How Much Did It Cost Filipinos to Buy a House in 2016?

Posted on Nov 30 2017 - 1:00am by Business Day TV

Makati City Skyline, PhilippinesMost Filipinos dream of buying their own homes, yet the odds of realizing this in 2016 depended on where you plan to acquire property.

A Lamudi report showed that the average price for a house in Makati ranked as the most expensive in the Philippines in 2016. You would have needed P209.6 million to buy your own house in the country’s business and financial center.

Expensive Cities

Lamudi based its findings from more than 60,000 property listings in Metro Manila during the previous year. In Makati, nearly 90% of 697 listings carried a price tag of P50 million or more. A Forbes Park home even had an asking price of P1.346 billion when Lamudi conducted the study.

Muntinlupa homes ranked as the second most expensive with average prices amounting to P59.5 million. The city, however, has more options for buyers since 35% of homes for sales fetch for as low as P10 million. In Taguig, the city’s expanding commercial and residential markets drove housing prices to average P33 million in 2016, which was the third highest nationwide.

Housing Analysis

Despite the seemingly high prices for homes in Metro Manila, real estate prices are still reasonable, according to an S&P analyst. Ivan Tan, S&P director for financial institution ratings, said that the prospects of a housing bubble remain non-existent as of November 2017.

Still, many buyers struggle to find homes that fit their budget. This led some Filipinos to consider buying homes in nearby provinces such as Cavite. Several companies have decided to take advantage of this newfound interest by developing mixed-use projects, which feature a diverse set of amenities from parks to a community center. In Lancaster New City, the development’s different facilities aim to make residents feel as if they still live in the metro.

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Conclusion

As home prices appear to cost a fortune, where do you intend to buy your own home?