The average price of a Quezon City condo unit cost the least expensive among different cities in Metro Manila during the previous year. It only cost around P122,000 per square meter, compared to more than P242,467 per square meter in the Manila Bay Area.
While prices remain cheap, the government’s massive infrastructure program could increase real estate prices in the biggest city in the National Capital Region. Most of the projects involve the development of transportation links within the region, so buying a condo at properties like The Arton by Rockwell now ahead of the program’s completion may indirectly save you money.
Condo Prices In Metro Manila
Average condo prices in the Manila Bay Area rose by 65% last year from just around P147,000 per square meter in 2017. This rapid increase stemmed from strong demand among Chinese online gaming companies, which hunted for suitable residences for their employees. Some experts believe that this is not a sustainable trend, since prices may fluctuate when demand becomes lukewarm.
In Makati City, the median value cost approximately P238,000 per square meter. It remained an expensive market due to the presence of business centers, retail facilities and lifestyle amenities in the city. Taguig’s median price for condominium units increased to P233,065 per square meter for the same reason. Despite the high prices, condo absorption in the Bay Area and Makati City remained high at 49.69% and 44.24%, respectively.
Why Quezon City Is A Good Choice
Aside from lower prices, a condo investment in Quezon City has the potential to yield better returns once the Build, Build, Build program completes the first three stations of a subway project. These will be located at the Mindanao Avenue, Tandang Sora and North Avenue. Hence, you should expect property prices in areas near completed transport terminals to increase significantly.
When choosing among different condo projects, some developers have launched luxury high-rise projects like in Katipunan. These mixed-use developments combined the convenience of having different amenities within a stone’s throw away from a person’s residence.
Industry Expert Insights
The first three subway stations are part of the seven terminals planned for Quezon City. According to Colliers International Philippines, the planned terminals could elicit interest from property developers to launch new residential projects near the North Avenue, Quirino and Tandang Sora stations.
This is highly possible partly because of the shortage of vacant land in Makati City’s central business district and Fort Bonifacio in Taguig. Whether you plan to buy a condo for personal use or as a rental investment, the advantages of closing a pre-sale deal will be much more noticeable as soon as the subway project reaches completion. However, it is important that you consult a property agent to find out the most strategic places for a possible condo purchase.
Quezon City may not be as popular as other cities like Makati for a condo purchase, but the situation may soon change after the government completes its infrastructure program. You should consider buying one now before prices become more expensive in the future.