Condo Sales Surge in Manila

Manila's condominium market is experiencing a significant resurgence, transforming the city into a major player in the global real estate arena. The mid-income condo market, with units priced between ₱2.5 million ($43,000) and ₱12 million ($205,000), is driving growth, attracting professionals, overseas Filipino workers (OFWs), and international investors. This shift indicates a focus on end-user demand rather than speculative buying, solidifying Manila's position as a serious investment destination.

Recent data highlights Manila's impressive performance. Knight Frank ranks the city 5th globally for luxury residential price growth, with a 9.1% increase over the past year, surpassing many established markets. This growth rate is only behind Seoul, Tokyo, Dubai, and Bengaluru, demonstrating strong demand and limited prime supply. The upward trend continues, with a 2.2% price increase in the last quarter, suggesting sustained buyer interest and potential for further growth.

Developers are actively addressing the ready-for-occupancy (RFO) inventory through aggressive pricing strategies and flexible financing options. Discounts and lease-to-own programs are accelerating sales, shortening the sell-down period. Specific submarkets, such as Manila North, Fort Bonifacio Fringe, and Makati Fringe, have seen substantial increases in net take-up, driven by strategic pricing and attractive schemes.

While the mid-income segment thrives, the high-end market faces challenges due to governance concerns. However, the affordable and mid-income brackets remain largely unaffected, reinforcing their role in Metro Manila's property recovery. The market's resilience and ongoing positive trends suggest a promising outlook for Manila's real estate sector.