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Learn more about the Manila property market through trends and average prices.
Manila, or the City of Manila, is the capital of the Philippines and is located on the eastern shores of Manila Bay; it is a highly urbanized city. The city is a major tourist hub that attracts more than one million tourists every year. It is also regarded as one of the best shopping destinations in Asia. Major luxurious shopping malls, department stores, markets, supermarkets, and bazaar prosper within the
The city is a center for commerce, banking and finance, retailing, transportation, real estate, media, accounting, tourism, fashion, and art. The government is working on a huge infrastructure program to improve public transportation, health care and education within the city (and its metropolitan area). With everything that’s going on in Manila, it is easy to see why the demand for property is continuously rising in this metropolitan city. Besides, the Philippines economy has grown by 6 to 7 percent in the last few years, which also supports the city’s property market, particularly the office sector. Although the prices are higher than in other regions in the Philippines, Manila offers an excellent quality of life and can generate passive income for those looking to rent out their properties.
Manila has a vast selection of property types that cater to all tastes, budgets, preferences, and lifestyle. Budget properties are mainly located outside of the main city center and business areas. They tend to be located in the Santa Mesa and Malate districts, while the properties inside the city center have significantly higher price tags.
Most of the properties in Manila are condominium and apartments, which is popular among real estate investors who want to earn rental income. Many condos are equipped with shared amenities such as swimming pools, gyms, and playgrounds. There are two types of condominium available in this city: mid-rise and high-rise. Mid-rise condos tend to appeal to those who want to live in a laid- back community and are usually located outside of the city center. High-rise condos are mostly located near or within the city center and they are usually close to shopping malls, schools, and other modern amenities. High-rise buildings are perfect for young and active professionals, or families who want to live near good schools.
Townhouses are also available in certain parts of Manila and Townhouses offer the convenience of a condo but provide the comfort of a house. Townhouses can be found in Binondo, which has everything from churches, schools, to malls. However, Manila has very few Houses with land attached to them which would give buyers a lot more space that would improve their quality of living. Commercial real estate in Manila, such are hotels, malls, shopping centers, and office spaces are also available.
The Manila property market is divided up into several popular areas and the main factors that drive the popularity of a certain area is access to business areas, schools, and amenities. Families with kids usually choose Ermita, which is located in the central part of the city of Manila and it also has several museums and recreational parks. Also, Ermita is a significant financial, cultural, and educational center. There are several businesses, offices, and universities within this district and it offers easy access to major roads. Ermita also boasts one of the largest shopping malls in Manila, the SM City Manila.
Another popular area is Sampaloc, which is referred to as the “University Belt” because it has a number of colleges and universities, including the oldest surviving university in Asia: University of Santo Tomas. Due to its universities, the area is known to have a youthful vibe and is also popular for its Dangwa flower market and various historical sites.
The oldest and one of the most expensive area’s in Manila is Intramuros or the Walled City which was built by the Spaniards in 1517. Today, it is a popular tourist destination as it has many historical attractions, including Fort Santiago. Property buyers will find old colonial houses and condominiums in this area.
Manila is steeped in history and is home to many sights. People who live in Manila are welcome to visit any of its historical and cultural attractions, such as the San Augustin Church in Intramuros. It is a major hub for cultural events and each year millions of devotees come to celebrate the Feast of the Black Nazarene. It also has important museums, such as the Bahay Tsinoy which exhibits documentation of Chinese influences on life in Manila.
The capital of the Philippines also has a thriving nightlife, which is perfect for those who want to have fun after work or on the weekend. The city is home to some of the best clubs and bars in Asia, with international and local DJ’s entertaining the crowds. The bars and restaurants range from themed venues to chic rooftops. For anyone looking for an affordable dining experience, the city offers numerous delicious street foods, from barbeque to traditional street food and everything is relatively inexpensive.
Manila is known to have traffic congestion so driving in the city can be rather frustrating. There are some reliable public transportation in the city, including Jeepneys, buses, taxis, Grab, and Uber. Also, anyone who wishes to escape from the busy streets can opt for the Light Rail Transit (LRT) and Metro Rail Transit (MRT).
As a global city, Manila has become a destination for investors from all around the world. Some of the selling points to invest in a Manila property are:
1. Return of Investment (ROI) and Rental Income: The value of property in Manila will keepincreasing, especially since there are many planned business and real estate developments in the city. Investing in property in this city is a stable way to grow your investment with potential profits. Manila is a booming city and it is easy to rent out your property for a rental
2. Improving Infrastructure: There has been a significant improvement in the road system, Manila’s bridges are been upgraded to ease the traffic congestion and 12 new bridges will be built in the city under the Metro Manila Logistics Improvement Project.
3. Friendly for Foreign Investors: Although foreigners are allowed to own real estate property, they are not allowed to own or to buy land.