Characteristics of housing in the Philippines
According to the 2020 census, there were about 28.5 million housing units in the Philippines, a large volume of which were in Regions IV-A, the National Capital Region (NCR), and Region 3. The majority of these were single houses, with a floor area between 10 and 29 square meters, as revealed by a 2022 survey. When it comes to the status of tenure, 62 percent of households surveyed own the house and lot they occupy, while less than one percent live rent-free on a lot without the owner’s consent.For metropolitan cities like Metro Manila, Cebu, and Davao, renting apartments, purchasing rent-to-own units in subdivisions, and taking a lease in a condominium are quite common. Residential developments in these areas have recently grown thanks to the rise of commercial and business enterprises, such as malls, hotels, and manufacturing hubs. In Metro Manila alone, the number of completed condominium units jumped from 11,200 in 2019 to 155,000 in 2023. About half of occupied condominium units were classified as lower mid-income, and the average selling price depended on the area of the property, reaching as much as 225,000 Philippine pesos per square meter as of the second quarter of 2022.
The Philippines has also seen a growing demand for high-end homes, fueled by an appetite to invest in high-quality units that incorporate comfort and functionality. In 2023, 11 percent of luxury condo units were occupied in Metro Manila. Meanwhile, among other provincial residential hubs, Pampanga dominated the luxury market take-up in 2022, followed by Cebu and Bacolod.
