@acosta829 im in a 32k per montg amortization 20 years to pay. The trap is the interest rate it could be up for 3 or to 5k next year. Depending on what the bank likes lol.
All over Phillipines. Sell a few with max instead of selling many with small. Not good for society. There are many reasons why ph is one of the poorest sea nations
Oversupply because all the foreigners who worked in the Gambling industry has left the country. They are the buyers and renters on these condos. Good job Baby M.
Ayala is all about greed at inflated prices. Only investor or speculators buy their 50,000 per square meter lots and few if any homes are ever built. A good example is Nuvali marketing commuters to Makati, sitting in traffic for their 1.5 hour daily commute just one way and 300 pesos of tolls each way on SLEX. 😢
The problem with these condominiums here in Metro Manila is that these developers SMDC, DMCI keeps constructing and developing condominiums with foreigners as their main target market. Space is small and yet expensive. In the next coming years there will be more vacancies of condo units as Filipinos can no longer afford to buy it. Government is somehow useless in regulating these companies.
@@malachi0000009 oversupply but not ready for occupancy evergrande in the making and besides pre-selling condos are even more riskier than ever before ,how motivated are construction workers are now it's cheaper to hire chinese workers than filipino workers
@@llothar68 True, we don't need Govt. regulations. Make it a free market , let the market decides. As a Filipino working abroad and near retirement, I would not buy condo as a retirement home. The size of these units turn me off, I don't want to live in a closet size bedroom.
Condo in the Philippines are not for Filipinos, this developers expect foreigners will go frenzy on buying over price condo here in the Philippines, and now they are crying for improvement of transportation, that's why our government are doing a lot of build build build, to please them and get a lot of kickback on this project. When are education, medical and Filipino minimum wages are still suffering heavily
The PH law is flaw. There's an over supply of workers, but there is not enough job opportunities and job creations for minimal supply of employment. The PH law restricts the marketplace flow of capital, be in domestic and international, it also comes with heavy regulations, bureaucracy, and protectionism that favors the large corporations - competition amongst the industry kills the development in every industry thus stifles job creations and employments.
@@promentheusmaximusgearzone7787 exactly, also include the heavy weight of taxation law here in PH, that's why mostly international only invest in BPO industry because it's a lot cheaper to do it here, but when it comes to manufacturing and other industry they stay away here because of heavy tax, electric cost and corruption. small businesses is hard to strive and stay for long, Imagine ur not earning anything yet from your start up business and govertment and LGU are already milking you with so much fees and tax, when u can use it for your daily operations and reinvest it in your business.
Because Filipinos keeps voting the wrong candidates when election comes. You have the family dynasties, and the corrupt candidates always run for a government seat to do more corruption once voted in. A recycle of corrupt politicians that goes on and on and on. STOP VOTING THESE TURDS. Then you have movie actors or actresses running to become politicians. I mean seriously? These idiots dont even know the Philippine Constitutions how much more running for public Office. There is only one person that I know who took the time to study Public Policy at LaSalle Univ. he is no other than Vico Sotto. An uncorruptable honest Mayor. I wish he run for President someday. An honest, righteous, and God fearing man. I wish there are many politicians like him.
Philippine condos are so expensive that they only need to sell 30% to cover all costs. Even the quality is not on par with the prices they're asking now.
@@zealman79 I agree, many condos are also experiencing plumbing issues, such as water leaking into the ceiling. Even 20-30m pesos condos have poor construction; they just cover it up with good interior fittings
Kaya nga, mas afford mo pa mag condo sa spain keysa giyan sa makati o bgc tapus sa Barcelona subrang ganda pa ng view at hindi masyadong traffic kaya subrang garapalan talaga ng mga negosyante giyan sa pinas.
@@reybas8971hindi naman talaga, sino ba nagsabi na govt mga yan? Ibig sabihin niya gawa ng gawa mga private developers. Di naman govt nag coin ng term na build build build lol, imbento ka
As a Filipino American I thought about buying a condo in the Philippines as an investment but apparently it’s very very hard to re-sell a property in the Philippines so basically If you buy then it means you’re stuck with it. Haha bye!
I agree. It’s better to invest here in the U.S than in the Philippines. If the property is priced well here in the US , you’ll get an offer for your property in a matter of a week or 2 and then get it closed in a month.
My friend's Fil-Am clients bought for rental income. One client has 4 properties now, 3 with tenants. One has 2. She can't afford to buy a property in San Francisco. They plan to retire here. There was a window before Covid where early buyers of some projects were able to sell more than double their purchase price. But yes, generally, it's hard and costly to re-sell condos. One reason is the high transaction costs and taxes. It's not a flipping market. I'd only buy one if the price is well below market, has good property management, and has good rental income. There's still opportunity for the rentals because the Philippines has a huge housing backlog.
There is no oversupply, it just no one's buying it in a very high interest rates environment. If what they are saying there is an "over supply" of condos, then they would eventually take the losses and sell it at very low prices to compensate to be sold, instead of waiting for the interest to get low.
@@darkboard55562m for 1br and 1bath is the ceiling price for me, based on the prices of condominium units in the early 2010’s but now, 5M for the same cut of unit is stupendous and greedy 😏😏😏😏 So much markup for so little area.
The sad reality of property ownership and real estate industry here in the Philippines is that real estate companies only prioritize selling to expats and foreigners, especially in NCR. Affordable housing are only available on locations 5+ hours outside of Metro Manila.
