Are you looking to invest in Manila’s dynamic property market?
As the Philippines’ bustling capital, Manila offers a rare blend of economic potential and modern amenities. This has made it a popular destination for savvy real estate investors over the past decade.
Yet with so many neighborhoods to choose from, each with its own unique character and investment prospects, where should you focus your property search?
To help you navigate Manila’s complex real estate landscape, we’ve compiled a list of the top ten areas for buying apartments and condos in 2024.
Our ranking isn’t in any particular order – the best place to live will depend on your own specific goals. You’ll rarely find a one-size-fits-all solution when it comes to real estate investment.
Nonetheless, whether you’re seeking a luxury condo in central Makati or an affordable home in an emerging location, our guide has you covered.
Bonifacio Global City (BGC)
Topping our list is Bonifacio Global City (BGC), a master-planned development that has become the epitome of modern urban living in Manila.
Known for its sleek high-rises, green spaces, and world-class amenities, BGC attracts a mix of affluent locals, expats, and young professionals.
The area offers a wide variety of condos and apartments, with popular choices being spacious 2-bedroom units and stylish lofts.
Prices in BGC are on the higher end, averaging around PHP 250,000 per sqm, but the premium is justified by the top-notch facilities, security, and location.
BGC’s strategic position near major office hubs and international schools makes it a top choice for rental investors.
A typical 2-bedroom apartment can fetch between PHP 50,000 and 80,000 per month, translating to a healthy yield of 5-7%. To maximize returns, focus on properties close to BGC’s lifestyle and commercial centers.
While competition from new developments is a risk factor, BGC’s enduring popularity and robust rental demand make it a relatively safe bet for investors.
The area’s excellent connectivity, safety, and cosmopolitan vibe are likely to keep it a highly sought-after address for years to come.
Makati City
Next up is Makati City, Manila’s long-standing financial and business capital.
Home to the Philippine Stock Exchange, major banks, and multinational corporations, Makati attracts a well-heeled mix of executives, expats, and affluent families.
The area is known for its upscale condos and apartments, especially in neighborhoods like Salcedo Village, Legazpi Village, and Rockwell Center.
Prices are steep, with prime properties commanding around PHP 300,000 per sqm, but the prestige and convenience of a Makati address are hard to beat.
For rental investors, Makati offers a deep pool of high-quality tenants willing to pay top peso for the right property. A well-appointed 1-bedroom condo can rent for PHP 40,000 per month, with yields hovering between 6% and 8%.
The key is to choose properties located near Makati’s key business and lifestyle districts.
Packed with office buildings and upscale residences, housing costs in Makati are well-above $4,000 per square meter.
While traffic congestion and high prices are potential drawbacks, Makati’s enduring status as Manila’s business hub and its excellent fundamentals make it a solid choice for long-term investors.
The area’s established reputation and resilient rental demand provide a measure of stability in a sometimes volatile market.
Rockwell Center
For those seeking an ultra-luxurious and private living experience, Rockwell Center in Makati is hard to top.
This exclusive gated community, built around a high-end mall and leisure complex, is home to some of Manila’s most prestigious and expensive condos.
Properties in Rockwell Center are the cream of the crop, with lavish finishes, top-of-the-line amenities, and breathtaking city views.
Prices are in the stratosphere, averaging between PHP 350,000 and 400,000 per sqm, putting them out of reach for all but the most affluent buyers.
The rental market in Rockwell Center is equally high-end, catering to C-suite executives, diplomats, and rich expats in Manila. A luxury 2-bedroom condo leases for about PHP 100,000, with yields in the 4-5% range.
The key is to offer a truly top-notch product that meets the discerning tastes of this elite clientele.
While Rockwell Center’s sky-high prices and limited inventory make it a niche market, the area’s cachet and enduring appeal to the ultra-wealthy make it a trophy investment for those who can afford it.
The main challenge is finding a unit for sale, as owners tend to hold onto these precious properties for generations.
Poblacion, Makati
For a completely different vibe, check out Poblacion, Makati’s trendy up-and-coming neighborhood.
While Poblacion is technically part of Makati, it hasv very different market dynamics when compared to the overall district.
Once a gritty red-light district, Poblacion has reinvented itself as a hip enclave of indie bars, artsy cafes, boutiques, and galleries, drawing a young and creative crowd.
Properties in Poblacion are a mix of old apartments, low-rise condos, and converted shophouses, many with a distinct industrial-chic aesthetic.
Prices are more affordable than in central Makati, averaging PHP 150,000 per sqm, making it an accessible option for younger buyers and investors.
The rental market in Poblacion is geared towards students, young professionals, and expats seeking an edgier, more authentic experience. Studio and 1-bedroom units are most popular, renting for about PHP 20,000 per month and yielding 7-9% on average.
Look for properties near Poblacion’s buzzing nightlife and dining spots for the best returns.
As Poblacion continues to gentrify and attract more mainstream attention, property prices and rent will almost certainly rise.
