- Investments and costs in the Philippines
- Investments and costs in the Philippines
Own property in The Philippines
- April 2, 2024
- Matt Timmermans
Table of Contents
Are you wondering how much a house costs in the Philippines? The house costs in the Philippines have increased over the last year, although the prices are still way lower than in most Western countries. Many foreigners want to buy a house, apartment, or condo in the Philippines as a vacation home or real estate investment. But before you buy a property, it’s essential to understand how much a house is in the Philippines.
House prices in the Philippines
The average house price in the Philippines is ₱ 74,104 ($1,334) per square meter, depending on several factors such as location, property type, amenities, and demand. Typical houses in the Philippines, mainly tiny to medium-sized homes, are usually priced between ₱ 3.5 million ($63,000) and ₱ 5 million ($90,000). The prices of larger houses vary between ₱ 10 million ($180,000) and ₱ 20 million ($360,000). The most expensive houses in the Philippines are sold for over ₱ 100 million ($1.8 million).
When researching how much is a house in the Philippines, it’s important to note that there are several property fees in the Philippines to be aware of.
How much is a condo unit in the Philippines?
Condo prices in the Philippines vary, starting from around ₱ 2 million ($36,000) for a studio or one-bedroom unit in less central areas and soaring to ₱ 30 million ($540,000) or more for premium units in high-end developments in major cities. Factors influencing cost include location, building amenities, and unit size.
House prices in Manila
The house prices in the Philippines are different for each location. The average house price in Manila is ₱ 27.03 million ($486,523), or ₱ 115,619 ($2,081) per square meter. The average price of a townhouse in Manila is ₱ 36.71 million ($660,723), or ₱ 111,761 ($2,012) per square meter.
You pay less for a condominium, as the average condo price in Manila is ₱ 5.19 million ($93,362), or ₱ 156,735 ($2,821) per square meter. For an apartment in Manila, you can expect to pay around ₱ 23.49 million ($422,886), or ₱ 98,537 ($1,774) per square meter.
Overview of Manila’s real estate prices
| Type | Average price | Average price/m2 | Average rent price |
|---|---|---|---|
| Condo | ₱ 5.19 million ($93,362) | ₱ 156,735 ($2,821) | ₱ 26,928 ($485) |
| House | ₱ 27.03 million ($486,523) | ₱ 115,619 ($2,081) | – |
| Townhouse | ₱ 36.71 million ($660,723) | ₱ 111,761 ($2,012) | ₱ 73,005 ($1,314) |
| Land | ₱ 54.87 million ($987,626) | ₱ 118,116 ($2,126) | – |
| Commercial | ₱ 64.67 million ($1.16 million) | ₱ 134,217 ($2,416) | ₱ 83,326 ($1,500) |
| Apartment | ₱ 23.49 million ($422,886) | ₱ 98,537 ($1,774) | ₱ 14,104 ($254) |
House prices in Cebu
The typical cost of a house in Cebu stands at ₱ 12.01 million ($216,164) with a per-square-meter rate of ₱ 67,918 ($1,223). Townhouses in Cebu have an average price of ₱ 4.33 million ($77,873), costing around ₱ 56,936 ($1,025) per square meter.
Condominiums are somewhat more affordable as well, with the average condo price in Cebu sitting at ₱ 6.84 million ($123,150) and a square meter price of ₱ 162,195 ($2,920). As for apartments in Cebu, the anticipated price hovers around ₱ 21.88 million ($393,870), or ₱ 61,827 ($1,113) per square meter.
Overview of Cebu’s real estate prices
| Type | Average price | Average price/m2 | Average rent price |
|---|---|---|---|
| Condo | ₱ 6.84 million ($123,150) | ₱ 162,195 ($2,920) | ₱ 45,972 ($828) |
| House | ₱ 12.01 million ($216,164) | ₱ 67,918 ($1,223) | ₱ 88,026 ($1,584) |
| Townhouse | ₱ 4.33 million ($77,873) | ₱ 56,936 ($1,025) | ₱ 28,767 ($518) |
| Land | ₱ 7.69 million ($138,428) | ₱ 12,192 ($219) | ₱ 220,654 ($3,972) |
| Commercial | ₱ 18.32 million ($329,771) | ₱ 124,641 ($2,244) | ₱ 160,777 ($2,894) |
| Apartment | ₱ 21.88 million ($393,870) | ₱ 61,827 ($1,113) | ₱ 20,786 ($374) |
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House prices in Aklan (Boracay Island)
In Aklan, home to the famous Boracay Island, residential property prices vary significantly. The average cost for a house here is ₱ 6.17 million ($111,083), while the rate per square meter is around ₱ 76,166 ($1,371). Townhouses, on the other hand, are more budget-friendly, with the average townhouse in Aklan priced around ₱ 2.93 million ($52,708), or ₱ 66,659 ($1,200) per square meter.
