NCR residential condo market cools as POGO premiums fade

The Metro Manila residential property market is recalibrating as demand eases and rental rates normalize after years of distortion from POGO-driven premiums, even as overall supply remains stable.

- By KYLYN KYTH CUÑADO

Metro Manila's condominium stock stood at 775,400 units as of this year, comprising 96 percent ready-for-occupancy (RFO) units and 62 percent pre-selling units sold. The remaining unsold inventory, estimated at roughly 26,400 RFO units and 53,900 pre-selling units, is heavily concentrated in the upper-middle income to upscale segments, priced between P4 million and P12 million.

The unsold inventory, equivalent to three-and-a-half years supply, underlines the widening affordability gap for the broader middle-income market.

As buyers seek competitive pricing, primary market demand remains subdued, as they increasingly shift toward better value offers in the secondary market, prompting developers to sustain primary unit sales through promotions and limited incentives.