Just a few days ago I was watching on TH-cam condos for sale in BGC. There was one for 3 bedroom selling for 300 Million Pesos or in USD its $5,181,000.00 . The unit was not even spectacular & the asking price was 300 Million Pesos, seriously? If you buy that kind of amount in Manhattan, New York City or San Francisco, Ca. Where I'm from, that amount of money would be a spectacular condo which includes 1st. Class furniture & state of the art bathroom & kitchen. The one I saw on TH-cam with 3 bedrooms & 2 baths in BGC looks ordinary. The furniture looks cheap & no drapes or automatic window dressing. Electric Burner top & stove looks ordinary too. How in the world did they priced it so high when the place looks ordinary?
I am from Honolulu and was thinking the same thing. I just smiled and thanked them for their time and promptly got the hell out of there. I looked at quite a few as well. I actually have multi-million dollar properties and those are 300-500k at the most. Which is exactly who they should be building for. If they sit long enough they will have no choice but to lower the price.
My townhouse in Canada is cheaper than a cramped Makati condo. Tama ka, and the materials in PH condos are subpar. And it’s not like buying property there would allow you “island living”, imagine buying a $1M condo to be surrounded by traffic. 😂
Who the hell wants to pay for an overpriced bartolina? Most of these are less than 30sqm, probably smaller, tapos usually nasa 4-5 million pesos? In this economy? Hindi nga tumaas sahod ng mga tao. Titira nalang ako sa labas ng manila kung ganun.
The price is not just the problem. It’s the association fees that are as expensive as Western countries. Without proper infrastructure the Philippines shouldn’t really ask such high real estate prices. Hotel fees are also ridiculously high compared to Bali for example.
Condo's have been marketed as an investment or passive source of income by turning it into an air bnb or for renting but in realty, its not. Id rather purchase a land with title. Dont be fooled.
Mga Chinese kasi ang target ng mga developers. Pero nag offload na ang mga Chinese dahil sa economy nila at ipapasara na ang mga POGO by end of year. Madaming property ang matetengga nyan lalo na dun sa may Aseana area dahil hindi sya accesible unless may kotse ka.
Walang over supply, it just people are not buying condos due to high cost of interest rates. If there is an "over supply" they would start selling it at lower costs, but they're not doing it because customers are not buying frenzy of condos. This is market correction on condo developers taking advantage when government let them borrowed them cheap money, and selling them at high interest rates because the party has stopped from borrowing cheap money, thinking the consumers would be still su***kered on condos, as high interest rates at peak.
@@promentheusmaximusgearzone7787 capitalism supply/demand rules don't work well on real estate for may reasons. These rules are for industry and goods where you just can't wait it out
@@hotpot5517That is even worst. Renting out unit by owners still have to compete the high costs of over heads and other fees. High interest rates environment is not encouraging.
Sa simula lang maganda tingnan yung mga condo na yan. A lot of 10+ year old condos looks very dirty and ugly now and maintenance is generally horrible.
hindi na maintain ng mga developer, ganid sa pera, dapat may batas na sapilitan na icheck mga buildings taon taon saka sitahin mga developers at parusahan
@@vonn8973umm no, condos are not supposed to be a luxury, they're supposed to act as housing units, condos are the number 1 housing market for cities around the world and to make it luxury is stupid
I hope its not going to be like China where the housing bubble has been going on since after the pandemic. There are around 50 million condos & houses setting empty with no buyers because China economy is on deflation now. The condos & townhouses in the Philippines are way overpriced even in major Provinces. Compare that to Bangkok, Thailand where condos & townhomes are priced well & still affordable for local Thais to afford & buy these units. Most of the units I have seen in Bangkok are not shell unit condos but rather are equipped with fixtures including fridge & burner top/stove. It is also equipped with installed a/c .
no control from our government,most politicians has a rich kid mentality and out of touch on the situation, i wish if there is some politicians with common sense,
The good thing is those condos were privately owned. The problema in China is more serious because the company is state owned. CCP literally used public funds to save it from collapsing.
Magtataka ka bakit sold out ba yung mga units habang kakatapos lang building. Yun pala may namumuhonan na binili ang daming units. After a few months mag reopening kuno and selling the condo units at a higher price. Ayan greedy nyo kasi. Yung end user yung kawawa. Ang mahal ng units.
Nung pre-pandemic, sa announcement pa lang ng project ubos na agad yung slots for foreigners kasi pinakyaw ng mga Chinese. Agents even go to China to find buyers. Pero after pandemic halos nawala na ang mga Chinese buyers kaya pahirapan na magbenta. Kahit mga OFWs konti na ang bumibili. Landed property na ang mainit ngayon kaya lalong nagiging hindi affordable ang bahay sa ordinaryong tao.
Philippines cannot afford these Condominiums.. And the foreigners don't like all the rules and regulations.. They choose to live somewhere else in Asia. So this number is just going to go up !!
This is not oversupply but overpriced! Thailand, Indonesia andVietnam condos are way way cheaper than in Metro Manila. Sobrang mahal! In fact, BGC is one of the most expensive in the world.
I live in tagaytay and work in Manila. The growth of tagaytay the past 10 years has tripled easily. So much commercial area now. Unless taal gets angry again, manileños will always plug up the main road w/ their luxury suvs to take selfies at Starbucks bc of the view.
