Manila’s Bel-Air Neighbourhood Is as Posh as It Sounds
The enclave, close to the “Wall Street of the Philippines” and top schools, is among the affluent pockets benefitting from a surge in the capital’s luxury home prices
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Makati, a major business district in the Philippines, has roots dating to the 17th century, but it wasn’t until the mid-1900s that the city began its rapid development.
Within that urban hub, the planned community of Bel-Air, once suburban housing requested by Philippine Airlines pilots (hence “Air” in the name) has matured into one of the most upmarket communities in Metro Manila. It’s now among the affluent pockets benefitting from a high-end housing boom in the Philippine capital, which led the world in luxury price growth last year, according to the latest Prime Global Cities Index from London-based property firm Knight Frank.
Manila’s luxury home prices remained the fastest rising in the world in the first quarter of this year as well.
“This increase is driven by rising housing demand, with agents reporting a surge in requirements from expatriates returning to manage local businesses as the economy shows strong performance,” Knight Frank wrote in the report.
The name Bel-Air refers to both the barangay—an administrative division of a larger city—and to Bel-Air Village, one of several exclusive gated housing communities developed in Makati. Bel-Air Village was developed in four phases during the 1950s and 1960s, identified by number.
With just over 36,000 residents according to the 2020 Philippine census, Barangay Bel-Air has the second-largest population of Makati’s 33 barangays. Makati, with a population of nearly 630,0000, is now a major Asian economic centre, home to leading local and multinational enterprises and known colloquially as the Wall Street of the Philippines.
Boundaries
The level, tree-lined streets of Bel-Air cover 171.2 hectares (more than 420 acres) in central Makati, southeast of Manila.
Barangay Bel-Air’s borders unevenly resemble a tobacco pipe and the borders touch several others. Poblacion and Guadalupe Viejo bound it to the north, Urandeta, San Lorenzo and Forbes Park to the south, Guadalupe Viejo and Pinagkaisahan to the east and Santa Cruz and San Antonio to the west.
While Bel-Air Village is only made up of residences, the wider barangay encompasses mixed-use areas like Salcedo Village. Barangay Bel-Air also includes the Ayala North office development, Ayala Triangle Gardens and the Buendia Avenue Extension.
Price
A survey of online real estate listings by financial company Digido indicated buyers can expect to spend between 135 million to 424 million pesos (US$2.35 million to US$7.39 million) when purchasing in Barangay Bel-Air.
At the price spectrum’s lower end, luxury buyers can purchase condos or Bel-Air Village homes with smaller living spaces or fewer amenities and updates.
A Knight Frank listing for a four-bedroom, two-bathroom, two-story home in Bel-Air 1, with a pool and parking for two cars costs 220 million pesos. Meanwhile, a five-bedroom, tri-level penthouse in Barangay Bel-Air’s Avignon Tower is selling for 230 million pesos.
A review of listings from the DotProperty multiple listing service show updated and newer build four- or five-bedroom homes in Bel Air Village priced between 350 million and 400 million pesos. A Luxe Realty listing for a two-story Bel-Air 4 house with a 698-square-meter lot is at the market’s higher end, 400 million pesos. It has four bedrooms, three baths, a swimming pool, gazebo, rooms for domestic staff and a three-car garage.
Housing Stock
Bel-Air Village has 950 lots and 32 streets, on which three- to five-bedroom homes are common. Homes frequently feature amenities like swimming pools, outdoor living spaces like lanais and multi-car garages. Original Bel-Air homes date from the 1950s and ’60s and borrow architectural cues taken from mid-century American suburban developments. Light-filled, recently constructed luxury homes are also available to buyers at a premium.
Luxury condominium options within Barangay Bel-Air include the 46-story, four-tower Jazz Residences and the 36-story Regency at Salcedo.
Amenities
Bel-Air residents live near some of the best high-end shopping in the Philippines. This includes the upmarket Glorietta and Greenbelt malls. The new One Ayala mixed-use development, which includes offices, retail, a four-star hotel and a public transport hub, is expected to fully open this year.
Bel-Air is located a short drive from the Manila Polo Club and the members-only Manila Golf and Country Club in neighbouring Forbes Park, the latter of which offers skyline views from the greens.
Bel-Air families are spoiled for choice regarding school options. Several faith-based and international schools are within the city of Makati. Bel-Air is also a 15-minute drive from two of Metro Manila’s most prestigious schools, both in Bonifacio Global City. International School Manila offers middle and high school education, while the British School Manila educates students from nursery school through high school graduation.
What Makes It Unique
Properties in the gated Bel-Air Village offer residents privacy, security and access to exclusive facilities like badminton and basketball courts, function rooms and a gym. Though metro Manila is known for having few green spaces, Bel-Air 2 and 3 have parks.
