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In case you’re wondering why local property prices seem off the charts today, you’re not alone. House prices, especially in established districts like BGC, Makati, and the Bay Area are teeming with properties selling for tens or hundreds of millions of pesos. But what gives? Why are prime Manila properties hailed as the world’s fastest-growing real estate investments?

Why Are Prime Manila Properties Attractive to Investors?

Before Manila, established places like Dubai, Singapore, and previously held the title of the world’s fastest-growing luxury property market. So, how did Manila, also known as one of the densest areas in the world, manage to join this hallowed circle?

According to BusinessWorld, you’ll need to thank the recent COVID-19 pandemic for this.  When entire cities shut down and people stayed home, homeowners naturally began paying more attention to their residences. If they stay there for the time being, they’ll need to spruce up the place. Many found out they wanted bigger homes located in prime areas so they could set up work areas without hassle. Many dissatisfied owners flush with money began looking for better places to live, which meant flocking to urban areas complete with utilities and amenities. As a result, demand for prime residential properties worldwide increased further.

Foreign Demand for Prime Manila Properties

Meanwhile, Metro Manila properties experienced the same increase in demand. Local buyers had to compete with foreign investors, which ultimately led to higher prices, especially in future-proof areas such as Bonifacio Global City, Ortigas Center, and Makati.  In the Philippines, foreign investors can purchase condominium units as long as Filipino residents comprise at least 60% of ownership

But why would foreigners want to invest in prime Manila properties? Property-wise, buying a Manila property is cheaper compared to buying a similarly-sized unit in Singapore, Dubai, or any other luxury market. Currently, prime Manila properties are going at an average of $4,500 per square meter. According to Bamboo Routes, this is 21% less expensive than buying property in Bangkok and three times cheaper than buying a unit in London or Paris

Investors are Bullish on the Philippines 

However, buying property for the price alone won’t get you anywhere. Remember, Manila won the title of the fastest-growing luxury market, not the most expensive property. This means that investors are rushing for prime Manila properties for their potential. In 2023, Manila registered a whopping 21.2% increase in value for luxury properties. In contrast, second place Dubai only registered a 15.9% growth, while third place Shanghai ended up at 10.4% growth. Investors are very bullish that their investments in prime Manila properties can give them the best returns in the future. This is the major reason why homebuyers are lining up. 

This wave of optimism for the Philippines isn’t entirely unfounded. The government is currently undertaking an infrastructure frenzy throughout the country, especially the Metro. The final stages of a grand terminal unifying at least three major railways in Metro Manila are nearly complete. In addition, at least two more metro railway systems and a subway network are under construction while a Luzon-wide rail system is under rehabilitation. During the pandemic, the capital also opened an above-ground superhighway that connects the north and south ends of Metro Manila, thereby avoiding Manila’s famous traffic jams. In addition, two more air terminals are being added to help decongest the aging Ninoy Aquino International Airport.  In short, the Philippines is already ahead of most Asian countries post-pandemic. The infrastructure improvements will only make it better, and investors are already lining up to cash in the soonest.

Plenty of Prime Manila Properties Still Up for Grabs

Local luxury properties include condominiums priced at P8 million and above. If you’re looking for prime Manila properties in that range, you can find great options in Fort Bonifacio Global City. This includes ultra-premium addresses such as Federal Land’s The Seasons Residences or The Albany at McKinley West.

Makati, the country’s premier financial capital and home to luxurious residences and posh villages, also carries several gems in the property market. This includes The Estate, a premier address along Ayala Avenue with prices that start at P90 million. A bit down east is Ortigas Center, a sprawling business community teeming with luxury condominiums alongside high-tech offices. Among the many offerings is the Residences at The Galleon, an upcoming high-rise luxury residence deep in the heart of the district.

Invest in Prime Manila Properties With Ohmyhome

Of course, those shining examples are just the tip of the iceberg if you’re looking for prime Manila properties. Ohmyhome, the country’s premier property tech platform, teamed up with the country’s best developers to provide you with an extensive listing of the most desirable properties in the Philippine luxury market today.

Our team of licensed real estate professionals will also help you navigate your way to the Philippine property market. We can help you find the best deals, set you up with our partner banks for the best financing options, and help you with documentation and other time-constricting requirements. All you need to do is sign up for a free account, and help is on the way!

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