Metro Manila's Condo Crisis: Oversupply and Buying Opportunity!
Oversupply in Metro Manila's Property Market: Opportunities Amid Challenges Current State of the Property Market Metro Manila is bustling with buildings, yet many remain underoccupied or even empty. According to a report from Leechiu Property Consultants, there is currently an oversupply of condominium units in Metro Manila, with a surplus equivalent to 29 months. Quezon City leads with 18,500 available units, followed by Ortigas and the Bay Area in Pasay. Causes of Oversupply The question arises: have real estate companies overbuilt, or has demand dwindled? The answer is both. The oversupply primarily affects the mid-segment market, which includes properties priced between 3 million to 20 million pesos. This market segment has been significantly impacted by inflation, rising interest rates, and economic strain on small and medium enterprises (SMEs). Market Opportunities Despite the oversupply, Leechiu Property Consultants indicate that now is a good time to buy. Developers are o...