Philippines is the 64th largest country in the world and covers an area of 300000 sq. km in total. This area accommodates about 99 million people, making this nation the 12th most populous countries in the world and the 7th most populous countries in Asia. Located in South East Asia, Philippines is slowly seeing an industrial revolution and modernization.
In such a scenario, many people and expats from around the world are moving base to this country. The fact that accommodation, real estate and the overall cost of living in Philippines is low also tends to attract many to this country, which is also very rich in terms of biodiversity and flora and fauna.
Real Estate and Accommodation in Philippines
Real estate is largely an area of growth in Philippines. In cities like the capital Manila, Cebu and Davao, real estate is on the path of development and many high rise buildings are coming up every now and then. With constant expansion of real estate development projects, it won’t be surprising to see the landscape of Philippines completely change in another decade or so. Even in areas such as Rizal, Bulacan, Batangas and Laguna, many medium to high rise buildings are coming up.
It is a rule that foreigners cannot hold more than a 40% interest in any land of Philippines. The cost per square meter in Philippines currently is 23000 PhP to 35000 PhP. Real estate includes big condominiums, houses, apartments, mansions and bungalows.
With about 10 million residents in manila alone, the rate to rent a spacious and quality condominium is around 200-300 euros. But if you opt to live in a smaller house or an apartment, then the rent should somewhere be around 100 euros. Many Filipinos prefer to spend their retirement areas in southern parts of Philippines which are less populous and are also thus the accommodation costs are not very high.
Those who live on the Southern islands have to pay just 100 euros to rent an apartment or a house. A mansion in Forbes Park region of Philippines can easily cost someone around 10 Million dollars but this price varies according to the size and exact location etc.
Let’s look at some more specifications about general housing and living costs in Manila, Philippines:
- Monthly rent for a 900 square feet furnished accommodation in an expensive area of Manila is somewhere around 66146 PhP.
- If overall utilities of housing are to be added, one has to pay about 10219 PhP for utilities like gas, electricity etc.( for 2 people in Manila)
- An internet connection for one month costs around PhP 2345 whereas a 4 inch flat screen TV is likely to cost around PhP 36333.
- If you wish to hire cleaning help on an hourly basis, so be ready to shell out PhP 141 per hour and if you want to buy a microwave oven then the cost will be around PhP4667.
All these costs and statistics are subject to location, size and developer specifications.