Philippines tops emerging markets in housing unaffordability

The Philippines ranked as the least affordable housing market among emerging economies in 2025, with more than half of Filipinos reporting housing-related financial problems, according to data cited by The Economist.

A Gallup survey showed that about 54% of respondents in the Philippines experienced financial difficulties tied to housing costs, underscoring the pressure of expensive homes and limited affordable options on households.

The Philippines led a list of 11 Asian countries facing severe housing affordability issues, followed by Sri Lanka, Myanmar, Thailand, Bangladesh, India, South Korea, Nepal, Indonesia, China and Singapore.

In Manila, quality apartment units were priced at roughly 20 times the median household income, based on figures from Hong Kong-based real estate research firm Urban Land Institute.

The report also pointed to weak private sector interest in low-cost housing, with developers said to favor higher-end residential projects because they generate stronger profits.

At the national level, a June 2025 report by the Philippine Resource Center for Inclusive Development found that the country’s socialized housing program remained out of reach for low-income families.

The same report said the government’s housing efforts were also heavily reliant on private sector participation, limiting their effectiveness in addressing the needs of poorer households.