The condo market in Metro Manila continues to thrive, with certain areas standing out as ideal choices for investors. Choosing the right location in Metro Manila can make a significant difference in rental yield, capital appreciation, and long-term investment growth. Here’s a look at the best areas for condo investments in 2024, based on economic growth, development projects, and real estate trends.
1. Bonifacio Global City (BGC), Taguig
Bonifacio Global City has established itself as the premier business district in Metro Manila, offering a blend of modern infrastructure, commercial centers, and luxury residential condos. BGC remains one of the most popular choices for investors because:
- Rental Yields: The demand for condos among professionals working in multinational companies within BGC has kept rental prices stable and profitable, with rental yields averaging around 6–7% per year.
- Capital Appreciation: Due to continuous development, property values in BGC have shown steady appreciation. New construction projects and expansions (e.g., BGC-Ortigas Link Bridge) continue to boost property values.
2. Makati Central Business District (CBD)
Makati has long been known as the financial center of the Philippines, hosting major corporations, embassies, and upscale residences. It remains a prime choice for condo investment in 2024 due to:
- Accessibility: With a central location and extensive transport options, Makati provides excellent connectivity, making it attractive to high-income renters and foreign expatriates.
- Growth Potential: While mature, Makati CBD continues to attract investments in infrastructure and commercial real estate, ensuring the demand for residential condos remains high.
- Rental Demand: Due to its appeal to affluent renters, Makati’s rental prices are some of the highest in Metro Manila, offering rental yields around 5–6%.
3. Ortigas Center, Pasig
Ortigas Center has experienced a surge in development in recent years, fueled by its strategic location between Pasig, Mandaluyong, and Quezon City. This area is suitable for investors looking for moderate capital investment with good growth prospects.
- Mixed-Use Developments: The completion of projects such as The Podium, SM Megamall expansions, and the development of Capitol Commons has made Ortigas more attractive to young professionals.
- Rental Demand and Yield: Rental yields in Ortigas range from 5% to 6%, with steady demand for one- and two-bedroom condos among employees in nearby offices.
- Future Growth: Infrastructure developments like the Metro Manila Subway and Ortigas Greenway Project will enhance connectivity and potentially increase property values.
4. Bay City, Pasay
The Manila Bay Area, specifically Bay City, has transformed into a vibrant entertainment and commercial district, thanks to developments like the Mall of Asia (MOA) Complex and Entertainment City.
- Tourism Appeal: Bay City’s proximity to casinos, hotels, and shopping malls makes it highly popular among tourists and locals alike. Short-term rental yields are particularly high here due to the influx of transient renters.
- Rental Yield: Bay City properties offer impressive rental returns, particularly for Airbnb and short-term rental operators, with yields ranging from 7–8%.
- Capital Appreciation: Bay City has shown rapid growth in property value, and continued expansion of Entertainment City promises ongoing appreciation.
5. Quezon City (QC)
Quezon City, particularly areas like Eastwood City and Katipunan Avenue, offers affordable condo prices with a growing market for student and young professional renters.
- University Belt Appeal: With a high concentration of universities and colleges, Quezon City sees consistent demand for condo units from students and university staff.
- Affordability and Accessibility: Compared to Makati or BGC, condos in Quezon City are generally more affordable, making it an attractive option for investors looking for entry-level investments.
- Rental Yield: Condos in Eastwood and nearby areas yield approximately 4–5% annually. The addition of new transport options, such as MRT-7, will further enhance property values.
6. Mandaluyong (Greenfield District and Shaw Boulevard)
Mandaluyong’s proximity to both Makati and Ortigas, combined with lower property costs, makes it a popular choice for young professionals and families.
- Rental Demand: Its strategic location provides easy access to major business districts, creating steady demand from middle-income renters.
- Developing Infrastructure: The upcoming completion of additional transit lines is expected to improve connectivity, potentially increasing property values in the area.
- Capital Growth: Investors can expect moderate capital growth as the area continues to develop, with yields ranging from 5–6%.
When it comes to condo investments in Metro Manila in 2024, the top areas include BGC, Makati CBD, Ortigas Center, Bay City, Quezon City, and Mandaluyong. Each location offers unique advantages, from high rental yields and strong capital appreciation to a growing rental market. Choosing the right area depends on your investment goals, whether that’s maximizing short-term rental yields or ensuring long-term growth.