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Panay Island's property market offers affordable entry points with moderate growth potential across diverse cities and property types.
As of September 2025, the island presents compelling opportunities for both investors and residents, with house prices starting around ₱2-3.5 million, condo studios from ₱2-4 million, and land varying dramatically from ₱300 per sqm in Antique to ₱20,000+ per sqm in prime Iloilo City locations. The market shows steady 4-6% annual appreciation in urban centers, driven by infrastructure development including the upcoming Panay-Guimaras-Negros bridge project.
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Panay Island offers affordable property investment opportunities with solid rental yields of 6-9% annually, particularly in Iloilo City and major urban centers.
The market shows steady 4-6% price appreciation driven by infrastructure development, with the best opportunities in emerging townships and areas near confirmed government projects.
| Property Type | Price Range (₱ Million) | Best Locations | Investment Outlook |
|---|---|---|---|
| Houses (3BR) | 3.5 - 8.0 | Iloilo City, Roxas City | Steady 4-6% appreciation |
| Condos (Studio) | 2.0 - 4.0 | Urban centers, near transport | High rental demand, 6-9% yields |
| Prime Land (per sqm) | ₱5,000 - ₱30,000 | Iloilo City, Kalibo gateway | Strong long-term potential |
| Budget Land (per sqm) | ₱300 - ₱3,000 | Antique, rural areas | Patient capital, future upside |
| Rental Income (Monthly) | ₱8,000 - ₱45,000 | City centers, modern units | 80-95% occupancy rates |
| Transaction Costs | 7-10% of purchase price | All locations | Plus 0.5-1% annual tax |
| Liquidity Timeline | 1-3 years for prime | Urban, modern properties | Improves significantly over time |
What are the current average purchase prices for houses, condos, and land in Panay Island?
Property prices in Panay Island remain affordable compared to Metro Manila, with houses ranging from ₱2-12 million depending on size and location.
Small to medium houses (80-150 sqm) typically sell for ₱3.5-5 million across the island. Larger homes spanning 200-400 sqm in prime developments command ₱6-12 million, particularly in established subdivisions near Iloilo City and Roxas City.
Condo prices for budget units in provincial cities average ₱2-4 million for studios and ₱6-8 million for two-bedroom units. The price per square meter often lands in the ₱75,000-₱100,000 range, making condos an attractive option for first-time buyers and rental investors seeking steady income streams.
Land prices vary dramatically across the island, from ₱300 per sqm in remote Antique areas to ₱30,000+ per sqm in prime Iloilo City developments. This wide price spectrum offers opportunities for every budget level, from patient long-term investors to immediate development projects.
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How do property prices differ between Iloilo City, Roxas City, Kalibo, and Antique?
Price variations across Panay Island's major cities reflect their economic development levels and infrastructure quality.
| City | House Price Range | Land Price (per sqm) | Condo Studio Price |
|---|---|---|---|
| Iloilo City | ₱4-8M (3BR) | ₱5,000-20,000 (prime up to ₱30,000) | ₱2-4M |
| Roxas City | ₱3.8-6M (2-4BR) | ₱2,500-7,000 | ₱2-3M |
| Kalibo | ₱3-4M | ₱3,000-10,000 | ₱2-3M |
| Antique | ₱2-3.5M | ₱300-1,000 | Limited condo options |
| Caticlan Gateway | ₱4-6M | Up to ₱30,000 (commercial plots) | ₱3-4M |
What's the short-term price trend over the past 12 months for each property type?
Panay Island property prices are rising moderately at 4-6% year-over-year in Iloilo and regional centers as of September 2025.
This growth continues the steady ~6% annual appreciation pattern established since 2016, though growth rates vary significantly by location and property condition. Urban centers like Iloilo City and Roxas City lead the appreciation trend, driven by infrastructure development and increasing demand from overseas Filipino workers returning home.
Newer mid-market homes (less than 5 years old) dominate sales activity and command premium prices, while luxury segments and older properties lag behind. Properties in flood-prone areas or locations with limited road access show slower growth or even slight declines as buyers become more selective about climate risks.
Land prices near confirmed infrastructure projects, particularly the upcoming Panay-Guimaras-Negros bridge, have shown accelerated appreciation of 8-12% over the past year. Commercial plots in Kalibo near the Caticlan gateway continue to attract premium pricing due to Boracay tourism spillover effects.
What's the medium-term outlook for property appreciation over the next 3-5 years?
Steady moderate appreciation of 5-7% annually is likely across Panay Island's property market through 2028-2030, particularly for locations near major infrastructure projects.
The Panay-Guimaras-Negros bridge project will be the primary driver of medium-term growth, connecting the island more efficiently to neighboring regions and boosting economic activity. Properties within 5-10 kilometers of the bridge access points are positioned for above-average appreciation.
