Residential developers urged to diversify geographically

Residential property developers are advised to set their sights on geographic diversification, given the stable take-up of units outside Metro Manila.

- By CATHERINE TALAVERA

"While the Metro Manila pre-selling condominium market continues to see lengthened remaining inventory life, we are seeing stable residential take-up outside the capital region, particularly for horizontal projects," Colliers Philippines said in its latest Market Intelligence report yesterday.

Data from Colliers showed that unsold inventory in Metro Manila (covering pre-selling and ready for occupancy or RFO) reached 75,300 units as of the third quarter.

"It will take about 5.8 years to fully sell out all these unsold condominium units, about five times longer compared to the pre-pandemic period (2017 to 2019) where remaining inventory life (RIL) ranged between 0.9 and 1.1 years," Colliers said earlier.

Of the 75,300 remaining inventory, Colliers said 27,200 are ready-for-occupancy (RFO) valued at P154.4 billion.