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PH property market pauses after slow sales

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Property developers… won’t readily admit the rummage sale. No property developer will concede that a real estate bubble is about to occur in the

No property developer will concede that a real estate bubble is about to occur in the Philippines soon.

Lovelle Taleon, a director at leading property adviser Santos Knight Frank, said a “silent fire sale” was under way among property developers in a bid to reduce their unsold residential units. Property consultant Leechiu Property Consultants confirmed the glut. It estimated an oversupply of 29 months’ worth of condominium units in Metro Manila. The demise of Philippine offshore gaming operators largely contributed to the slack in demand,.

Higher loan rates for the most part of year and the increased cost of goods and services have dampened demand for residential condominiums in Metro Manila. Residential condominium sales in Metro Manila in the first 11 months of 2024, meanwhile, accounted for just 63 percent of full-year 2023 levels.

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