Bel-Air residents are within walking distance to Makati’s Ayala Triangle Gardens, a leafy two-hectare urban park. Residents can also shop for fresh food and other wares at the 100-plus vendor Salcedo Community Market, open every Saturday at Jamie C. Velasquez Park in Salcedo Village.
Who Lives There
Bel-Air households skew older and smaller than other parts of Metro Manila, but the barangay’s central location, cleanliness and security make it attractive to families with school-age children. Convenient access to Makati’s central business district makes Bel-Air appealing to executives who work there. Makati is also home to several embassies, with Bel-Air housing the Consulates General of Ireland and San Marino.
Notable Residents
Former Manila mayor Lito Atienza and his son, television host and former Manila city councilor Kim “Kuya Kim” Atienza, are among the residents who have lived in the barangay over the years. Actors Dominic Ochoa, Dingdong Dantes and Marian Rivera have also called Bel-Air home over the years
Outlook
Manila experienced a 26.2% year-over-year increase in the price of luxury homes in the first quarter, according to Knight Frank, the highest of the 45 major cities around the world ranked in its index released Friday.
Colliers International expects the ultra-luxury segment of Philippine real estate to remain resilient “amid the rising interest and mortgage rates.” The firm reported Makati central business district has seen improved rates of condominiums leased in 2023.
“Leasing demand continues to be driven by returning expatriates looking for bigger units that are also near offices and international schools,” the Colliers report said.
With luxury developments proliferating in other areas of Metro Manila, these factors may suggest future scarcity and price growth in elite barangays like Bel-Air.
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Office rents in Sydney, Melbourne and Brisbane are climbing at their fastest pace since the pandemic as tenants compete for premium CBD space amid tightening supply.
2 min
Australia’s major CBD office markets are recording some of their strongest rental growth since the pandemic, with businesses increasingly prioritising premium office space despite elevated geopolitical and economic uncertainty.
Knight Frank’s Australian Office Indicators Q1 2026 report found net effective rents in Sydney and Melbourne CBDs rose at their fastest annual pace since COVID-19, increasing 10.2 per cent and 6.8 per cent respectively over the 12 months to March.
Brisbane posted the strongest growth nationally, with net effective rents climbing 11.7 per cent over the same period.
The report points to a widening divide between prime CBD office towers and secondary office stock, as occupiers increasingly focus on quality, location and workplace amenity when making leasing decisions.
Knight Frank Senior Economist, Research & Consulting Alistair Read said demand remained heavily concentrated in premium assets within core CBD precincts, helping drive stronger rental growth in top-tier buildings.
“Occupier demand continues to be heavily concentrated in the most desirable CBD precincts and the highest-quality buildings, accelerating a sharp divergence between core and non-core markets,” Mr Read said.
According to the report, Sydney’s Core precinct and Melbourne’s Eastern Core significantly outperformed broader CBD markets over the past year.
“In Sydney’s Core precinct and Melbourne’s Eastern Core, net effective rents surged 14.3% and 16.1% over the past year, significantly outperforming the rest-of-CBD precincts,” Mr Read said.
The rental gap between prime and non-prime office locations has also continued to widen sharply.
“As a result, core CBD rents are now 54% higher than non-core locations in Sydney and 93% higher in Melbourne, highlighting the growing premium placed on amenity, accessibility and workplace quality,” he said.
Knight Frank said the strong rental growth across the major CBDs was being underpinned by a limited supply pipeline, with few new office developments expected to be delivered in the near term.
Mr Read said subdued construction activity was likely to support ongoing rental growth and tighter vacancy rates over the medium term, particularly for premium office towers.
“The combination of sustained demand and declining levels of new development will aid ongoing prime rental growth and lower vacancy rates over the medium term, particularly for best-in-class assets,” he said.
The report noted that current economic conditions were making new office developments increasingly difficult to justify financially.
“Economic rents remain well above expected market rents, making the construction of new office towers largely unviable, and concentrating tenant demand into existing buildings,” Mr Read said.
While suburban office markets generally remained subdued compared with CBDs, Melbourne’s Southbank precinct was identified as a relative outperformer, recording annual net effective rental growth of 2.7 per cent.
The report comes as broader Asia-Pacific office markets continue to stabilise following several years of disruption linked to hybrid work trends, inflation and rising interest rates.
Knight Frank’s separate Asia-Pacific Q1 2026 Office Highlights report found Sydney and Brisbane were among the strongest-performing office rental markets in the region, behind only Bengaluru and Tokyo for annual prime net face rental growth.
The Asia-Pacific report also found 18 of the 24 cities monitored across the region recorded stable or increasing rents in the first quarter of 2026, even as geopolitical uncertainty intensified following escalating conflict in the Middle East.
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