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Apartment prices in Makati, Philippines: prime 3BR condos (PHP/ sq. m.)

Philippines, Manila

Apartment prices in Makati, Metro Manila, Philippines.

We use Colliers Philippines quarterly reports, which cover condominium prices of 3-bedroom units in the Makati Central Business District (CBD).  The series started in 1994.

Bangko Sentral ng Pilipinas, the country's central bank, recently launched a national quarterly Residential Real Estate Price Index, starting in Q2 2015.

House prices Makati CBD, % change 1 yr

Nominal and inflation-adjusted ('real')

Philippines, Manila

Sources: Colliers, Bangko Sentral ng Pilipinas


Quarterly change in house prices, inflation-adjusted

 Q1Q2Q3Q4
20205.69%-6.60%
20196.35%-17.63%4.34%8.27%
20180.86%1.61%1.46%5.55%
20172.64%2.72%0.62%1.56%
20162.57%1.53%2.07%1.19%
20155.58%2.27%2.36%1.68%
20140.63%0.09%2.32%1.70%
20131.17%5.98%1.59%0.80%
20125.58%0.19%-0.56%1.74%
2011-1.38%1.61%0.65%-0.62%
2010-0.83%0.03%0.67%-0.32%
2009-2.26%-1.02%-1.95%-1.76%
2008-1.25%0.78%-1.46%0.50%
20073.53%1.43%2.05%3.47%
2006-1.72%1.30%3.92%1.98%
2005-1.18%-0.64%2.25%0.78%
2004-1.26%0.88%0.36%2.63%
2003-1.13%-1.17%-0.35%-0.35%
2002-0.72%-0.48%-1.07%-0.77%
2001-5.65%-4.65%-0.85%-0.36%
2000-3.42%-0.78%-1.16%-4.75%
1999-5.01%-0.83%-7.22%-0.68%
1998-15.71%-2.93%-7.37%-1.42%
1997-1.95%-1.28%-1.27%-1.56%
1996-1.09%-1.02%4.35%-1.00%
19957.66%7.14%19.36%

This table shows the change in house prices during a single quarter, adjusted for inflation.

Adjusting house price rises (or declines) for inflation produces a more accurate picture of the change in value of housing than the usual nominal figures cited in the newspapers.


Yearly change in house prices, nominal and inflation-adjusted

YearInflation AdjustedNominal Change
2019-1.03%0.87%
20189.75%15.55%
20177.74%10.46%
20167.56%9.95%
201512.38%13.43%
20144.82%7.11%
20139.80%14.37%
20127.01%10.06%
20110.24%4.77%
2010-0.46%3.12%
2009-6.82%-2.50%
2008-1.44%7.09%
200710.88%15.15%
20065.52%9.63%
20051.18%6.89%
20042.60%10.00%
2003-2.97%-0.78%
2002-3.01%-0.77%
2001-11.14%-8.24%
2000-9.79%-2.30%
1999-13.20%-9.38%
1998-25.29%-17.95%
1997-5.93%0.00%
19961.15%8.33%

The yearly changes table looks at the last quarter's/month's index values for a given year and compares it with the same quarter/month of the previous year to gauge the change in house prices during that given year.


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