Metro Manila’s condominium market is facing an unprecedented oversupply, with approximately 26,300 ready-for-occupancy (RFO) units unsold as of the end of 2024, according to the Colliers Q4 Metro Manila Residential report. This, coupled with rising vacancy rates driven by aggressive development, has created a prime opportunity for first-time homebuyers. To address the surplus, developers are offering competitive pricing, flexible payment plans, and targeted incentives.
Discounts of up to 30 percent are available for cash buyers, and additional perks such as special offers for first-time buyers and overseas Filipino workers (OFWs) further enhance affordability. Extended down payment terms of up to 48 months are also available, making homeownership more accessible.
As mortgage rates are expected to drop with upcoming interest rate cuts, favorable financing options from some of the more aggressive home loan providers are available to further ease the process. This combination of price reductions, flexible terms, and financing opportunities makes condo ownership more attainable, with the added benefit of potential long-term property appreciation.
With affordability at an all-time high, first-time buyers are presented with a significant chance to invest in real estate and build equity.
