MANILA, JANUARY 27, 2015: Property-seekers on the hunt for a reasonably-priced condominium should consider buying in Las Piñas, which has emerged as the city with the lowest average condo prices in Metro Manila.
At Php49,849 per square meter, buying a condo in Las Piñas is likely to be cheaper than anywhere else in the metro area, new data from property portal Lamudi Philippines shows. At the opposite end of the scale, Makati is the most expensive, with condos in the area costing an average of Php139,012 per sqm.
Based on an analysis of its 90,000-plus property listings, Lamudi has created a heat map revealing the broad range in condo property prices across Metro Manila. The information mined from the global property portal’s extensive data gives property buyers an in-depth look into the Philippine capital’s condo real estate market, and informs homebuyers and property investors on what to expect if they plan to buy a resale condo property in the coming months.
As expected, Makati tops the metro’s condo property market, boasting an average asking price of Php139,012 per sqm. An average 120-sqm condo in the city may have a selling price of about Php16.68 million. However, although Makati’s property market is quite pricey, the city has a wide range of condo properties available, from a very expensive Php388,888-per-sqm branded residence in Ayala Center, to an affordable Php27,137-per-sqm medium-rise condo in San Antonio Village.
Taguig comes in second, boasting an average asking price of Php126,129 per sqm. Condos in the city’s Bonifacio Global City (BGC) area command the highest prices, with the most expensive boasting an asking price of Php333,333 per sqm. The cheapest condo on the market in Taguig costs Php23,333 per sqm, which is located in the outskirts of BGC.
Pasay and Quezon City have almost identical average condo prices (Php104,685 and Php101,277 per sqm, respectively), but the latter being much larger has more for-sale condo properties.
The Lamudi data also revealed that average condo prices in Manila, Mandaluyong, San Juan, and Pasig are at Php95,134, Php88,174, Php87,294, and Php80,329 per sqm, respectively, whereas those in Parañaque, Muntinlupa, and Las Piñas cost Php64,276, Php60,804, and Php49,849 per sqm, respectively.
No data was generated for Marikina, Valenzuela, Pateros, Malabon, Caloocan, and Navotas due to lack of condo listings in these cities.
Jacqueline van den Ende, Managing Director of Lamudi Philippines, said the analysis was designed to inform Filipinos on property prices and to give them a clear picture of how the real estate market was behaving. At the moment property buyers can only rely on unorganized and incomplete data churned out by different organizations.
“The Philippine real estate market is rapidly growing and what the market needs is hard data to inform Filipinos’ buying decisions,” said van den Ende.
One of the highlights of the analysis, according to van den Ende, is that although Makati still boasts the priciest pieces of real estate in Metro Manila, Taguig is quickly catching up and may even overtake Makati over the next few years if current growth trends continue.
“In the future, our property price analysis will also include not only of condos but also prices of houses, commercial and office spaces, and industrial properties from across the Philippines,” she said.