By Richmond S. Mercurio (The Philippine Star) | Updated January 29, 2015 - 12:00am
MANILA, Philippines - Buying a condominium in Metro Manila? Las Piñas offers the cheapest prices on the average, according to global online property platform Lamudi.
In its latest report, Lamudi Philippines said property seekers on the hunt for a reasonably-priced condominium should consider buying in Las Piñas as it emerged as the city with the lowest average condo prices in Metro Manila.
The report showed average price of condominiums in the city stands at P49,849 per square meter, cheaper than anywhere else in the metro.
Makati, on the other hand, has the most expensive condominiums, with units costing an average of P139,012 per square meter.
That would bring the selling price of an average 120-square meter condo in the country’s prime business district at about P16.68 million, Lamudi said.
Lamudi, however, said although Makati’s property market is quite pricey, the city has a wide array of condo properties available which ranges from a very expensive P388,888-per-square meter branded residence in Ayala Center, to an affordable P27,137-per-square meter medium-rise condo in San Antonio Village.
Taguig came as having the second most expensive condominiums with an average asking price of P126,129 per square meter.
The report revealed that condominiums in Taguig’s Bonifacio Global City (BGC) area command the highest prices, with the most pricy reaching about P333,333 per sqm.
The cheapest condo in Taguig is located in the outskirts of BGC, costing P23,333 per square meter, the report showed.
Lamudi said Pasay and Quezon City have almost identical average condo prices at P104,685 and P101,277 per square meter, respectively.
The Lamudi data showed that average condo prices in Manila, Mandaluyong, San Juan, and Pasig are at P95,134, P88,174, P87,294, and P80,329 per square meter, respectively.
The online property platform, however, said no data was generated for Marikina, Valenzuela, Pateros, Malabon, Caloocan, and Navotas due to lack of condo listings in these cities.
Lamudi is a global property portal focusing exclusively on emerging markets, generating about one million visitors per month. Its fast-growing platform is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 600,000 real estate listings across its global network.
Jacqueline van den Ende, managing director of Lamudi Philippines, said the report was designed to inform Filipinos on property prices and to give a clear picture of how the real estate market was behaving.
“The Philippine real estate market is rapidly growing and what the market needs is hard data to inform Filipinos’ buying decisions,” Van den Ende said.
“In the future, our property price analysis will also include not only of condos but also prices of houses, commercial and office spaces, and industrial properties from across the Philippines,” she added.