Real Estate Growth Puts Pressure to Housing Affordability

Manila Bulletin, April 12, 2015 | Go to article overview

Real Estate Growth Puts Pressure to Housing Affordability


The growth in the real estate sector is putting more pressure over housing affordability in the country, pushing prices of properties across the key cities in the country higher and making it hard for low to middle class families to afford their own house. "If a buoyant real estate market has one downside, it would definitely be its effect on affordability. In fact, while the Philippines real estate market continues to perform well in terms of capital appreciation, the opposite happens to Filipinos capacity to afford a home, global real estate marketplace Lamudi Philippines said. Based on Metro Manilas median annual household income of P273,000, as reported by National Statistics Office (NSO), an average Filipino family in Metro Manila will have to spend 32.25 times of their annual income in order to afford a house in the Philippines. Analysis of Lamudi data showed that Metro Manilas median house price stands at P8.8 million. On a per-city basis, Caloocan offers Metro Manila families the most affordable homes, which means a typical household will only have to spend 2.88 times of their annual income on buying a house, based on the citys median house price of P787,750. At the other end of the spectrum is Makati, whose median house price is a staggering P130 million. An average Metro Manila family will have to spend 476 times of their annual income in order to afford a home in the area. Condos, on the other hand, are relatively more affordable. A mid-end, 60-sqm condo in Metro Manila would cost P5.44 million, which is 19.9 times the annual income of families residing in the Philippine capital. On a per-city basis, Makati has the most unaffordable condo market, where households will have to spend 30.5 times of their annual income in order to afford a similar condo. Called the median multiple, this way of determining home affordability is based on Demographias International Housing Affordability Survey recommended by the United Nations and the World Bank, Lamudi said. …

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