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Manila is one of Southeast Asia’s gems as it is one of the best capital cities for sightseeing and indulging in multicultural life. Its Spanish heritage, world-class museums, art galleries, gastronomic scenes, and nightlife attract millions of tourists each year. Besides, the city has beautiful art galleries that exhibit everything from Filipino masters to modern art. Some of the more popular tourist attractions in this city are the National Gallery of Art, the National Museum of the Filipino People, and Fort Santiago. The city is also considered as one of the best shopping malls in Asia as its major shopping malls and flea markets are very popular among tourists.
Along with tourism and retailing, real estate is a major contributor to the city’s economy. Manila has successfully attracted both local and foreign investors to develop and invest in condominiums. In addition to that, the city also has a growing population as well as stable consumer and labor market. The growing population of the city has made the rental market to be quite competitive, particularly in a certain location such as the central business districts and tourist hotspots.
Learn more about the Manila condo market through trends and average prices.
In general, condos in Manila are most sought after by expats, especially condos located close to the business districts. New projects are constantly under development in the city and you can choose to buy off-plan or completed. It is very easy to find a condo that would match your requirements. Some condos are equipped with gardens, pools, and gyms and other condos are more toned-down but are at more affordable prices.
Studio type condominiums are the best choice for anyone on a tight budget as they have the smallest floor size, which makes it the most affordable. Some studio condos in Manila are as small as 16 m 2 , but there are also spacious studio condos. Depending on the size and area, a studio condo can cost around ₱400,000 to over ₱38,000,000.
For those looking for private sleeping areas or have a growing family, one to four bedrooms is the ideal condominium type. The price for a one-bedroom condo is at least ₱1,000,000, but you can also find one for a much affordable price in some areas for ₱416,000. Two or more bedrooms will be a lot more expensive, and will cost you around ₱1,500,000 for basic condos to over ₱100,000,000 for luxurious condos. Loft, bi-level (includes two short sets of stairs and two levels), and penthouse are also available in Manila.
The condos in Manila are also divided into two other types: low-rise and high-rise. Low-rise condominiums usually only have four to ten floors. They tend to offer a more exclusive community feel and spacious rooms. High-rise condominiums provide amazing views of the city and are usually located in the best locations, such as commercial and business areas. Both high-rise and low-rise condos can be fully equipped with high-class amenities, pools, gyms, and 24-hour security.
The most important factors for profitability for investing in real estate are the location. Proximity to business centers and amenities, safe areas, as well as scenic views play an important role in residential property values. One of the most popular areas is Ermita which is located in the central part of Manila; it is an important center for finance, education, culture, and commerce. It serves as the civic center of the city, housing the city’s government and a large portion of Manila's business and entertainment. Together with Ermita, Malate is the city’s center for commerce and tourism. Both districts can be directly accessed by the main roads such as the Roxas Boulevard and Taft Avenue. Also, both Ermita and Malate are closer to the water.
For families, Intramuros is the best place to stay. It has a lot of charm, particularly with its Spanish influences. Although there are not many condos inside this district, investors will still find several
condos for sale. These condos are frequented by short-term visitors and tourists who want to stay near the city’s best and most famous attractions.
Another popular district is Sampaloc, which is referred to as the University Belt due to its numerous colleges and universities. The district has a youthful vibe and is mainly populated by students. It is also a major hub of national bus transportation carriers.
Manila is bursting with excitement, culture, history, and amazing food. It is a concrete jungle that still manages to preserve its historical landmarks, making it one of the most interesting places to live. People living in the city can spend their free time by visiting one of its famous attractions, checking out art exhibitions, hanging out in one of its bars, going shopping, or watching the sunset from Manila Bay.
The city is known to have very friendly people. Therefore, making new friends, both locals and expats, is relatively easy. Basic respect is very important and people should avoid pointing or raising their voices. In terms of technology and culture, Manila has a huge western influence, although the people are embracing their own cultural heritage more strongly nowadays. Every visitor, both long-term and short-term, are welcome to indulge in the city’s delicious cuisines. From luxurious restaurants to inexpensive street foods, everything is worth trying and do not forget to tip in restaurants as the staff will generally expect a tip.
1. High Demand for Rentals: Manila’s population is growing as more and more people are coming to the city to work. Both local and foreigners are on the lookout for a condo unit for rent close to their workplace, school. Besides, as a tourism hotspot, many tourists who visit the city look for short-term rental condos that include free amenities.
2. High Rental Yields: The high demand for rentals has increased prices and rental yields in Manila are at least 6.13%.
3. Infrastructure: Ongoing infrastructure projects by the government are expected to be finished by 2022, Many of the projects, such as the Manila Skyway and MRT Line 7, have been ongoing for a number of years. One of the big-ticket projects is the Php227 billion, Manila Subway Line 9.