Home prices in Metro Manila have risen steadily in the recent years and for those who want a house with a front yard, it could come with a hefty price tag. The amount you need to pay increases depending on the location, so expect those near the central business district like Makati to carry the heftiest prices. Over the last five years, property values have increased up to 20% — and that’s totally not good news.
Interested homebuyers at Forbes Park in Makati should be ready to spend at least P450 million. This was the average price for a landed home in the previous year. While current prices might vary, expect the values to remain more or less the same from 2017.
Rental prices are not cheap either. It costs as much as P440,000 to rent a townhouse or a landed home in gated neighborhoods. Dasmariñas Village ranked next as the second most expensive district in the country, as average prices amounted to P236 million.
The high-end residential property market’s surging prices has no clear end in sight. Therefore, those who are looking for affordable properties should turn their attention elsewhere.
In provinces outside the metro like Cavite, many developers have launched projects that offer almost the same amenities found in luxury homes. The catch is they come at a lower cost, and a good example is Lancaster New City. A price review for this mixed-use development should be easy for real estate agents to find online.
A key selling point in provinces near Metro Manila involves a lifestyle away from the bustling urban jungle, while still being close enough to the metropolis for work or business. With on-going roadworks that aim to connect different provinces to the city, it won’t take long to call any property outside Metro Manila a home sweet home.
A landed home in Metro Manila’s priciest districts seems a great investment, but there are many other alternative properties that fetch for a lower price. If budget is a concern, you would rather be away from the city.