Metro Manila unsold condo inventory reaches record 82,900 units

Metro Manila's unsold condominium inventory rose to a record 82,900 units in the second quarter of 2026, the highest level since Leechiu Property Consultants (LPC) began tracking the market in at least 2016, according to the firm's latest report released on Tuesday.

LPC Research and Consultancy Director Roy Golez Jr. said the current inventory is expected to be absorbed within 34 months, or nearly three years, significantly longer than the consultancy's historical average absorption period of up to 12 months.

Despite the record inventory, Golez said the market remains on a healthier footing than the figures suggest.

"We're not so concerned because when you say highest, in 2025 it was 82,500. Now it's 82,900, but the months' supply is shorter than in 2025 because there's more take-up," Golez said in an interview in Makati City.

"There's less supply coming in, and there's more take-up," he added.

LPC data showed that developers launched 4,900 condominium units in the first half of 2026, up 18% from a year earlier. Meanwhile, take-up during the six-month period rose 6% to 14,500 units.

The report also showed that residential rental rates in most Metro Manila business districts remained below their pre-pandemic levels.

Average rents in Makati fell 18% to P887 per square meter (sq.m.), while rates declined 42% to P715 per sq.m. in Alabang/Muntinlupa, 25% to P729 per sq.m. in Ortigas/Mandaluyong, and 59% to P706 per sq.m. in the Bay Area/Pasay.

The only areas that posted rental growth were Bonifacio Global City, where rents edged up 0.1% to P1,105 per sq.m., and Taguig, where they increased 15% to P715 per sq.m.

"With declining rents, in all likelihood, secondary condo prices are also declining, as are primary prices," Golez said.— MCG, GMA News