Preliminary figures suggest that residential construction in the Philippines cost an average of around 11,310 Philippine pesos per square meter as of the fourth quarter of 2023. During this quarter, there were about 23,000 constructions of approved residential building permits in the country.

What Metro Manila city has the highest residential unit supply?

As of the fourth quarter of 2023, Quezon City held the highest share of existing residential unit supply in Metro Manila, followed by the cities of Makati and Taguig. Labeled as the ‘Entertainment Capital of the Philippines,’ the city has been tagged as an ideal residential area in the National Capital Region (NCR) due to the cost of residential units and the general environment. Residential condo units in Quezon City, for example, have a minimum monthly rent of 9,000 Philippine pesos, compared to 15,000 in Taguig City.

Leading residential construction companies

Previously focused on constructing and investing in residential properties in megacities such as Metro Manila, Cebu, and Davao, most residential property management companies have expanded to other smaller towns. One of the largest real estate developers in the Philippines was SM Prime Holdings Inc., which caters to its clients mainly in Metro Manila but as well as Iloilo, Davao, and Cagayan de Oro. Its closest competitor is Ayala Land Inc, who is behind some of the most notable residential properties in Makati and Taguig.

As of the fourth quarter of 2023, preliminary figures indicated that non-residential constructions in the Philippines cost an average of 10,210 Philippine pesos per square meter. The average per square meter cost of non-residential constructions in the country was lowest in the third quarter of 2023.

Institutional-type buildings had the highest cost among non-residential building types in the Philippines in 2023, with an average of about 13,500 Philippine pesos per square meters. In contrast, agriculture-type constructions had the lowest average cost in that year.

Housing Index in Philippines increased to 14429.72 PHP/SQ. METRE in January from 13243.56 PHP/SQ. METRE in December of 2024. This dataset provides - Philippines Housing Sales - actual values, historical data, forecast, chart, statistics, economic calendar and news.

As of the fourth quarter of 2023, preliminary figures indicated that the average cost per square meter of industrial construction in the Philippines was about 8,330 Philippine pesos. The average per square meter cost of industrial construction fluctuated since 2020, with the lowest per square meter cost in the third quarter of 2023.

Residential condominiums were the most expensive type of residential construction in the Philippines in 2023, at roughly 13,700 Philippine pesos per square meters. In contrast, apartments or accessorias were the least expensive type of residential construction.

As of the fourth quarter of 2023, preliminary figures indicated that the average cost per square meter of commercial construction in the Philippines amounted to about 10,900 Philippine pesos. The average per square meter cost of commercial constructions in the country was lowest in the second quarter of 2021.