@@BeatsbyBlanch /manileños will always plug up the main road w/ their luxury suvs to take selfies at Starbucks bc of the view./ HAHAHAHA I actually went there with my sedan on a weekday (monday) and a weekend (sunday) and wtf indeed the difference
I agree with this. We bought a condo para sa amin ng asawa ko para malapit sa work. We tried to look for a house and lot pero mostly outside na ng metro manila, bahain pa and mahirap transpo. House and lot here in Metro Manila is super expensive! So we decided na condo nalang kasi it comes with it's own perks din like malapit sa malls, 24hrs security and amenities, hindi din pa ako nakakaexperience ng brownout or water interruption. Sure we are still hoping to own a house and lot someday outside the metro but we will never give up the condo kasi pag gustong mag aral ng anak namin sa metro manila pag college niya, may matitirhan na siya. I don't want my kid to experience yung naexperience namin dati when we couldn't afford to live comfortably, nagrerent lang din ako noon sa boarding house tapos 10 pa kami isang room na napakaliit at ang init! 😂
Inflation and overpriced units. Also, the Philippines has one of the costly condos in the world. Mas okay pa sa provinces. It's about time to decongest Metro-Manila.
Napaka miopic using loss of POGO as the cause. Chinese at expats lang ang maka bili ng condo nyo. Wala kayong pake na ang average Pilipino hindi maka bili. As it is right now the average Filipino can't buy property because the Philippines has the lowest buying power in Asia ang taas taas pa ng taxes. Kung gusto nyo puro foreigners lang ang nakaka bili, eh di na gentrify na ang Pilipino sa sariling bansa. In 3 generations parang Hawaii na tayo... Ang mga locals, walang pag mamay ari sa sariling lugar.
thats the best news ever!! Over priced units and the wise buyers who can afford it wont pay that. I do hope the bubble burst so I can buy a place and retire in PI.
Subpar quality builds vs asian countries like Thailand, Vietnam, overpriced for the size vs other asian countries too. Too much greed paired with less quality overall--> why would u buy these????
thats what iam thinking about, metro manila condominium are overprice and its so damn many also i think the price of land in metro manila will decrease in the next 5 years...
lol and they're still overpriced and the build quality is awful. And the transportation is terrible. QC may as well be on the moon sometimes in peak hour traffic
we still need condos, our lands are limited nowadays, maybe instead make it affordable that even low income families can afford it and make salary higher from the help of the government than wasting it to corrupt politicians
Im in Manila now as a foreigner, Bangkok just feels better in every aspect of infrastructure and convenience, the problems developer face to get buyers is due to the lack of concern from the government in improving the quality of life in this city
Mga nasa pipeline na yan few years ago pa. Icheck mo gaano na katagal sila nag pre-selling, baka ilang taon na pala pre-selling pa din. May minimum kasi yan bago nila simulan ang construction. Ganyan ang nangyari sa property market sa China madaming projects ang hindi na nasimulan o natuloy kasi kinulang sa buyers hanggang sa mabankrupt ang developer
Metro Manila is a hot cakes for condos for middle upper class above and expats. But high interest rates is correcting the so called artificial "over supply" of condo developers. The "over supply" is meant the condo developers are losing its investments on the condos they built that wasn't sold out, and with high interest rates, the need to compensate it is to lower the prices and take the losses, rather than not being unsold and empty. If there is really an "over supply" of condo units, then wait for it to have the developers to take losses and sell it at a nice discounts, then those developers realized easy and cheap money doesn't get the economy prosper.
Manila condo are over inflated. It can only be bought ng mga foreign investors yet! the developers didnt consider na ang average sq meter ng condos sa ibang bansa ay around 500-1k plus w higher ceiling dahil malalaki sila. Condo sa pinas are like tiny homes. Masikip tirhan in the long run especially sa atin na karamihan pa rin thinking of having a family.
I was going to buy a condo in Manila around 2022-23. I stayed at a lot of different places. What I noticed that I didn’t like aside from them being very small and overpriced. Is that they all have very bad customer service, poorly maintained amenities and grounds, and they’re extremely noisy both inside and outside. What really turned me off is how bad the people who work there conduct themselves. Very unprofessional and disrespectful to guests/tenants. I saw that all over the country. I decided to take my money and invest in other things. Also, you have no rights there. Too many red flags.
Grabe tinaas ng condo. nung college ako way back 2005 nasa 1.5M lang 31 sqm kasama parking. Sold it for 4M nung 2017 when we went abroad. eastwood area.
I’d just get a second hand seaworthy sailboat. My job is usually online so a boat may do. Only problem is water and electricity/ WiFi for my cintiq tablet haha!
Bugok kasi mag regulate ang gobyerno, sige bigay nga nila ng permit pero mga seevice roads naman hindi lumuluwag o nadadagdagan, dami talagang sablay. Tapos gobyerno hindi makasabay sa pagpapatayo ng high rise apartments or condo sa mga private companies. Unlike dito sa Seoul city, may option ang mga tao, branded na apartment o mas murang apartment na gawa ng gobyerno.
There won't be a bubble burst..why.. because developers are mostly conglomerates with other lines of businesses who bought the land long ago and already break even,so they can play the waiting game especially SMDC , Ayala, Cityland who employ horizontal ( has commercial units) development strategy. Since The Philippines has a young population, within 3-10 years alot of young couples will be able to afford and be needing to live near the business districts bgc ortigas makati eastwood where these condos are strategically located. Those wanting for bubble burst will just see the prices going up, the developers know there is no more land that can be bought cheap. They are not simply selling a room to you ( target 20-35 year old person/couple), they are selling you access to a living space and parking space near where you will work for the next 30 years.
