How to Buy Your First Condo in Metro Manila

Metro Manila's condominium market can feel overwhelming — dozens of developers, hundreds of projects, and prices from under ₱3 million at the fringes to well over ₱20 million in Makati and BGC. Here is the process, step by step.

1. Know what you can really afford

Banks typically lend up to 80% of the appraised value, so prepare at least 20% in equity — plus around 5% more for closing costs, documentary stamp tax and move-in fees. On a ₱4 million condo, that is roughly ₱1 million in cash before the first amortization.

2. Pick the right location

• Makati and Taguig (BGC) command the highest prices but hold value best.
• Quezon City and Pasig offer more space per peso, especially near the upcoming MRT-4 corridor.
• Las Piñas and Parañaque suit buyers priced out of the central business districts.

3. Pre-selling or ready-for-occupancy?

Pre-selling units are cheaper — often 20-30% below RFO prices — but you wait three to five years and carry developer risk. Check the track record: DMCI, Ayala Land and SMDC have decades of delivered towers; newer names deserve closer scrutiny of their license to sell from DHSUD.

4. Lock in financing

Compare at least three bank offers, and Pag-IBIG if you are a member. A single percentage point on a ₱3.2 million loan over 20 years is roughly ₱400,000 in interest — worth a week of phone calls.

Visit the site at different times of day, read the contract to sell line by line, and never hand over cash without an official receipt. Your first condo should be exciting — not a cautionary tale.