Condo Conundrum: When home prices soar as high as their buildings

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NO doubt about it, there’s a huge inventory of condominium units in Metro Manila, primarily because they have become more expensive and more difficult for middle-class Filipinos to acquire.

From a high of 45,000 to 50,000 units, Bondoc said it dropped to less than 20,000 units or a little over 10,000 units in the 2023-2024 timeframe.  Per Leechiu Property Consultants, POGOs have recorded 274,000 sqm of vacated spaces for fiscal year 2024 attributed to the ban.

For Bondoc, it would be logical for developers to tap the overseas Filipino workers (OFWs) market as it has shown strong remittances.“They need to further explore the preselling and ready-for-occupancy (RFO) programs to the OFWs,” he said.“For the preselling, developers could extend the down payment to 84 months,” Bondoc said.

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Article Details

Author / Journalist: Rizal Raoul Reyes

Category: BusinessStartups

Markets: Philippines

Topics: Metro Property Developments Market Developers Cordero Units Mccullough Manila Buyers Bondoc

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-25 @ 16:08:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1482 words

Reading Time: 9 minutes read

Sentences: 66 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © Business Mirror

News ID: 25428851

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