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Manila is the center of economic, political, social, and cultural activity in the Philippines. Despite being infamous for its horrendous traffic jams, the city continues to attract visitors from around the world due to its affordable cost of living, high quality of life, as well as its tourist’s hotspots. With the Philippines developing economy, Manila welcomes more local and foreign investors to invest in properties in the city. The Philippines GDP reached its all-time high of 330.91 USD Billion in
2018. In addition to the city’s growing economy, the demand for housing in the Philippines is also at a high. Many local Filipinos continue to migrate from other areas to Manila due to the prospect of better paid jobs, education, and healthcare and the city also attracts many expatriates from around the world. This has resulted in an increased demand for apartments within the city.
Learn more about the Manila apartment market through trends and average prices.
Apartments in Manila are available in various sizes and styles. Due to the high demand for housing, numerous developers are building new apartment projects. Investors can choose both off-plan or completed. Investing in an off-plan apartment means committing to buying the apartment before any structure has been constructed upon it. This type of apartment is ideal for buyers who do not wish to move in immediately. However, many investors who are looking for a lower risk option and want to generate income immediately can choose to buy completed apartments.
The apartment types in Manila are also divided into two categories, which is high-rise and low-rise. High-rise apartments offer the best views and are located within the central business districts. Low-rise apartments usually have larger units. Since they do not have many units, they can have a more exclusive feeling for the tenants. Low-rise apartments are normally located in residential areas. Both high-rise and low-rise apartments can be equipped with amenities, such as gardens, pools, clubhouses, and parking spaces.
In Manila, investors can choose traditional or modern apartments. Numerous traditional Spanish-inspired style apartments are scattered around the city and this type of apartment usually has 2 bedrooms and offers simple amenities, such as a parking space. Modern apartments are mainly built by well-known property developers and they are usually bigger and come with top-notch amenities.
Proximity to business and commercial areas, as well as access to schools are the main factors of the popularity of a district. With various newly built apartment developments, the district of Santa Ana is quickly becoming popular with investors. This district is particularly known for its architectural heritage due to its number of historic ancestral houses. Most apartments in this district are three-story units with large living space and these apartments are suitable for growing families.
Those looking for an apartment located in the central part of Manila should try Ermita. It is the center of finance, education, culture, and commerce and it houses a large portion of the city’s business and entertainment. There are numerous modern and serviced apartments in Ermita and the apartments are equipped with exclusive amenities and 24-hour security.
Another popular district for anyone who wishes to live near the business areas is Malate. This district serves as Manila’s center for commerce and tourism. It houses a number of government offices and many companies are headquartered within this area. Malate also has several educational institutions which are part of the University Belt, such as De La Salle University and Philippine Women’s University. This district can be directly accessed by main roads such as Roxas Boulevard, Quirino Avenue, and Taft Avenue.
Binondo, Manila’s Chinatown and the oldest Chinatown in the world is a lively metropolis. While many of its renowned heritage buildings have survived, modern apartments have also been built in the heart of this district. The district is surrounded by malls, hospitals, restaurants, schools, and churches, which has made it an attraction place to live.
The University Belt, Sampaloc, is also popular, particularly with students. Thanks to its numerous colleges and universities, this district continues to be popular. Traditional, as well as modern apartments, can be found here and they normally cater to university students.
Manila offers affordable cost of living. In terms of food, you will be spoilt for choice. From street foods to Michelin-starred restaurants, everything is available. A regular meal in an expensive restaurant will only cost you ₱200 and combo meals at fast-food restaurants are around ₱150. The markets sell everything you will need, from local products to imported goods. Staying active and in shape is easy to do as there are many gyms around the city and one month’s fitness club
membership is about ₱2,500.
To relax after work or at the weekend, Manila has numerous attractions. Manila Bay is a great place to watch the sunset and the city’s many green spaces are great locations to unwind at. The nightlife is also thriving. Music bars to hype clubs, there are plenty of options to choose from. Manila also has one of the best healthcare systems in the Philippines. The medical centers in the city are exceptional. The hospitals have state-of-the-art equipment, medical professionals with international certifications, and affordable treatment costs.
1. Excellent Rental Yield: For investors who are looking to generate passive income, Manila offers a high rental yield. At the moment, the rental yield in the city is at least 6.13%.
2. High Demand for Housing: With people from all over the country migrating to the city in the hope of finding better jobs and quality of life, the demand for apartments in the city has never been higher, not to mention the number of expatriates from all over the world who reside in this city. The high demand for housing as resulted in the steady growth for the need of rental properties.
3. Growing Economy: The Philippines remains as one of the fastest-growing economies in Asia. The country’s economic growth is predicted to be at 6% in 2019.