PROPERTY developers in the Philippine capital need to enhance their market research and consider lowering condominium prices to address the current “mismatch” between available units and buyer demand, according to property analysts.
“These overpriced condos aren’t matching with the existing buyers,” Anthony Gerard O. Leuterio, founder and chief executive officer of Filipino Homes, said in a phone interview.
“There are so many buyers, as in we’re talking millions of buyers, but the issue is they cannot afford [a condo in Metro Manila] anymore,” he said in mixed English and Filipino.
-->
Unsold inventory in Metro Manila has reached 75,300 units as of the third quarter of 2024, according to property consultancy firm Colliers Philippines.
“Property firms also need to start turning off the supply tap to limit completion and further exacerbate the oversupply issue,” Mr. Bondoc said.
Lovelle Althea Trisha Taleon, director for consultancy services at real estate firm Santos Knight Frank, attributed the buyer hesitancy to market saturation and high
population density.
“Many prospective buyers now favor investing in properties outside Metro Manila, such as house-and-lot developments, which offer more space, privacy, and long-term value versus the accessibility of condominiums in CBDs (central business districts).
The investment is there –
there is just a shift in consumer preference,” Ms. Taleon said via Viber.
Source: Business World
