How Much Do Condominiums Really Cost in Metro Manila?

On average, the price of a condominium in Metro Manila is around ₱ 4,200,000 or ₱113,000 per square meter. This may vary still among the different locations, developers, and target markets of these properties.

For example Makati has some of the most expensive condominiums in the Philippines averaging at ₱160,000 per square meter. The price of the condominium is justified by the financial and business hubs in the city. With meticulous city planning by some of the largest developers in the Philippines, Bonifacio Global City, Taguig is very well developed, attracting many businesses in the area therefore raising the average condominium price in Taguig to ₱136,000. Quezon City, on the other hand averaging at ₱122,000 per square meter, is known for its sub-urban lifestyle priding itself with convenience while hosting two of the top universities in the Philippines, Ateneo de Manila University and University of the Philippines. While in Pasay City, the average is around ₱109,000 per square meter.

Here are just some of the many cities in Metro Manila, as can be observed the price range is different for every city even if they are just a few kilometers apart. It is important to check-out the different listings in Instahomes to get a great price on your future homes.

Other than the face value price tag that is seen, owning or renting a condominium comes with extra "living" costs that all potential customers must be aware of. These include the following: membership and association dues, real property taxes, and parking fees. In Instahomes, we value financial education. It is important to know these fees for Filipino residents when buying from developers to make an informed decision when buying real estate.

Membership and Association Dues

Every project, every condominium, comes with operating expenses. This is largely what the membership and association dues are based off of. More amenities mean a larger amount for these dues. Other than this, the size of your unit is also taken into consideration. The whole square meter area is included here, i.e. if you have a balcony space, it is also added to the total floor space.

Everything comes at a price, and enjoying more amenities and room in your condominium is no exception. For instance, in your Alveo Homes, condominium owners are required to pay ₱75 to ₱90 per square meter, depending on the number of amenities provided by the developer. Because of this membership and association dues can cost ₱15,000 to ₱30,000 per quarter.

Parking Fees

Parking spaces are very important especially in cities. Since cars are a main factor in moving from one place to another, condominiums need to meet the needs of their residents. However, space and land is never free in Metro Manila where parking fees range from ₱2,500 to ₱15,000 depending on the location.

Realty Tax

Moving forward, realty tax also exists. Real Property Tax is a tax based on the value of buildings or land. In Metro Manila, the rate set is 2% of the assessed value of the property. This amount is paid annually to the local government unit where the property resides.

Conclusion

For some, the “living” costs of owning real estate may deter them from the industry altogether. However, the fees provide homeowners with 24-hour security ensuring their safety, swimming pools, gardens, libraries and other amenities providing entertainment all year long, ease of access to the heart of the city, among others. Additionally, condominiums in great locations appreciate in value making the investment worth it in the end.

This is why Instahomes will plan your real estate investments with you. Instahomes provides free guidance to ensure that your investment is within your budget.