Do you know the real property market value in the Philippines?

I have no idea, but it varies depending where you are, location, improvements, etc.  Just like the US or any other country really. Cebu city has become expensive too. The province is still reasonable and beautiful, and we have bought land there.

I dont know prices in Manila.  In province you can get an ACRE for such money   
There cant be any general market price in cities, because sure HUGE differences depending of location.   
To get a hint you can ask Register of Deeds office and municipaly (or perhaps they have split them into baranggays in Manila) assessors office have some info abput prices. 
If not else the asessor offiice abve info what THEY find it worth, aöthouh some such are RIDICILOUS to high.  E g in one province municipaöy assessor office they had "valued" a type of land to ten times higher than owners couldnt sel for!!!  While other municipalies have fair valuation.
NOTE!   Transfer fees and taxes are counted of the HIGHEST of paid price and the assessors office have made up...     (Roughly the normal fees plus taxes are around 12 percent for the BUYER for the transfer.)

Not sure how this could be done accurately for MM when you consider the disparity between property types, age and condition within a given area.

For example within one kilometer of my house there are new townhomes selling for 50 million, condos selling for 10 and older homes selling for 20.

Tyrion Lannister wrote:

Not sure how this could be done accurately for MM when you consider the disparity between property types, age and condition within a given area.

For example within one kilometer of my house there are new townhomes selling for 50 million, condos selling for 10 and older homes selling for 20.

If that's the case, go with 10.