Urban expansion corridors in Iloilo City, Kalibo, and Roxas City will benefit from improved transportation links and growing commercial activity. Subdivision developments in these areas should see consistent 6-8% annual growth as demand from middle-class families and returning OFWs remains strong.
Climate-resilient properties in elevated areas will increasingly command premiums, while flood-prone lowland properties may face value stagnation or decline. Smart investors are already shifting focus to higher-elevation lots and modern developments with proper drainage systems.
What's the long-term property investment potential for 10-15 year holds?
Long-term property investment potential in Panay Island is strongest for urban Iloilo City and main township growth corridors, with 7-10% annual appreciation expected over 10-15 years.
Urban expansion zones and areas near confirmed infrastructure projects offer the highest appreciation prospects, especially if acquired before wider market attention drives prices up. Land banking in strategic locations near future commercial or residential developments can yield substantial returns for patient investors.
Climate change adaptation will increasingly influence property values, with elevated, flood-safe properties commanding growing premiums over vulnerable coastal or lowland areas. Properties with modern infrastructure, reliable utilities, and climate-resilient design will significantly outperform older developments.
The growing overseas Filipino worker remittance market and increasing retiree interest in affordable tropical living will sustain long-term demand. Properties positioned for these demographics—modern, low-maintenance, near healthcare and shopping—offer excellent 15-year hold potential.
Remote coastal lots and properties in poorly planned subdivisions face uncertain long-term prospects and should be avoided by conservative investors seeking predictable appreciation.
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How much rental income can you realistically expect today in each area?
Rental yields in Panay Island range from 6-9% annually for residential properties, with Iloilo City offering the highest returns due to strong expat and professional tenant demand.
Monthly rental ranges for unfurnished properties vary significantly by location and property type. In Iloilo City, studio units typically rent for ₱15,000-25,000 monthly, while 2-bedroom units command ₱25,000-45,000. Basic houses in residential areas rent for ₱7,000-15,000 depending on size and condition.
Roxas City and Kalibo offer more modest but stable rental income, with studios renting for ₱8,000-14,000 monthly and 2-bedroom houses or condos bringing ₱14,000-24,000. These markets primarily serve local professionals, government employees, and occasional business travelers.
Furnished properties can command 20-30% higher rents but require more active management and higher maintenance costs. Properties targeting overseas Filipino workers or their families often achieve premium rents due to reliable, long-term tenancies and willingness to pay for quality accommodations.
Antique offers limited rental opportunities due to smaller population and economic base, with most rental activity focused on basic housing for local workers at ₱3,000-8,000 monthly.
What's the occupancy rate and rental demand trend across different property types?
Occupancy rates vary dramatically between urban centers and rural areas, with modern properties in city centers achieving 80-95% occupancy rates.
Urban Iloilo City maintains the strongest rental market with occupancy rates of 85-95% for condos and houses, driven by steady demand from professionals, students, and returning overseas workers. Modern units with amenities like parking, security, and reliable utilities rarely experience extended vacancies.
Roxas City and Kalibo show moderate demand with 70-85% occupancy rates for quality properties, primarily serving local professionals and government employees. Properties near commercial centers, schools, and hospitals perform significantly better than those in residential-only areas.
Rural areas and less-developed towns typically achieve 60-75% occupancy rates, mostly serving local workers and some overseas Filipino worker family members. These markets offer lower rents but also lower tenant turnover once occupied.
Property type significantly influences demand, with 2-3 bedroom houses consistently outperforming studios due to Filipino family preferences. Modern condos with elevator access and parking attract premium tenants willing to pay higher rents for convenience and security.
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What's the property resale liquidity like for different time horizons?
Property liquidity in Panay Island improves significantly with longer holding periods, with 1-year resales limited to prime urban properties.
Within 1 year of purchase, liquidity remains limited except for prime urban properties, new or modern units in Iloilo City, and properties in established town centers. Buyers seeking quick resales should focus on move-in ready properties in high-demand locations with clear title and proper documentation.
Within 3 years, liquidity expands to include modern subdivisions, serviced apartments and condos, and land near confirmed developments. Properties that have appreciated in value or improved their surrounding infrastructure become attractive to a broader buyer pool, reducing time on market.
Within 10 years, most locations with infrastructure access appreciate substantially and liquidity improves markedly with urban growth and infrastructure development. Properties initially considered remote often benefit from city expansion and new road construction, making them accessible to mainstream buyers.
Land holdings generally offer better long-term liquidity than houses, as buyers can envision their own construction projects. Titled land near growing urban areas typically sells faster than developed properties that may not match buyer preferences.
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 typical transaction costs, taxes, and ongoing fees for buying and holding property?
Total transaction costs for property purchases in Panay Island typically range from 7-10% of the purchase price, plus ongoing annual costs.
Initial transaction costs include transfer tax (0.5-0.75% of zonal value), documentary stamp tax (1.5% of purchase price or zonal value, whichever is higher), registration fees, notarial fees, and real estate agent commissions. Legal fees for due diligence and document preparation typically add ₱30,000-100,000 depending on property complexity.
