Manila is one of the least affordable cities for buying property in Asia, according to UK-based mortgage company Online Mortgage Advisor, which has been analyzing property prices all over Asia over the last five years.
The research revealed that Manila is the second least affordable city for buying property in the region, only after Mashhad in Iran, with locals able to afford less housing space in 2020 compared to 2016.
In particular, locals are able to afford 2.76 meters less of housing space in 2020 than in 2016. Thus, the study concluded Manila has become 64 percent less affordable for renters since 2016.
“Manila is the second least affordable city to buy property in Asia, worse than property hotspots such as Riyadh in Saudi Arabia, Taipei in Taiwan, and Seoul in South Korea,” it said.
The research compared the average price of one square metre of an apartment in the city centre of Manila to the average annual salary in 2016 and 2020.
Furthermore, the study said that in 2016, the average rental price of a property in Manila equaled 90 percent of an average local’s monthly salary. This jumped to a staggering 154 percent in 2020.
This makes Manila the third worst city for renting affordability in Asia, only beaten by Iranian cities Tehran and Mashhad.
Research available at: linemortgageadvisor.co.uk/content/priced-out-property/
Article and Photo originally posted by Property Report Ph last June 10, 2021.
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