The main risks are the area’s still-gritty reputation and the potential for over-development to spoil its indie charm.
But for investors willing to take a chance on an emerging hotspot, Poblacion offers exciting growth potential.
Quezon City
Heading north to Quezon City, we find a more laid-back and affordable option for property investors.
This sprawling suburb, known for its universities, government offices, and media hubs, offers a mix of houses, townhomes, and mid-rise condos at prices well below the Manila average.
Properties in Quezon City cater to a diverse mix of families, students, and professionals, with prices ranging from PHP 80,000 and 120,000 per sqm depending on the specific neighborhood and property type.
The most popular choices are 2-3 bedroom condos and townhomes near major commercial and transport hubs.
The rental market in Quezon City is driven by students, young professionals, and starting families seeking affordable and accessible housing. Typical prices for a 2-bedroom condo range from PHP 15,000 per month, with yields of 6-8% common.
Look for properties near universities, IT parks, and transit stations for the most stable rental demand.
Though it’s considered a suburb, homes in Quezon City are top neighborhood to live for students and young professionals.
While Quezon City may lack the glitz and glamor of central Manila, its affordability, suburban charm, and strong fundamentals make it a smart choice for budget-conscious investors.
Major challenges are the area’s sprawl and need to carefully pick an ideal neighborhood and property type for your target market.
Ortigas Center
Another key business district to watch is Ortigas Center, straddling the borders of Pasig, Mandaluyong, and Quezon City.
Home to many BPO offices, malls, and high-rise condos, Ortigas is becoming an attractive alternative to pricey Makati for businesses and residents alike.
Properties in Ortigas Center are mostly mid-to-high-end condos, with prices averaging around PHP 150,000 per sqm.
The most sought-after units are those in newer towers with modern amenities, located near Ortigas’ major office and retail complexes.
The rental market in Ortigas caters primarily to BPO employees, executives, and expatriates working in the area. A well-located 1-bedroom condo can rent for between PHP 25,000 and 40,000 per month, with yields in the 6-7% range.
The key is to choose properties with easy access to Ortigas’ key employment and lifestyle hubs.
As more businesses and residents discover the advantages of Ortigas Center, the area is poised for continued growth and appreciation.
The main risks are the increasing traffic congestion and the potential oversupply of new condo developments. But with its strategic location and growing popularity, Ortigas remains a solid bet for investors.
Alabang
Moving south to Muntinlupa City, we come to Alabang, an upscale suburban enclave known for its high-end residential communities, shopping centers, and business parks.
Popular among affluent families and executives, Alabang offers a more serene and exclusive living experience compared to the hustle and bustle of central Manila.
Properties in Alabang are mostly houses, townhomes, and mid-rise condos, with prices ranging from PHP 100,000 to 200,000 per sqm depending on the development and location.
The most desirable properties are those in gated communities like Ayala Alabang and Hillsborough, which offer top-notch amenities and security.
The rental market in Alabang caters to well-to-do families, expats, and executives working in the area’s business parks and multinational offices.
A spacious 3-bedroom house or condo can rent for between PHP 50,000 and 100,000 per month, with yields averaging 4-6%. Look for properties near Alabang’s top schools, malls, and business hubs for the most reliable rental demand.
While Alabang’s upscale reputation and high prices may limit its appeal to some investors, the area’s strong fundamentals and enduring popularity among the affluent make it a stable and prestigious investment choice
The main challenge is navigating the complex landscape of gated communities and finding the right property at the right price.
Bay City
For a taste of resort-style living in the heart of the city, look no further than Bay City, the sprawling development along Manila Bay that includes the Mall of Asia complex and Entertainment City gaming hub.
Offering a mix of high-rise condos, hotels, and leisure attractions, Bay City is becoming a popular choice for investors and second-home buyers.
Properties in Bay City are mostly luxurious condos with stunning bay or city views, with prices ranging from PHP 200,000 to 300,000 per sqm.
The most sought-after units are those in branded developments like SMDC’s Shore Residences and Anchor Land’s Solemare Parksuites, which offer five-star amenities and services.
The rental market in Bay City caters to a mix of executives, expats, and short-term leisure visitors drawn by the area’s entertainment and gaming offerings.
A well-appointed 1-bedroom condo can rent for PHP 30,000 to 50,000 per month, with yields hovering around 5-7%.
Look for properties with easy access to Bay City’s malls, casinos, and transport hubs for the best returns.
The sprawling SM Mall of Asia at Bay City is one of the largest entertainment complexes in not only Southeast Asia, but the entire world.
As Bay City continues to develop and attract more residents and visitors, property values and rents are expected to appreciate.
The main risks are the area’s vulnerability to flooding and the potential oversupply of new condo units.
Still, with its unique waterfront lifestyle and rising popularity, Bay City offers an exciting opportunity for investors willing to bet on Manila’s future.
Kapitolyo, Pasig
For a trendy and up-and-coming neighborhood with a more laid-back vibe, check out Kapitolyo in Pasig City.
