Metro Manila condo oversupply eases slightly to 37 months
According to a report released by Leechiu Property Consultants (LPC) on Thursday, there were 82,800 units of available supply in the second quarter, equivalent to 37 months or three years. This is slightly lower than the 38 months worth of oversupply recorded in the first quarter.
Data released by LPC showed that there were a total of 764,100 condominium units in Metro Manila, with 619,000 units ready for occupancy and 145,000 units at pre-selling.
The biggest share of unsold units is in Quezon City with 19,500 units, followed by Ortigas with 15,000 units, the Bay Area in Pasay with 13,800 units, Manila City with 11,400 units, Caloocan with 8,900 units, Alabang with 7,900 units, Makati with 4,500 units, and Bonifacio Global City and Taguig with 1,700 units.
Broken down in terms of demographics, 37% of the unsold inventories are for the upscale market priced P7 million to P12 million; 31% for the upper-middle-income market priced P4 million to P7 million; 16% for the high-end market priced P12 million to P68 million; and 10% for the middle-income market priced P2.3 million to P4 million.
Some 5% of the unsold units are for the lower middle-income market, priced at P1.8 million to P2.3 million; 1% are for the luxury market, priced at P68 million and above; and less than 1% are for the low-income market, priced below P600,000.
Buyer activity for the April to June period grew for the second straight quarter, with 6,642 units sold to reflect a 2% quarter-on-quarter growth, as launches for the quarter increased 31% to 1,761 units.
LPC Research and Consultancy director Roy Golez Jr. said that buyers took advantage of promotions being offered by developers in a bid to sell their inventories, which companies are expected to continue.
More offers are likely, Golez said, but not necessarily on pricing, "so we are seeing value-added and leasing services for these buyers."
Prices have also increased, with prime villages hitting historic highs per square meter—Dasmariñas Village at P704,000, Forbes Park at P649,000, Green Meadows at P288,000, and Ayala Alabang at P237,000.
Prices have also increased in areas south of Metro Manila—Ayala Alabang at P237,000; Southlinks Estate at P157,000; and Ayala Southvale at P126,000. Those in Cavite averaged P68,000, and in Laguna, P57,000.
'Maraming namimili. Actually, marami nang namili (Many are buying; actually, a lot have already bought), especially in the Nuvali Sta. Rosa area, kaya (so), if you notice, the projects there have been expanding,' Golez said. —VBL, GMA Integrated News
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