Real estate brokers group concerned amid Metro Manila condo cancellations

A real estate brokers group expressed its worries over reported condominium cancellations in Metro Manila amid concerns on financing options and an oversupply of units.

The Association of Real Estate Brokers of the Philippines (ABREP) Movement is reacting to a report citing the Colliers Philippines that there were 9,000 condo cancellations in the National Capital Region in the first nine months of 2026.

“If the figure is accurate, let us see the supporting data, the methodology, and the breakdown,” said ABREP Movement president Anthony Leuterio in a statement.

The group pointed out that initial cancellations should not automatically be treated as permanent losses, as many affected units are eventually resold and buyers often require better assistance with loan applications.

Leuterio emphasized that the sector must differentiate between initial cancellations, loan-driven defaults, resold units, and those still on the market.

He also urged developers and brokers to evaluate whether buyers were given sufficient support with loan applications and financing alternatives.

Moreover, amid a forecast of decline in Metro Manila condominium rentals, the ABREP Movement said landlords should focus on pricing strategies, marketing and professional property management rather than assume steep rent reductions are inevitable.

“Rental is not just about pricing. It’s about marketing, demand, and professional management,” said Leuterio.

According to S&P Global Ratings, excess condominium supply, rising costs, and expensive borrowing continue to constrain homebuyer demand in the Philippines.

S&P said the sector's recovery would depend partly on easing macroeconomic pressures, which have affected buyers' capacity to purchase homes and slowed the absorption of available residential units.

As of July, Metro Manila's unsold condominium inventory rose to a record 82,900 units.

A report from Leechiu Property Consultants (LPC) showed that developers launched 4,900 condominium units in the first half of 2026, up 18% from a year earlier. —Vince Angelo Ferreras/RF, GMA News