Condo advantages vs houses: 1. ang condo hindi binabaha 2. the buildings have security 3. the buildings have emergency power supply 4. Low maintenance living 5. Amenities - pool, gym- included 6. close to shops - SMDC mall/condos Condo disadvantages 1. expensive
@@Cathcatkate kasama narin ang nakaktakot sa high rise condo ang lindol, integrity ng building kung sub standard gawa lalo na sa nakikita ko sa smdc masyado maliit mga pundasyon saka mga materyales na bakal manipis
5. paano kung masira ang elevator 6. D pwede sa mga retirees ang higher floors, sakit na ang tuhod 7. D pwede sa mga hoarder 8. Kung masunog isa, baka masunog buong building, saan ka tatakbo, lulundag ka ba? 9. Walng malaking garden 10. Snobbish yung neighbors nyo, kasi mas mayaman sayo😂 or ikaw ang snobbish kasi wla ka naman palagi sa condo😂
Look, how overprice they are. Even Iloilo is insane asking 12M pesos for a condo in the Festival Walk area. People are now realizing these are sh|tty investments, will low rate of returns and mass competition for airbnb clients. Or no open space with views of your neighbours window on the adjoining condominium building next to you. Add millions of pesos more just for a parking spot and endless gridlock traffic. This becomes a nightmare in the making. The small dysfunctional floor plans and lack of space doesn't help as well. It's all about creative financing, balloon payments, high interest rate bank financing, or even worse, shark rates for in-house financing. Add no future appreciation and few if any owner occupants. Maybe folks are wising up for houses instead of lots to build homes in the provinces.
Don't bother borrowing money from the bank to buy a condo. Let the bubble burst for the condo market.
I think this wouldn't burst soon. There still few who can afford like OFWs with large remittances & foreigners
@@snowhite1qazse4 keyword, "few"
I agree soon living in condos would be like living in a tenement
65k amortization 10 years to pay sa BPI sa computation ko for a 31 sq meters sa DMCI
@acosta829 im in a 32k per montg amortization 20 years to pay. The trap is the interest rate it could be up for 3 or to 5k next year. Depending on what the bank likes lol.
It’s too expensive and too small compared to other Asian countries and that’s the effect of greedy mentality
All over Phillipines. Sell a few with max instead of selling many with small. Not good for society. There are many reasons why ph is one of the poorest sea nations
True, Sa malaysia 3+1 rooms pa nga condo, kapresyo nang studio sa pinas. What the helll happened😢😢😢
Oversupply because all the foreigners who worked in the Gambling industry has left the country. They are the buyers and renters on these condos. Good job Baby M.
Japan has smaller condo and hongkong
Ayala is all about greed at inflated prices. Only investor or speculators buy their 50,000 per square meter lots and few if any homes are ever built. A good example is Nuvali marketing commuters to Makati, sitting in traffic for their 1.5 hour daily commute just one way and 300 pesos of tolls each way on SLEX. 😢
It’s too expensive! 3BR for ₱20M!? Wala pa parking yun! I hope it burst soon!
Exactly! Unlike dito sa Korea pag bumili ka matic may nakalaan na parking.
@@SeaofThieves_7 vs average income.. You know nothing! You think all apartments here are built by private companies? Average 1M usd?
Nakakatawa mga prices sa pinas😂 pang first world yung presyo pero yung quality pang hampaslupa
legit HAHAHAHHAA
Legit
hampaslupa karin kasi dmo afford nggaagah
So true. 😂😂
The problem with these condominiums here in Metro Manila is that these developers SMDC, DMCI keeps constructing and developing condominiums with foreigners as their main target market.
Space is small and yet expensive. In the next coming years there will be more vacancies of condo units as Filipinos can no longer afford to buy it. Government is somehow useless in regulating these companies.
@@malachi0000009 oversupply but not ready for occupancy evergrande in the making and besides pre-selling condos are even more riskier than ever before ,how motivated are construction workers are now it's cheaper to hire chinese workers than filipino workers
P.ease delete the last 4 words. Then your post becomes much more true
@@asdsad7015Eto ang nakakatakot sna hndi umabot ng ganunp🎉
@@llothar68 True, we don't need Govt. regulations. Make it a free market , let the market decides. As a Filipino working abroad and near retirement, I would not buy condo as a retirement home. The size of these units turn me off, I don't want to live in a closet size bedroom.
Anong let the market decide? Yan epekto ng letting the market decide@@jeffreyrivera8158
Condo in the Philippines are not for Filipinos, this developers expect foreigners will go frenzy on buying over price condo here in the Philippines, and now they are crying for improvement of transportation, that's why our government are doing a lot of build build build, to please them and get a lot of kickback on this project. When are education, medical and Filipino minimum wages are still suffering heavily
The PH law is flaw.
There's an over supply of workers, but there is not enough job opportunities and job creations for minimal supply of employment.
The PH law restricts the marketplace flow of capital, be in domestic and international, it also comes with heavy regulations, bureaucracy, and protectionism that favors the large corporations - competition amongst the industry kills the development in every industry thus stifles job creations and employments.
except those foreigners are not buying.
Better transpo is needed whether foreigners come here or not. Why isn't there a train going to NAIA and along C5?
@@promentheusmaximusgearzone7787 exactly, also include the heavy weight of taxation law here in PH, that's why mostly international only invest in BPO industry because it's a lot cheaper to do it here, but when it comes to manufacturing and other industry they stay away here because of heavy tax, electric cost and corruption. small businesses is hard to strive and stay for long, Imagine ur not earning anything yet from your start up business and govertment and LGU are already milking you with so much fees and tax, when u can use it for your daily operations and reinvest it in your business.
Because Filipinos keeps voting the wrong candidates when election comes. You have the family dynasties, and the corrupt candidates always run for a government seat to do more corruption once voted in. A recycle of corrupt politicians that goes on and on and on. STOP VOTING THESE TURDS. Then you have movie actors or actresses running to become politicians. I mean seriously? These idiots dont even know the Philippine Constitutions how much more running for public Office. There is only one person that I know who took the time to study Public Policy at LaSalle Univ. he is no other than Vico Sotto. An uncorruptable honest Mayor. I wish he run for President someday. An honest, righteous, and God fearing man. I wish there are many politicians like him.
