David Leechiu says some Metro Manila studio rents could fall from ₱30k to ₱5k within 12 months
I saw this on Bilyonaryo (article: https://bnc.bilyonaryo.com/its-going-to-go-down-to-p5000-david-leechiu-warns-metro-manila-condo-rentals-have-much-further-to-crash/business/). David Leechiu says some studios in Metro Manila could drop from 30k to 12k, and then to 5k, within a year. Sounds crazy, but it's hard to say it's impossible.
There are too many condos that are neither selling nor getting rented. Everything costs more these days, so people don't have much money left over for rent. BPO layoffs keep happening too, and those people (aside from POGO) made up a pretty big chunk of tenants around BGC, Makati, and Ortigas.
What I don't get is that he also says there's no real estate crisis. If rents fall to 5k, isn't that a crisis for landlords and the people paying off condo loans?
One thing's for sure: landlords listing studios at 30k are going to get really lonely by next year or so. Right now, tenants have the upper hand.
Impossible. These people would rather let a unit rot than sell it at a bargain price.
No, that guy is a total quack. I keep hearing what he says on ANC, and none of it matches the current market. He's a salesman in cahoots with the developers who says anything to sell condos. In short, his credibility is zero, so don't listen to him.
I'm miserably looking for a condo, and it seems like the brokers are colluding to keep current prices up. Everywhere I look there are only bad deals, and plenty of listings that have been up for who knows how long.
Don't threaten me with a good time.
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