Condominiums in Aklan are priced at ₱ 5.56 million ($100,052), or ₱ 100,400 ($1,807) per square meter. The price for an apartment in this region is around ₱ 36.74 million ($661,279), or ₱ 22,886 ($412) per square meter.
Overview of Aklan’s real estate prices
| Type | Average price | Average price/m2 | Average rent price |
|---|---|---|---|
| Condo | ₱ 5.56 million ($100,052) | ₱ 100,400 ($1,807) | – |
| House | ₱ 6.17 million ($111,083) | ₱ 76,166 ($1,371) | – |
| Townhouse | ₱ 2.93 million ($52,708) | ₱ 66,659 ($1,200) | – |
| Land | ₱ 36.74 million ($661,279) | ₱ 22,886 ($412) | – |
House prices in Quezon City
A standard house in Quezon City is roughly around ₱ 36.35 million ($654,255) in average cost, and the price per square meter stands at ₱ 96,956 ($1,745). The going rate for a townhouse in Quezon City averages at ₱ 15.36 million ($276,424), with ₱ 82,646 ($1,488) being the cost per square meter.
Alternatively, condominiums are a less expensive option, with the average condo price in Quezon City around ₱ 5.74 million ($103,283), or ₱ 149,939 ($2,699) on per square meter. For apartments, the average spending you’re looking at is around ₱ 29.56 million ($532,111), or ₱ 94,509 ($1,701) per square meter.
Overview of Quezon City’s real estate prices
| Type | Average price | Average price/m2 | Average rent price |
|---|---|---|---|
| Condo | ₱ 5.74 million ($103,283) | ₱ 149,939 ($2,699) | ₱ 23,518 ($423) |
| House | ₱ 36.35 million ($654,255) | ₱ 96,956 ($1,745) | ₱ 106,939 ($1,925) |
| Townhouse | ₱ 15.36 million ($276,424) | ₱ 82,646 ($1,488) | ₱ 62,243 ($1,120) |
| Land | ₱ 61.5 million ($1.11 million) | ₱ 114,735 ($2,065) | ₱ 247,801 ($4,460) |
| Commercial | ₱ 83.68 million ($1.51 million) | ₱ 94,424 ($1,700) | ₱ 246,419 ($4,436) |
| Apartment | ₱ 29.56 million ($532,111) | ₱ 94,509 ($1,701) | ₱ 12,742 ($229) |
Other costs to consider when buying a house in the Philippines
Besides the standard house cost in the Philippines, foreigners considering buying a house in the Philippines should not forget to calculate other costs, such as property purchase taxes or property fees in the Philippines. These are the most important taxes and property fees in the Philippines:
- Transfer Tax: Property buyers pay a Transfer Tax, imposed at a rate of 0.5% of the selling price, to the Treasurer’s Office to change the property ownership title.
- Documentary Stamp Tax (DST): The Documentary Stamp Tax is imposed at 1.5% of the property’s selling price and paid by the buyer to execute the Deed of Sale.
- Registration Fee: The Registration Fee is paid to the Register of Deeds or Land Registration Authority (LRA) to transfer a land title.
- Real Property Tax (RPT): Property owners pay the government an annual Real Property Tax, imposed on the selling price at 1% for the provinces and 2% for Metro Manila.
- Homeowner’s association fee: In the case of a condominium, monthly or annual fees might be required to maintain common areas and provide security and other services.
- Notary fees: These are the fees for the legal services of a notary public during the sale process, including the preparation and notarization of contracts and other documents.
The cost of building a house in the Philippines can be lower than buying a house in the Philippines. For that reason, many foreigners opt to lease land and build their own homes. This may be cheaper and allow you to personalize and style the house yourself.
Buy a house in the Philippines with Own Property Abroad
Do you want to buy a house in the Philippines? Knowing the regulations and property laws in the Philippines can be confusing, especially for foreigners. Own Property Abroad can assist you and ensure a seamless and hassle-free property journey. Thanks to our knowledge and experience in the local market, we can help with legal requirements, finding properties, negotiating deals, and conducting due diligence.
With our expert team, you won’t have to navigate the complexities of the Philippine market alone. For further information on how we can assist you, kindly drop your details below or email us at[emailprotected]. Let’s start working on your property success story today!
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Frequently Asked Questions (FAQs)
How much does a house cost in the Philippines?