Philippine condos are so expensive that they only need to sell 30% to cover all costs. Even the quality is not on par with the prices they're asking now.
some of the build quality is barely above a tondo slum. That's an insult to tondo slum dwellers too.
@@zealman79 I agree, many condos are also experiencing plumbing issues, such as water leaking into the ceiling. Even 20-30m pesos condos have poor construction; they just cover it up with good interior fittings
ang mamahal na nga ang papangit pa hahaha tapos napakaliit pa
Kaya nga, mas afford mo pa mag condo sa spain keysa giyan sa makati o bgc tapus sa Barcelona subrang ganda pa ng view at hindi masyadong traffic kaya subrang garapalan talaga ng mga negosyante giyan sa pinas.
18sqm for 12k/month yata or higher hahahahahaha
Build build build ng condo units that the average Pinoy employee can't afford
true, kahit manager pa, hndi kakayanin nsng sweldo
Ha??? These condos were not owned by Philippine Government..so hindi yan build build build..imbento ka..
@@reybas8971hindi naman talaga, sino ba nagsabi na govt mga yan? Ibig sabihin niya gawa ng gawa mga private developers. Di naman govt nag coin ng term na build build build lol, imbento ka
What? Those are private condos... They're not built by the gov
Average filipinos are not the intended market though
LOL, the prices of condo in the Philippines is still high.
As a Filipino American I thought about buying a condo in the Philippines as an investment but apparently it’s very very hard to re-sell a property in the Philippines so basically If you buy then it means you’re stuck with it. Haha bye!
Yes it is. You really have to lower your price a lot to resell.
Most people aren't willing to fork out 18+k a month in rent for a shoe box to live in, when they can rent a whole house for that price.
I agree. It’s better to invest here in the U.S than in the Philippines. If the property is priced well here in the US , you’ll get an offer for your property in a matter of a week or 2 and then get it closed in a month.
abusulutely your money will be stuck and you need to sell at a lower price
My friend's Fil-Am clients bought for rental income. One client has 4 properties now, 3 with tenants. One has 2. She can't afford to buy a property in San Francisco. They plan to retire here. There was a window before Covid where early buyers of some projects were able to sell more than double their purchase price. But yes, generally, it's hard and costly to re-sell condos. One reason is the high transaction costs and taxes. It's not a flipping market. I'd only buy one if the price is well below market, has good property management, and has good rental income. There's still opportunity for the rentals because the Philippines has a huge housing backlog.
oversupply and super expensive
There is no oversupply, it just no one's buying it in a very high interest rates environment.
If what they are saying there is an "over supply" of condos, then they would eventually take the losses and sell it at very low prices to compensate to be sold, instead of waiting for the interest to get low.
@@promentheusmaximusgearzone7787 you have no idea how awash with money the developers are.
@@darkboard55562m for 1br and 1bath is the ceiling price for me, based on the prices of condominium units in the early 2010’s but now, 5M for the same cut of unit is stupendous and greedy 😏😏😏😏 So much markup for so little area.
The sad reality of property ownership and real estate industry here in the Philippines is that real estate companies only prioritize selling to expats and foreigners, especially in NCR. Affordable housing are only available on locations 5+ hours outside of Metro Manila.
Just a few days ago I was watching on TH-cam condos for sale in BGC. There was one for 3 bedroom selling for 300 Million Pesos or in USD its $5,181,000.00 . The unit was not even spectacular & the asking price was 300 Million Pesos, seriously? If you buy that kind of amount in Manhattan, New York City or San Francisco, Ca. Where I'm from, that amount of money would be a spectacular condo which includes 1st. Class furniture & state of the art bathroom & kitchen. The one I saw on TH-cam with 3 bedrooms & 2 baths in BGC looks ordinary. The furniture looks cheap & no drapes or automatic window dressing. Electric Burner top & stove looks ordinary too. How in the world did they priced it so high when the place looks ordinary?
I am from Honolulu and was thinking the same thing. I just smiled and thanked them for their time and promptly got the hell out of there. I looked at quite a few as well. I actually have multi-million dollar properties and those are 300-500k at the most. Which is exactly who they should be building for. If they sit long enough they will have no choice but to lower the price.
My townhouse in Canada is cheaper than a cramped Makati condo. Tama ka, and the materials in PH condos are subpar. And it’s not like buying property there would allow you “island living”, imagine buying a $1M condo to be surrounded by traffic. 😂
Don't get me started on a closet size space they called bedroom.
@@WarayVani bet your townhouse is made of wood. Sub par icondos in the philippines are made of concrete unlike in keneda
Never underestimate human greed😂
Who the hell wants to pay for an overpriced bartolina?
Most of these are less than 30sqm, probably smaller, tapos usually nasa 4-5 million pesos?
In this economy? Hindi nga tumaas sahod ng mga tao.
Titira nalang ako sa labas ng manila kung ganun.
too small and super expensive, gusto lang kumita ng developer
The price is not just the problem. It’s the association fees that are as expensive as Western countries. Without proper infrastructure the Philippines shouldn’t really ask such high real estate prices. Hotel fees are also ridiculously high compared to Bali for example.
Condo's have been marketed as an investment or passive source of income by turning it into an air bnb or for renting but in realty, its not. Id rather purchase a land with title. Dont be fooled.
@@urekmazino5125 sales pitch ng mga agents hehe kawawang buyer
Property crisis in the making. . Good for buyers of the future.
