Preliminary figures suggest that residential construction in the Philippines cost an average of around 10.5 thousand Philippine pesos per square meter as of the first quarter of 2023. During this quarter, there were over 40 thousand constructions of approved residential building permits in the country.
What Metro Manila city has the highest residential unit supply?
In 2022, 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 nine thousand Philippine pesos, compared to 15 thousand 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.