The cost of a house in the Philippines can vary significantly, ranging from ₱ 2 million ($36,000) to ₱ 50 million ($900,000) or more. The house prices in the Philippines vary, depending on location, size, and amenities. Metropolitan areas like Manila and Cebu typically have higher property prices than rural regions.
How much is land in the Philippines?
Land prices in the Philippines differ widely based on the area’s development and demand, with costs per square meter ranging from ₱ 1,000 ($18) in less developed areas to over ₱ 100,000 ($1,800) in prime urban locations. Expect higher prices in commercial and popular residential areas.
How much are the property fees in the Philippines?
Property fees in the Philippines include several charges. Buyers should anticipate paying 3-6% of the property’s selling price for transfer taxes, registration fees, documentary stamp taxes, and notarial fees. Annual real property taxes are around 1-2% of the property’s assessed value.
How much is an apartment in the Philippines?
Apartment costs in the Philippines fluctuate based on location, size, and facilities. On average, prices can range from ₱ 1.5 million ($27,000) for a modest unit in less metropolitan areas to ₱ 20 million ($360,000) for luxurious units in prime city locations like Makati or BGC.
How much is a mansion in the Philippines?
Mansions in the Philippines, characterized by luxury features and expansive layouts, are priced from ₱ 70 million ($1.26 million) to over ₱ 200 million ($3.6 million). These prices escalate further for properties in highly sought-after neighborhoods or those with unique architectural designs and extensive amenities.
How much is a 4-bedroom house in the Philippines?
The price of a 4-bedroom house in the Philippines varies widely, typically ranging from ₱ 5 million ($90,000) in more rural areas to ₱ 35 million ($630,000) or higher in affluent city neighborhoods. Location, lot size, design, and additional amenities significantly influence these prices.
How much is a house and lot in the Philippines?
Purchasing a house and lot in the Philippines can cost anywhere between ₱ 1.5 million ($27,000) to over ₱ 50 million ($900,000). The variance in price is mainly due to location, with metropolitan areas commanding higher prices, and the property’s size, condition, and market trends at the time of purchase.
How much does a house cost in the Philippines in US dollars?
When converted to US dollars, house prices in the Philippines range from around $40,000 for smaller homes in less expensive regions to over $1,000,000 for spacious, luxury homes in prime areas. The exact price in USD will depend on the current exchange rate and the property’s specifics.
What is the residential lot price per square meter in the Philippines?
Residential lot prices per square meter in the Philippines can start at ₱ 5,000 ($90) and go up to ₱ 100,000 ($1,800) or more. Prices are lower in rural or less developed areas and significantly higher in central business districts and upscale residential neighborhoods. The proximity to amenities and the area’s overall development also play crucial roles in determining land value.
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Written by Matt Timmermans
As someone who has personally experienced the challenges of buying property abroad, I understand the value of having access to helpful information and guidance. That’s why I am passionate about helping others navigate finding and purchasing property abroad.
4 Responses
I am just wondering what the annual or monthly fees/bills are for owning a home in a Philippines province? Electricity, water, taxes, ect? Thankyou.
Reply
Hi Jerry,
The costs of owning a home in a province in the Philippines can include:
- Electricity: On average, electricity bills can range from PHP 2,000 to PHP 4,000 per month for a typical household, but this can vary based on usage and the size of the home.
- Water: Water bills are generally lower, typically around PHP 300 to PHP 1,000 per month.
- Property Taxes: These are usually quite low, often around 1% of the property’s assessed value annually.
- Homeowners Association Fees: If applicable, these can range from PHP 1,000 to PHP 3,000 per month, depending on the community and services provided.
Please note that these are average estimates and actual costs can vary based on specific locations, property sizes, and individual consumption patterns.
^ Matt
Reply
Ty very much. Can you recommend any ways to go about building a home? In American. I have monthly recurring income. I’d like to build a home there after saving up between 50-100k USD to spend on a nice home but I’m worried about getting scammed or using the wrong construction workers or contractor and having a low quality home built on unsafe land. Any recommendations for contractors or things to look out for?
Reply
Hi Jerry, If I were you, buy a house & lot from a leading & known developer in the Philippines with a long tract record. You will just have the key when it is finished.
You can spare worries ,avoid scams & not having white hair in constructing your house by constructors . I made a bad experience in having my dream house constructed in the Philippines when I am living abroad. In fact the architect is a good friend of the family & libes at the same neighborhood.So ,after sending money for the construction, the house was not finished on the agreed deadline & the architect couldn’t be reached anymore. So I finished the house on my vacation time & it costed more than budgeted.Reply
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Your guide to buying property in the Philippines
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