The Market Monitor Minding the Nation's Business
Post-POGO, how much are condominiums selling in Metro Manila?
Prices vary drastically between business districts and less central areas in the National Capital Region. The same is true in emerging markets such as Cebu City, Davao City and Iloilo City.
Baguio and Tagaytay, however, have remained in demand for condo buyers and renters, with tourism factors providing the incentive.
In Makati and Bonifacio Global City, the high-end condos still make for a robust property market, with per square meter costs of from P150,000 to P365,000. Paranaque comes close with P286,000 per square meter.
It should be noted that these three areas are where the POGOs used to be.
Even with interest cuts made by the Bangko Sentral ng Pilipinas, buyers are shying away from new condo units and are waiting for better times. Many are engaging in the secondary market, as businessmen and investors with units to sell are many.
Property market analysts agree that there is a glut in condo stock in Metro Manila, mostly in the upper middle income and upscale segments.
The stock totaling 775,400 units from January to November, 2025 are being sold.
A report said 96 percent of ready-for-occupancy (RFO) units and 62 percent of pre-selling units have been sold.
The remaining unsold inventory—estimated at roughly 26,400 RFO units and 53,900 pre-selling units, equivalent to 3.5 years of supply—is heavily concentrated in the Upper Middle Income to Upscale segments, priced between ₱4 million and ₱12 million.
It was also noted that rental rates, which enjoyed a premium during the heyday of the POGOs, have settled back to real market levels, thus correcting the distortions.
There still remains a housing backlog that the Marcos administration is struggling to address. The latest count was 10.65 million units as of 2024, which is a huge problem for President Bongbong Marcos considering that the economy is still reeling from the corruption disaster that hit the government, and still continuing up to the present.