MANILA, Philippines - The nearer, the more expensive when it comes to buyers looking to live in an area that is within striking distance of a train station, global online property platform Lamudi Philippines said.
Looking at the prices of condominiums along EDSA, Lamudi said an average condo located within 100 meters of an MRT station is at least P16,645 more expensive per square meter than a similar condo situated more than 500 meters away.
“The price gap becomes even wider depending on the condo and its developer,” Lamudi said.
Within the Boni station in Mandaluyong, the online property platform said there were two condominium developments that are directly connected to the MRT station.
Buyers of these properties would need to pay P31,572 and P16,645 more per square meter compared to another development in the same area but located more than 500 meters away from the train station.
Over at the Magallanes station in Makati, meanwhile, one condo directly connected to the MRT station, averages P125,129 per square meter, P16,195 more than a similar condo located about one kilometer away along Chino Roces Avenue.
“Real estate developers have started to integrate many of their projects into transport infrastructure to attract more buyers. Dubbed transit-oriented developments (TOD), these condos located within 400-meter radius of train stations in Metro Manila are attracting buyers in search of convenient locations for their daily commute,” Lamudi said.