Condos in Manila are WAY over priced compared! Cheaper in Thailand where the quality is also better.
Mga Chinese kasi ang target ng mga developers. Pero nag offload na ang mga Chinese dahil sa economy nila at ipapasara na ang mga POGO by end of year. Madaming property ang matetengga nyan lalo na dun sa may Aseana area dahil hindi sya accesible unless may kotse ka.
And yet, rent prices are high af LOL
Walang over supply, it just people are not buying condos due to high cost of interest rates.
If there is an "over supply" they would start selling it at lower costs, but they're not doing it because customers are not buying frenzy of condos.
This is market correction on condo developers taking advantage when government let them borrowed them cheap money, and selling them at high interest rates because the party has stopped from borrowing cheap money, thinking the consumers would be still su***kered on condos, as high interest rates at peak.
No one is renting tho lol
My friend is trying to lease his unit in pasay, even he tried to lower the price still no one is renting.
@@hotpot5517 you should see these condo sa Mandaluyong. May nag-aask pa ng 20k for a studio unit. 😂😂😂
@@promentheusmaximusgearzone7787 capitalism supply/demand rules don't work well on real estate for may reasons. These rules are for industry and goods where you just can't wait it out
@@hotpot5517That is even worst. Renting out unit by owners still have to compete the high costs of over heads and other fees. High interest rates environment is not encouraging.
Sa simula lang maganda tingnan yung mga condo na yan. A lot of 10+ year old condos looks very dirty and ugly now and maintenance is generally horrible.
hindi na maintain ng mga developer, ganid sa pera, dapat may batas na sapilitan na icheck mga buildings taon taon saka sitahin mga developers at parusahan
Thats where the hoa or condo fees come in
@@eadex360 mahina pa estado natin sa bagay nayan. hindi nga maka pag compete gobyerno natin sa mga private sector eh
Expensive and hindi kaya ng mga ordinaryong tao
Ang condo naman kasi design yan para sa mga mayayaman
@@vonn8973umm no, condos are not supposed to be a luxury, they're supposed to act as housing units, condos are the number 1 housing market for cities around the world and to make it luxury is stupid
@@vonn8973ofc exception kung ang target ng condominium ay for luxurious purpose pero we have too much of this na that it becomes a problem
@@koppii2trueeeee, i just don't know what these stupid mfs developers thought lololol
@@koppii2It is made to be a luxury by our filipino culture and the current market.
There would be even more supply if the government encourages companies for its employees to work from home to lessen the traffic congestion.
I hope its not going to be like China where the housing bubble has been going on since after the pandemic. There are around 50 million condos & houses setting empty with no buyers because China economy is on deflation now.
The condos & townhouses in the Philippines are way overpriced even in major Provinces. Compare that to Bangkok, Thailand where condos & townhomes are priced well & still affordable for local Thais to afford & buy these units. Most of the units I have seen in Bangkok are not shell unit condos but rather are equipped with fixtures including fridge & burner top/stove. It is also equipped with installed a/c .
no control from our government,most politicians has a rich kid mentality and out of touch on the situation, i wish if there is some politicians with common sense,
The good thing is those condos were privately owned. The problema in China is more serious because the company is state owned. CCP literally used public funds to save it from collapsing.
Buti nga!!!!
Magtataka ka bakit sold out ba yung mga units habang kakatapos lang building. Yun pala may namumuhonan na binili ang daming units. After a few months mag reopening kuno and selling the condo units at a higher price. Ayan greedy nyo kasi. Yung end user yung kawawa. Ang mahal ng units.
obvious naman na false advertising lang. para lang makabenta.
Nung pre-pandemic, sa announcement pa lang ng project ubos na agad yung slots for foreigners kasi pinakyaw ng mga Chinese. Agents even go to China to find buyers. Pero after pandemic halos nawala na ang mga Chinese buyers kaya pahirapan na magbenta. Kahit mga OFWs konti na ang bumibili. Landed property na ang mainit ngayon kaya lalong nagiging hindi affordable ang bahay sa ordinaryong tao.
Corporations shouldn’t be allowed to buy residential units.
False advertising...pwedeng may bumili rin kasi mura pag pre selling..
Daming residence ginawang paupahan na hindi maibenta
9% interest rate? Tapos, wala pa sayo ang susi, nagbabayad ka na ng mortgage…hell no, thank you.
Philippines cannot afford these Condominiums.. And the foreigners don't like all the rules and regulations.. They choose to live somewhere else in Asia. So this number is just going to go up !!
condo bubble about to burst
Haha. Same with China😅
Very small and expensive!
This is not oversupply but overpriced! Thailand, Indonesia andVietnam condos are way way cheaper than in Metro Manila. Sobrang mahal! In fact, BGC is one of the most expensive in the world.
I’ve foreseen this before. Tagaytay properties are next. Halos lahat ng properties dun for sale na.
Tagaytay? I didn't know that. can you explain a little more about why you think that?
I live in tagaytay and work in Manila. The growth of tagaytay the past 10 years has tripled easily. So much commercial area now. Unless taal gets angry again, manileños will always plug up the main road w/ their luxury suvs to take selfies at Starbucks bc of the view.
@@BeatsbyBlanch /manileños will always plug up the main road w/ their luxury suvs to take selfies at Starbucks bc of the view./ HAHAHAHA I actually went there with my sedan on a weekday (monday) and a weekend (sunday) and wtf indeed the difference
The bubble Needs to burst. The prices are astronomical even for foreigners.
Who can afford these condo units anyway?
Ang condo kasi ay dapat tinitirahan ng mga buyer. Hindi pinapaupa sa iba. Kung hindi ka titira sa condo wag ka nalang bumili.
