Homes in Manila among least affordable in the world —study
Been thinking of building a new home in the Metro?
While living in the Philippines' capital city, Manila, has many benefits, properties in this area may leave your bank accounts empty and dry of savings.
In a study conducted by online financial services provider NetCredit, it was found that Manila has taken a spot among the least affordable capital cities globally.
The study came to this conclusion after the researchers analyzed over 800,000 online property listings for 73 global capitals and calculated the median house price for each city in total and per square meter.
They then gathered the average monthly net salary for each capital and used this figure to calculate affordability and the number of years the average earner would need to work to buy a median-value home.
The result revealed that a median-value home in Manila can be paid off with the equivalent of 42.2 local annual salaries - making it the 8th least affordable capital city globally.
It was topped by Tehran, Iran; Havana, Cuba; Monaco, Monaco; Islamabad, Pakistan; Cairo, Egypt; Hanoi, Vietnam; and Santo Domingo, Dominican Republic. The two capital cities that followed are Phnom Penh in Cambodia and Beijing in China.
On the other side of the spectrum, the capital city with the most affordable homes is Pretoria in South Africa. It is followed by Muscat, Oman; Belfast, Northern Ireland; Bucharest, Romania; Bandar Seri Begawan, Brunei; Nicosia, Cyprus; Washington D.C., United States; Warsaw, Poland; Windhoek, Namibia; and Kuala Lumpur, Malaysia.
Another key finding of the study is that the city of Monaco has the most expensive homes in the world, averaging $4,475,000 (P246 million). In comparison, Manila ranged in the middle, with $212,438 (P11 million).