Manila real estate market — prices, rental yield and trend
- Gross rental yield: 6.78%
- 12-month price change (USD): -0.4%
- Net rental yield: 5.09%
- Transaction cost: 14.1%
- Price basis: local-market average
Manila is one of the 156 property markets Glopra tracks. In local currency the same twelve months read +7.4%; the 7.8-point gap is the exchange rate, not the housing market.
What a buyer pays in Manila
Buying costs — transfer tax or stamp duty, notary, registration and agency — come to about 14.1% of the price here. That is above the 9.5% median across the set — the entry cost is part of the investment case here.
What it earns
The typical home here lets for about $720 a month against a purchase price of $127,500, which is 6.8% gross before tax. Neither figure is quoted per square metre in this market, but both come from the same source, so the ratio between them holds. It ranks 33rd of 151 markets by gross yield. Rental income is taxed at 25–28% — the rate is not a single number here. That is the difference between 4.9% and 5.1% net on the same property. The 5.1% net figure we publish uses 25%.
How the tax works. Flat 25% final tax on Philippine-source gross income (NIRC § 25(B)), with rent named explicitly; a passive non-resident landlord present for less than 180 days is taxed this way regardless of the income level. The upper end of 28% includes the 3% percentage tax that applies once a residential lease exceeds PHP 15,000 a month and loses its VAT exemption (below PHP 3 million of turnover). Source: NIRC § 25.
Who can buy in Manila
Condo freehold (40% cap); land not permitted. That is the rule a foreign buyer meets first, not legal advice — check the current position locally before you commit.
How this figure is built
The price figure for Manila is built from asking prices from listings. It was last refreshed on 2026-10-15. We rate our confidence in this market’s data medium: the series is usable, but thinner or less current than our best-covered markets. We recompute every market the same way, which is what lets Manila be compared with a country average or another city.
Sources: Global Property Guide Philippines rental yields (Manila City, 2-bedroom, Q3 2026) · globalpropertyguide.com · newswav.com. Snapshot: 2026-10-15.
Latest Manila market analysis
- The Philippines Approved 9,805 Residential Building Permits in July, 6.7% Fewer Than a Year Earlier — 2026-09-18
- Metro Manila Condo Vacancy Reached 24.9% as Cheap Units Took Over Demand — 2026-08-15
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