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Manila Bulletin devider Business devider The Stock Market devider Metro Manila condo oversupply easing, market showing recovery

Metro Manila condo oversupply easing, market showing recovery

Published Jul 30, 2025 04:30 pm
The Metro Manila residential property market may have already turned a corner as the aggressive promotions launched by developers have accelerated sales of ready-for-occupancy units, while fewer buyers are giving up on partially-paid units.
“This is the good news that we’re seeing right now. If you look at property segments, whether it's the mid-income, or the luxury, ultra-luxury, we are recording positive take-up—meaning the take-up of these condos is greater than the backout,” said Colliers Director and Research Head Joey Bondoc during their second quarter property market briefing.
He noted that, “this is a very positive development that we're seeing right now in the capital region.”
The major contributors include the 25 percent drop in the number of backouts in Metro Manila from 4,800 units in the first quarter of 2025 to 3,600 as of the second quarter of this year.
“Is the residential market finally turning a corner? It appears that we’re seeing some positive signals in the residential market. This only indicates that the ready-for-occupancy promos to be offered by developers are working and they should continue implementing these innovative, creative promos,” Bondoc said.
Another factor is that developers are launching fewer condo units in the market and are being more selective, choosing which segment will be more attractive, and Bondoc said that, “Right now, it appears that the upscale, luxury, and ultra-luxury projects remain well-performing.”
“By 2026, next year, we will see residential vacancy in Metro Manila’s secondary market finally declining. So from 25.8 percent, we are likely to see this declining to 25.3 percent.
“Of course you have your demand and supply factors but primarily it is mainly because of the limited supply meaning less completion in the Metro Manila condominium market contributing hugely to this drop in vacancy,” he explained.
Vacancy in the secondary market refers to units with no buyers as well as those without tenants. Meanwhile, Metro Manila now has 30,500 unsold condominium units in the pre-sale sector, covering ready-for-occupancy units as well as those still under construction.
Bondoc added that, “we're likely to see a faster acceleration of take-up of these condominium units, resulting in a much lower vacancy of 23.4 percent by 2027, so we’re more optimistic as of the second quarter of this year as to the projected vacancy for the secondary residential market.”
Looking at the pre-selling market in Metro Manila, he said developers are announcing fewer launches of new projects with only 7,000 units launched in the Metro Manila condominium market in the first half of this year.

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