Prices of House and Property in the Philippines
I’ve been working in the real estate field for so long but I really don’t know how much an average house costs.
In my opinion, based on the clients I met, houses worth below P1,000,000 are low-cost housing and these are the ones being availed by minimum wage employees or those purchasing properties with the help of government financing or other financing institutions.
Those that cost P1M - P3M are normally found in good subdivisions or villages. These are what I consider properties for the average Filipino with income ranging from P30,000-P50,000. I based this on the monthly income requirement of banks.
P3M and above belong to the above average and wealthy class. I know a lot of people can afford that but mind you, it’s not everyday that I get a client asking me where they can purchase houses worth P3M. Based on the ratio of the inquiries I get, about only 5% of them are from people asking for expensive properties or investments. Most people inquire regarding houses, townhouses and low-cost houses that can be bought through Pag-Ibig Financing (a local financing institution catering to the needs of the average Filipino citizens).
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