Known for its vibrant food scene, with countless hip cafes and restaurants lining its streets, Kapitolyo is becoming a popular choice among young professionals and creatives seeking a more affordable and authentic urban lifestyle.
Properties in Kapitolyo are a mix of old houses, low-rise apartments, and newer mid-rise condos, with prices of around 100,000 per sqm.
The most popular choices are renovated apartments and compact condos near Kapitolyo’s main dining and nightlife spots.
The rental market in Kapitolyo caters to young professionals, students, and expats drawn by the area’s cool vibe and proximity to major business and university districts.
A cozy studio or 1-bedroom unit can rent for between PHP 10,000 to 20,000 per month, with yields of 7-9% possible.
Look for properties with unique character and easy access to Kapitolyo’s lifestyle hubs for the best returns.
As Kapitolyo’s popularity grows and more developers take notice, property prices and rents are expected to rise.
The main challenges are the area’s still-developing infrastructure and the potential for gentrification to erode its indie charm. But for investors seeking an affordable and hip alternative to the usual suspects, Kapitolyo is definitely one place to watch.
Cubao, Quezon City
Last but not least, we have Cubao in Quezon City, a gritty and often overlooked district that’s slowly shedding its rough reputation and emerging as a diamond in the rough for intrepid investors.
Known for its bustling transportation hub, bargain shopping, and eclectic mix of old and new developments, Cubao offers a unique and affordable entry point into the Manila property market.
Properties in Cubao are a mix of old apartments, shophouses, and newer low-to-mid-rise condos, with prices ranging from PHP 60,000 to 100,000 per sqm.
The most promising investments are older properties ripe for renovation or redevelopment, located near Cubao’s key transport, shopping, and entertainment hubs.
The rental market in Cubao caters to a diverse mix of students, workers, and budget-conscious residents drawn by the area’s affordability and excellent connectivity.
As Cubao continues to benefit from infrastructure upgrades and urban renewal efforts, property prices and rent are expected to rise.
The main risks are the area’s lingering safety and social issues, and the need for careful property selection and management.
But for investors willing to roll up their sleeves and bet on an emerging market, Cubao offers exciting potential for growth and value appreciation.
FAQs: Locations in Manila
Where is the Richest Neighborhood in Manila?
The most expensive neighborhoods in Manila are generally found in the central business districts of Makati and Bonifacio Global City (BGC).
Makati, known as the city's long-standing financial and business capital, is home to upscale condos and apartments that can command prices around PHP 300,000 per square meter.
However, the ultra-luxurious Rockwell Center in Makati takes the crown for Manila's priciest enclave. It's home to the city's most prestigious condos with prices averaging between a staggering PHP 350,000 to 400,000 per square meter.
Which Area has Manila's Highest Rental Yields?
For investors seeking the highest rental yields, more affordable and up-and-coming areas in Manila offer the best returns. Neighborhoods like Poblacion in Makati, known for its trendy vibe and creative community, can generate yields of 7-9% for studio and one-bedroom units.
Similarly, the hip foodie haven of Kapitolyo in Pasig City offers yields in the 7-9% range for compact condos and renovated apartments near its dining and nightlife spots.
The student and BPO worker hub of Cubao in Quezon City is another hidden gem, with yields of 8-10% possible for smartly-selected properties.
What is the Cheapest District in Manila?
For budget-conscious property seekers, the sprawling suburban area of Quezon City offers some of the most affordable options in Metro Manila.
This laidback district, known for its universities and government offices, has a mix of houses, townhomes, and midrise condos at prices ranging from PHP 80,000 to 120,000 per square meter - well below the average for more central areas.
Cubao, despite its gritty reputation, is another cheap property destination in Quezon City worth considering. Older apartments, shophouses, and low-rise condos can be had for PHP 60,000 to 100,000 per square meter, offering an accessible entry point for first-time investors.
How Much Does Real Estate in Manila Cost?
Property prices in Manila span a wide range, from under PHP 100,000 per square meter in outlying areas to upwards of PHP 400,000 per square meter in ultra-luxurious enclaves.
However, prices vary significantly based on location and property type. Centrally-located condos in prime areas like Makati and BGC typically start from PHP 250,000 per square meter, while more affordable options in places like Pasig can be found for PHP 80,000 to 150,000 per square meter.
Where is Manila's Central Business District (CBD)?
Manila's city center is not clearly defined, as the metro is a sprawling patchwork of cities and municipalities rather than a single cohesive entity. However, most people consider the central business districts of Makati and BGC to be the de facto heart of Metro Manila.
These two neighboring districts are home to the country's major corporations, embassies, luxury hotels, and upscale shopping malls. They also boast some of the metro's priciest real estate and most prestigious addresses.
Other contenders for Manila's center include the Ortigas business district which straddles Pasig, Mandaluyong, and Quezon City, and the tourist and entertainment hub of Ermita in the City of Manila proper.
