Metro Manila Condo Oversupply Persists: 80,000 Unsold Units, Discounts of Up to 40%
The condo oversupply in Metro Manila remains an unresolved challenge, with about 80,000 units still unsold even as developers delay groundbreaking and lure buyers with aggressive incentives, said Joey Bondoc, research director at Colliers Philippines.
The slowdown is hitting new projects. Units completed in the third quarter of 2026 totaled 2,200, about half the originally projected 4,500.
However, the oversupply is creating opportunities for property buyers. Developers are offering discounts of up to 40% on some ready-for-occupancy units, along with flexible payment terms and various perks.
Who would want to live in these overpriced prison cells?
I'm a local, and these condos are usually aimed at OFWs and office workers who earn 75k pesos or more a month. The problem is that only about 4% of Filipinos earn that much. The government can't even approve a proper minimum wage increase, so I'm baffled why developers keep building homes that most people can't afford.
Wealthy Japanese families are always shocked at how outrageous the prices are in the Philippines. He makes good money buying and selling real estate in Japan, but says there's no way to flip here. It's insane. Foreclosed condo listings are also hard to find. 100k pesos per square meter is the average price. I can't believe it. So, foreigners, please don't buy condos here at these insane prices. That way prices will come down and ordinary people can afford them later.
'Up to 40% discount' = 'We overcharged you by 80%, so here's a little back.'
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