Quote: (02-18-2015 09:56 AM)RioNomad Wrote:
Quote: (02-18-2015 09:29 AM)dreambig Wrote:
Seems like Manila is an extreme market for rental property.
It's made out as if in Manila it's either slum living or $700+/month rent. That shit is approaching Tokyo where I paid $900/month in the best area possible. Doesn't make sense to me. Meanwhile some of the girls I talk to stay in dorms for $30/month. Why isn't there a middle ground?
I've never been to Manila, but I asked someone about it. In Bangkok there is accommodation for every price range. $100 a month up to as much as you want to spend. Right now I live in a 40ish square meter one bedroom condo with washing machine, soft and really nice queen sized bed, flat screen tv, etc. for $450 per month. You can get a similar place for $350 per month in a studio version of about 30 square meters.
I was told the reason this type of thing doesn't exist so much in Manila is because there isn't the same size middle class there as in BKK. Bangkok has a very large, and growing, middle class. So these mid range priced condos are in high demand. But I was told in Manila the middle class is still very small in comparison, so you have cheap accommodation for the poor people, and expensive accommodation for the upper class.
Anyone know if there's much truth to that?
I'd say he's mostly wrong from my experience living here.
My place is in one of the best neighborhoods in the city. I have an unobstructed view of the Makati skyline in a 61sqm loft, 15ft ceilings, brand new bed, flat screen, etc. for $775 a month. Bills bring it to $1000. But this place would be 3x as much in a major USA coastal city.
You can get places in the Fort/Makati/Ortigas/etc for around $450-$900 that sound like what you have or even bigger. It's a bit more than BKK for sure, maybe 20-25%?
For example, I looked at a 1br, 40sq, washer, nice bed, corner unit, for $550 near my place now.
It does have a smaller middle class at the moment, but it is growing rapidly here. It's growing faster than BKKs in fact. This place is exploding right now, hence the price hikes.
Also, many middle class families live in homes, not condos, in places like Paranaque or QC.
But there are more and more condos here. And you can get yearly leases for decent to very nice places from $450 to $900 a month.