Salcedo have almost no developable land left, and BGC's master plan limits density, so demand pressure translates into price increases rather than new construction.
By the way, you will find much more detailed trends and forecasts in our pack covering there is to know about buying a property in Manila.
Which neighborhoods in Manila are expected to see price growth in coming years?
The Manila neighborhoods positioned for the strongest price growth in coming years are the Metro Manila Subway station catchments, Bridgetowne on the Pasig-Quezon City border, Vertis North in Quezon City, and transit-linked areas around Cubao and Araneta City.
Here is the projected growth potential for each:
- Subway station catchments (various NCR cities): 5% to 10% annual upside once stations open and commute times drop.
- Bridgetowne (Pasig-QC border): 5% to 8% annual potential as the mixed-use estate reaches critical mass.
- Vertis North (Quezon City): 4% to 7% annual potential as connectivity and retail gravity improve.
- Cubao and Araneta City (Quezon City): 4% to 6% annual potential from transport hub expansion.
The single most important catalyst for future price growth in these Manila neighborhoods is the completion of rail infrastructure, which will permanently reduce commute times and make these areas more attractive relative to the expensive core CBDs.
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 Do Locals and Expats Really Think About Different Areas in Manila?
Understanding local and expat preferences helps you assess whether an area has genuine long-term appeal or is primarily driven by speculative investor demand. The best investments tend to be in areas that both groups find desirable.
Which areas in Manila do local residents consider the most desirable to live?
The Manila areas that local residents consistently rank as the most desirable to live are Legazpi Village and Salcedo Village in Makati, Rockwell Center in Makati, and BGC in Taguig.
Here is what makes each area desirable to Manila locals:
- Legazpi and Salcedo Villages (Makati): walkability to offices, malls, restaurants, and parks within minutes.
- Rockwell Center (Makati): security, cleanliness, and a self-contained lifestyle without needing a car.
- BGC (Taguig): modern planning, wide sidewalks, and a concentration of dining and retail options.
The demographic that typically lives in these locally-preferred Manila areas tends to be upper-middle-class professionals, business owners, and families who prioritize convenience and safety over maximizing space per peso.
Local Manila preferences generally align well with what foreign investors target, which is why these areas maintain strong rental demand and resale liquidity: when locals and foreigners both want the same neighborhoods, prices stay supported.
Which neighborhoods in Manila have the best reputation among expat communities?
The Manila neighborhoods with the strongest reputation among expat communities are BGC in Taguig (especially the High Street and Uptown areas), Legazpi Village and Salcedo Village in Makati, and Rockwell Center in Makati.
Here is why expats prefer these Manila neighborhoods:
- BGC (Taguig): English-friendly services, international schools nearby, and a walkable modern environment.
- Legazpi and Salcedo (Makati): proximity to embassies, international companies, and upscale dining and retail.
- Rockwell (Makati): gated security, family-friendly atmosphere, and high-quality building management.
The expat profile in these Manila neighborhoods tends to be corporate executives on regional assignments, embassy staff, entrepreneurs running businesses in the Philippines, and retirees who want urban convenience with international-standard amenities.
Which areas in Manila do locals say are overhyped by foreign buyers?
The Manila areas that locals most commonly describe as overhyped by foreign buyers are certain BGC fringe towers marketed as "BGC lifestyle" but located outside the walkable core, Bay City towers in Pasay that emphasize casino and tourism proximity, and some Poblacion Makati units positioned as trendy nightlife investments.
Here is why locals consider each area overhyped:
- BGC fringe towers (Taguig): buyers pay a "BGC" premium without getting true High Street walkability.
- Bay City towers (Pasay): the tourism pitch sounds appealing but oversupply crushes actual returns.
- Poblacion nightlife pocket (Makati): trendy appeal masks building management headaches and tenant turnover.
What foreign buyers typically see in these areas that locals do not value as highly is the marketing story: "live near the casinos" or "own a piece of BGC" sounds exciting from abroad, but locals know that convenience, building quality, and rental sustainability matter more than branding.
By the way, we've written a blog article detailing the experience of buying a property as a foreigner in Manila.
Which areas in Manila are considered boring or undesirable by residents?
The Manila areas that residents most commonly describe as boring or undesirable are purely residential fringe developments without a mixed-use core, older condo clusters with poor walkability to retail or transport, and any area where car dependence is the only option for daily errands.
Here is why residents find certain Manila areas unappealing:
- Isolated residential fringes (various): nothing to walk to, so daily life requires driving everywhere.
- Older buildings without nearby retail (various): lack of cafes, restaurants, and services makes the lifestyle inconvenient.
- Areas with poor transport links (various): long commutes make the cost savings not worth the time lost.
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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 | The Philippine central bank's official housing price index program. | We used it to anchor the macro direction of residential prices in Metro Manila. We then layered neighborhood-level evidence on top since the RPPI is not barangay-by-barangay. |
| Colliers Philippines Quarterly Reports | One of the most established real estate research firms in the Philippines. | We used it for Metro Manila supply, vacancy narrative, and district-level capital value direction. We also used it to flag where new completions are concentrated. |
| Bureau of Internal Revenue (BIR) Zonal Values | The government's official schedules used for property tax and transfers. | We used it as an official proxy for relative land values across streets and barangays. We treated it for ranking and plausibility checks, not as market price. |
| AirDNA Manila | The most widely cited short-term rental analytics provider globally. | We used it to anchor Manila-wide STR performance metrics like occupancy and ADR. We then compared that baseline to specific NCR cities using other dashboards. |
| AirROI Taguig and Pasay Reports | Dedicated STR analytics dashboards with city-level supply and revenue estimates. | We used them to estimate Airbnb economics for BGC and Bay City specifically. We treated them as directional and cross-checked against AirDNA baselines. |
| Supreme Court E-Library (RA 4726 Condominium Act) | Hosted in the judiciary's official e-library system. | We used it to ground the legal reality for foreigners: condos are the cleanest ownership route. We referenced it when discussing what foreigners can legally buy. |
| Philippine Statistics Authority (PSA) | The national statistics agency with official geographic classifications. | We used it to keep "Manila" properly scoped to NCR cities like Makati, Taguig, and Pasay. We avoided vague area labels by sticking to named localities. |
| Global Property Guide Philippines | A long-running international housing research site with disclosed methodology. | We used it as a country-level yield sanity check against our neighborhood-level math. We still built yield ranges bottom-up using local asking rents and prices. |
| Philippine News Agency (DOTr Infrastructure) | A government-run news agency quoting official DOTr project progress. | We used it to identify infrastructure timelines that can shift neighborhood desirability. We only used it for verified project progress figures, not price predictions. |
| Rentpad and Lamudi | Major Philippine property listing portals with active inventory. | We used them to build asking rent and price ranges from live listing snapshots. We validated the relative ordering against Colliers district positioning. |
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