With a sizable number of unsold condominium units in the capital region, developers are launching less while testing the demand for leisure-oriented developments in growth areas outside Metro Manila.
Colliers Philippines sees opportunities amidst uncertainties in the market. We highlighted these during our Q3 Property Market Briefing on October 29. Despite tepid demand in the Metro Manila pre-selling condominium sector, we are
As of Q3 2024, Colliers data showed that remaining inventory in Metro Manila reached 75,300 units. It will take about 5.8 years to fully sell out all these unsold condominium units, nearly five times compared to the pre-pandemic period from 2017 to 2019 where remaining inventory life ranged between 0.9 and 1.1 years.
Of the 75,300 remaining inventory, 27,200 are ready-for-occupancy (RFO) valued at PHP154.4 billion. The lower to upper mid-income segments (PHP3.6 million to PHP12 million a unit) accounted for 57% of remaining RFO inventory in Metro Manila as of Q3 2024. Meanwhile, among the submarkets with high levels of unsold RFO units include Pasig City, QC-South, Parañaque, Manila North, Makati Fringe, and QC-North.
Colliers recorded the launch of 8,000 units in the Metro Manila pre-selling market in 9M 2024, down 61% YOY. Meanwhile, only about 9,300 pre-selling units were sold during the period, down 53% YOY.
This story is from the November 15, 2024 edition of The Philippine Star.
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This story is from the November 15, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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