How Much Does It Cost to Buy a Condo in Metro Manila’s CBDs?
An apartment for rent in Pasig, Makati, or Quezon City might be a better choice for many Filipinos, especially young professionals, since the average price of condominiums makes it more difficult to buy one. Colliers International Philippines said several central business districts have recorded double-digit price growth. Condos in Makati’s CBD recorded the highest increase as of the first quarter of 2018, up by 92% to P235,600 per square meter from P123,000 per square meter in the same period of 2013.
The Bonifacio Global City in Taguig ranked next in terms of price growth. Median prices for condos in the area increased by 52% to P171,600 per square meter from P112,800 per square meter five years ago. In the Bay Area, condos for sale now fetch for an average of P162,300 per square meter compared to P111,300 per square meter in 2013. Average prices in Ortigas Center recorded the smallest increase at 29% to P128,400 from P99,600. Tenants could expect cheaper rents there since prices have gone up dramatically over the five-year period. Rental rates might still be expensive, but many young professionals prefer condo rentals to any other type of residence.
The Ortigas Center is among the popular choices among Filipino millennials who look for a rental place near their offices. The district’s proximity to Mandaluyong, Pasig, and Quezon City likely serves as the top reason for them to lease a unit. While Makati is a good choice too, some people would rather avoid the stress and headache of heavy traffic. A Boston Consulting Group study in 2017 revealed that commuters in Metro Manila become stuck in traffic for 66 minutes on average every day. Unless you have a lot of disposable income, it’s probably best to rent a condo instead of planning to buy one. How much are you willing to pay for rent in Metro Manila?