Condo oversupply declines, but still worrying —property market experts

The Philippines has 7.9 years’ worth of oversupply of unsold, ready-for-occupancy (RFO) condominium units, industry experts said as they called for government action to revive the realty market.

In a forum on Wednesday, property market experts said this is a significant decrease from mid-2025’s 13.4 years' worth of oversupply, but is still alarming.

Colliers Philippines research director Joey Bondoc attributed the oversupply to a collection of factors, including slow economic growth and high bank mortgage interest.

“Developers are showing flexibility with easier payment terms and are prudently limiting new launches to manage supply… For sales to truly stimulate, we need that rate to come down,” he said.

ASEAN Real Estate Network Alliance (ARENA) co-founder Moby Arquiza called for a “more profound plea for governance and anti-corruption reform.”

He also urged buyers to use the current industry crisis to negotiate better payment and down payment terms.

 “The government should first fix itself. Our leaders are spending almost 80% of their time on politics instead of focusing on the economy. We need a shift to concrete economic reforms, more infrastructure projects, and a serious revival of our lagging tourism industry,” he added. 

Meanwhile, real estate trainer Eric Manalo emphasized the role of Overseas Filipino Workers (OFWs) in maintaining property sales, and called for the government to ease red tape on permits for a faster processing of permits.

Realty broker Carl Dy also urged real estate developers to improve their product, pricing, and engagement to attract more property buyers.

Real estate developer George Siy also stressed the role of tourism and better infrastructure, as well as the faster resolution of the flood control scandal, in rebuilding the realty industry.

Last year, property market experts reported the oversupply of condominiums in Metro Manila following the exit of Philippine Offshore Gaming Operators (POGO), but said prospects remained bright due to developments outside the National Capital Region. — BM, GMA Integrated News