Iyan kasi ang formula ng businessman sa mainland China. Ayan di tumalab ang business model dito haha. Kaya kapag may post any condo sa FB binabarat ko
@@joejovellano2616 gaya gaya din naman kasi mga pinoy lol. pati umaalis na kasi mga chinese dito. lumiliipat na ng thailand
I agree with this. We bought a condo para sa amin ng asawa ko para malapit sa work. We tried to look for a house and lot pero mostly outside na ng metro manila, bahain pa and mahirap transpo. House and lot here in Metro Manila is super expensive! So we decided na condo nalang kasi it comes with it's own perks din like malapit sa malls, 24hrs security and amenities, hindi din pa ako nakakaexperience ng brownout or water interruption. Sure we are still hoping to own a house and lot someday outside the metro but we will never give up the condo kasi pag gustong mag aral ng anak namin sa metro manila pag college niya, may matitirhan na siya. I don't want my kid to experience yung naexperience namin dati when we couldn't afford to live comfortably, nagrerent lang din ako noon sa boarding house tapos 10 pa kami isang room na napakaliit at ang init! 😂
@@this_name_is_not_available6923i think mga developers na yan ay mga chino din 😅 kaya ganyan business model
LOL! 19 sqm for PHP 3M, 24sqm 1 BR for PHP 5M...mabagsakan sana kayo ng mga building/condo nyo na super duper overpriced.
Make it more big and cost efficient people will buy.
Inflation and overpriced units. Also, the Philippines has one of the costly condos in the world. Mas okay pa sa provinces. It's about time to decongest Metro-Manila.
Napaka miopic using loss of POGO as the cause. Chinese at expats lang ang maka bili ng condo nyo. Wala kayong pake na ang average Pilipino hindi maka bili. As it is right now the average Filipino can't buy property because the Philippines has the lowest buying power in Asia ang taas taas pa ng taxes. Kung gusto nyo puro foreigners lang ang nakaka bili, eh di na gentrify na ang Pilipino sa sariling bansa. In 3 generations parang Hawaii na tayo... Ang mga locals, walang pag mamay ari sa sariling lugar.
Like in BGC. I've heard 60% of BGC is empty. But the rents are still very high.
Many of those units are likely already fully paid. So as long as everyone is charging the same rent, kebs lang.
Too expensive. Too much greed on the side of developers
thats the best news ever!! Over priced units and the wise buyers who can afford it wont pay that. I do hope the bubble burst so I can buy a place and retire in PI.
Subpar quality builds vs asian countries like Thailand, Vietnam, overpriced for the size vs other asian countries too. Too much greed paired with less quality overall--> why would u buy these????
It is too expensive even for a 24 Square meter. Pilipino people can't afford it.
ai sus patuloy pa rin naman ang POGO, nirename nyo lang ang iba, dami pa sa Pasay
thats what iam thinking about, metro manila condominium are overprice and its so damn many
also i think the price of land in metro manila will decrease in the next 5 years...
Interesting comment why do you think land in metro manila will decrease in the next 5 years? What would cause a reduction in value?
@@market1019 bcoz of climate change..metro manila is sinking..mabilis bumaha na unlike sa bgc and too much traffic
@@market1019 and the NSCR train project
Bought a pre-selling unit when exchange rate P46-$1 USD in 2021 and paid last June P58 -$1. I saved almost $34,000.
Sabayan pa ng pag decline ng population. Lalo pababa ang demand.
lol and they're still overpriced and the build quality is awful. And the transportation is terrible. QC may as well be on the moon sometimes in peak hour traffic
We dont need more condos, we need public housing for lower income families
we still need condos, our lands are limited nowadays, maybe instead make it affordable that even low income families can afford it and make salary higher from the help of the government than wasting it to corrupt politicians
Theres a lot in cavite but you have to travel 3 hours 1 way
over supply of condos pero parang hindi bumababa ang presyo..even repossessed cars ang dami pero persyo taas pa din. hintay pa din ako bumaba presyo..
condos are not for living but for renting 😢😢 thats the reality
Plus the increasing annual real estate taxes and association dues 🤦🏻♀️
Su Jin Kim improved a lot. Sount like CNN reporter already.
Thank you!
After the end of POGOs, condo bubble is starting to burst and prices will be corrected. Patience pa sa mga nagplaplan bumili, wait lang kayo.
Bubble will start to burst
Im in Manila now as a foreigner, Bangkok just feels better in every aspect of infrastructure and convenience, the problems developer face to get buyers is due to the lack of concern from the government in improving the quality of life in this city
Kasing laki lang ng shoebox tapos ang mahal. 😂😂😂. Buti pa bumili ng lupa sa province. Then patayuan ng bahay for retirement.
Small space and too expensive! Some 2br/3br cost millions that can buy house & lot.
If the condo market is oversupply why are they still pre-selling condos
Mga nasa pipeline na yan few years ago pa. Icheck mo gaano na katagal sila nag pre-selling, baka ilang taon na pala pre-selling pa din. May minimum kasi yan bago nila simulan ang construction. Ganyan ang nangyari sa property market sa China madaming projects ang hindi na nasimulan o natuloy kasi kinulang sa buyers hanggang sa mabankrupt ang developer
Grabe kamamahal. And grabeng mahal pala ng parking spot dyan,kelan ko lang nalaman, akala ko kasama na agad pagbili mo ng unit.
All I can say is buti nga sa kanila. Overpriced na lahat diosko unregulated na talaga ang lahat sa Pilipinas.
Unbelievably small space for over 2M???😂😂😂😂😂😂. We’re no idiots.
