The average home price in Caloocan amounted to P2.9 million in 2016, which led it to become the most affordable city in the country for home buyers, according to a report.
Lamudi conducted a study of home prices in various urban areas in the National Capital Region. It analyzed more than 60,000 property listings in the previous year.
The most expensive home in Caloocan that went on sale last year had a price of P42 million. While this is already too much for some Filipinos, it remained far more affordable than the average home price in Makati, which was the most expensive city. The report showed that you would need to pay P209.6 million to buy a home in the country’s business and financial center.
If Caloocan’s distance to Makati puts you off, homes in Las Piñas are another option. The city’s average home price amounted to P6.15 million. Buyers also have more options as 1,305 listings out of 1,501 properties for sale had asking prices below P10 million.
The prices in Caloocan or Las Piñas may still be expensive for buyers, which is why some of them considered buying a home in Cavite, including in Lancaster New City. A community center, recreational facilities such as a swimming and restaurants are some of the amenities found in the mixed-use development.
For other Filipinos, renting a home may be the better option for now. This manifested in an uneven ratio of rentals and home purchases. Ivan Tan, S&P director for financial institution ratings, believes that a low unemployment rate and a stable economy will likely support this trend coming into 2018.
Affordable housing remains an important issue for many Filipinos. While prices in Metro Manila are sky-high, buyers should take note that there are nearby provinces that offer urban-style communities at a lower cost.