Ongoing holding costs include real estate tax (0.5-1% of assessed value annually), homeowner association dues for subdivision properties (₱1,000-5,000 monthly), and condo association fees (₱2,000-8,000 monthly depending on amenities). Property insurance typically costs ₱5,000-20,000 annually depending on coverage and property value.
For rental properties, additional costs include property management (10-15% of rental income if professionally managed), maintenance reserves (5-10% of rental income), and vacancy allowances. Income tax on rental income applies at regular income tax rates after allowable deductions.
Foreign buyers face additional requirements including Securities and Exchange Commission registration for corporations and Bureau of Internal Revenue clearances, potentially adding ₱50,000-150,000 in professional fees and processing costs.
What budget ranges make sense for different types of buyers right now?
Budget allocation in Panay Island's property market should align with investment timeline and risk tolerance, with clear entry points for each investor type.
- First-time buyers: ₱2-4 million for entry-level houses or condos, focusing on established subdivisions near employment centers. ₱500,000-2 million for titled lots in developing areas with confirmed infrastructure plans.
- Rental investors: ₱4-8 million for quality condos or houses near new transport hubs and urban growth areas. ₱1.5-3 million for small city-center condos targeting professional tenants and overseas worker families.
- Long-term holders: ₱1-3 million for raw land in Antique or intermediate towns with future development potential. ₱4-8 million for strategic lots in urban growth corridors near confirmed infrastructure projects.
- Retirees and lifestyle buyers: ₱3-6 million for modern houses in secure subdivisions with access to healthcare and shopping. Focus on elevated locations with reliable utilities and community amenities.
- Speculative investors: ₱500,000-2 million for land banking in emerging townships. ₱2-5 million for properties directly impacted by bridge construction and new commercial developments.
Which areas and property types appear undervalued compared to current market demand?
Several areas and property types in Panay Island currently offer compelling value propositions relative to their future potential.
Antique province land represents the most significant undervaluation, with per-square-meter rates starting at ₱300-1,000 compared to ₱5,000+ in other provinces. Future transportation improvements and tourism development could drive substantial appreciation for patient investors willing to wait 5-10 years.
Properties outside core Iloilo City but within 10-15 kilometers of infrastructure projects trade at significant discounts to their likely future values. Towns benefiting from the upcoming bridge, airport expansions, or bypass roads offer 20-40% lower prices than comparable properties in already-developed areas.
Modern units in secondary cities like Kalibo and Roxas City remain undervalued relative to their rental yield potential. Mid-market condos and townhouses in these locations often yield 7-9% annually while similar properties in Metro Manila yield only 3-5%.
Titled residential lots in emerging subdivisions offer better value than developed properties, as buyers can control construction quality and design. Land prices in planned communities often appreciate faster than house prices due to infrastructure completion and community development.
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Where should you position yourself based on your investment goals?
Strategic positioning in Panay Island's property market depends on your primary objective and investment timeline.
For primary residence: Focus on modern subdivision houses or condos near central Iloilo City or Roxas City, close to schools, hospitals, and shopping centers. Budget ₱4-8 million for properties with reliable utilities, good security, and community amenities. Prioritize elevated locations with proper drainage to avoid future climate risks.
For rental investment: Target studio or 2-bedroom condos or new townhouses in Iloilo City, Roxas, or urban Kalibo areas. Focus on properties attractive to overseas Filipino worker families and local professionals, with parking, security, and modern fixtures. Expect ₱3-6 million investment with 6-9% annual yields.
For resale profit: Acquire raw land or house-lots in up-and-coming townships or areas directly impacted by new roads and bridges. Plan for 3-10 year holding periods and budget ₱1-5 million depending on location and size. Focus on titled properties with clear development potential.
For long-term appreciation: Secure titled land in Antique or semi-urban Kalibo/Roxas areas and maintain patience for development catch-up. Budget ₱500,000-3 million for land banking strategies. Prioritize locations with potential tourism or infrastructure development.
Key strategy: Prioritize modern, flood-safe properties with proximity to confirmed infrastructure projects. The best risk-adjusted returns currently exist in emerging townships and periphery city districts with visible government investment and clear growth trajectories.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Panay Island's property market offers attractive opportunities for investors seeking affordable entry points with solid appreciation potential and rental yields.
Success requires careful location selection, focusing on modern properties in growth corridors near confirmed infrastructure development, while avoiding flood-prone areas and outdated developments.
Sources
- Panay Island Real Estate Market Analysis
- InvestAsian Philippines House Cost Guide
- Average Condo Prices Philippines
- Antique Property Investment Video
- Zonal Value Finder Philippines - Iloilo
- Fazwaz Roxas City Properties
- One Propertee Kalibo Lots
- Dot Property Iloilo Listings
- One Propertee Iloilo Affordable Lots
- Global Property Guide Philippines Rental Yields