There is no need for the Pogo to come back!
The bubble is about to pop.
Metro Manila is a hot cakes for condos for middle upper class above and expats.
But high interest rates is correcting the so called artificial "over supply" of condo developers.
The "over supply" is meant the condo developers are losing its investments on the condos they built that wasn't sold out, and with high interest rates, the need to compensate it is to lower the prices and take the losses, rather than not being unsold and empty.
If there is really an "over supply" of condo units, then wait for it to have the developers to take losses and sell it at a nice discounts, then those developers realized easy and cheap money doesn't get the economy prosper.
but those developers are normally part of conglomerates they can play a "waiting game" like SMDC
Over supply
Pero super over price p rin
Negosyanteng pinoy
d bale malugi
Kesa nmn maliit lng tubo
Tooo expensive!!!!
Sana matauhan sila sa presyo nila
Too freakin expensive
Oversupply but still insanely overpriced. 🤣
They're greedy.They over invested.
Condo developers in the philippines think manila is monaco. Lol
Because it's too expensive !!!
Manila condo are over inflated. It can only be bought ng mga foreign investors yet! the developers didnt consider na ang average sq meter ng condos sa ibang bansa ay around 500-1k plus w higher ceiling dahil malalaki sila. Condo sa pinas are like tiny homes. Masikip tirhan in the long run especially sa atin na karamihan pa rin thinking of having a family.
I was going to buy a condo in Manila around 2022-23. I stayed at a lot of different places. What I noticed that I didn’t like aside from them being very small and overpriced. Is that they all have very bad customer service, poorly maintained amenities and grounds, and they’re extremely noisy both inside and outside. What really turned me off is how bad the people who work there conduct themselves. Very unprofessional and disrespectful to guests/tenants. I saw that all over the country. I decided to take my money and invest in other things. Also, you have no rights there. Too many red flags.
I'd rather travel for hours and live in a bigger house with my own parking lot. Condos are for convenience only
Grabe tinaas ng condo. nung college ako way back 2005 nasa 1.5M lang 31 sqm kasama parking. Sold it for 4M nung 2017 when we went abroad. eastwood area.
lol if not for POGO it wont reach 4M - Marikina Valley Fault spot yang EW
I’d just get a second hand seaworthy sailboat. My job is usually online so a boat may do. Only problem is water and electricity/ WiFi for my cintiq tablet haha!
sinong bibili kasi nyan ang liit ang mahal pa
Pano ba naman nagprepresyo ng 9M na studio. Buti sana kung ung basic na maayos na road na proprovide ng govt.
Good!!!!
Well, who wants to live in a small tight box? The size of these condos are very small yet very expensive.
Oversupply yet prices keep skyrocketing.
Bugok kasi mag regulate ang gobyerno, sige bigay nga nila ng permit pero mga seevice roads naman hindi lumuluwag o nadadagdagan, dami talagang sablay. Tapos gobyerno hindi makasabay sa pagpapatayo ng high rise apartments or condo sa mga private companies. Unlike dito sa Seoul city, may option ang mga tao, branded na apartment o mas murang apartment na gawa ng gobyerno.
They are still expensive
There won't be a bubble burst..why.. because developers are mostly conglomerates with other lines of businesses who bought the land long ago and already break even,so they can play the waiting game especially SMDC , Ayala, Cityland who employ horizontal ( has commercial units) development strategy. Since The Philippines has a young population, within 3-10 years alot of young couples will be able to afford and be needing to live near the business districts bgc ortigas makati eastwood where these condos are strategically located. Those wanting for bubble burst will just see the prices going up, the developers know there is no more land that can be bought cheap. They are not simply selling a room to you ( target 20-35 year old person/couple), they are selling you access to a living space and parking space near where you will work for the next 30 years.
have you heard about Evergrande crisis?
@winzip09 wont happen here with the 6 inch thick paper bank loan documents
Haha. Deserve. Overpriced na din kasi.
Ridiculously overpriced. You can’t even buy as an investment to rent. Rent prices won’t be enough to cover the bank loan amortization. It’s so stupid.
Matagal pa bago recovery ang real estate sector
Condo advantages vs houses:
1. ang condo hindi binabaha
2. the buildings have security
3. the buildings have emergency power supply
4. Low maintenance living
5. Amenities - pool, gym- included
6. close to shops - SMDC mall/condos
Condo disadvantages
1. expensive
Disadvantages din
2. Ang daming bawal
3. Monthly amenities on top of mortgages
@@Cathcatkate kasama narin ang nakaktakot sa high rise condo ang lindol, integrity ng building kung sub standard gawa lalo na sa nakikita ko sa smdc masyado maliit mga pundasyon saka mga materyales na bakal manipis
4 kapag brownout wala kuryent o tubig
5. paano kung masira ang elevator
6. D pwede sa mga retirees ang higher floors, sakit na ang tuhod
7. D pwede sa mga hoarder
8. Kung masunog isa, baka masunog buong building, saan ka tatakbo, lulundag ka ba?
9. Walng malaking garden
10. Snobbish yung neighbors nyo, kasi mas mayaman sayo😂 or ikaw ang snobbish kasi wla ka naman palagi sa condo😂
Location wise condo is cheaper. Saan sa manila ang murang house and lot. One needs 15 million to buy one maybe 1 will sell kasi going to canada .
Look, how overprice they are. Even Iloilo is insane asking 12M pesos for a condo in the Festival Walk area.
People are now realizing these are sh|tty investments, will low rate of returns and mass competition for airbnb clients. Or no open space with views of your neighbours window on the adjoining condominium building next to you. Add millions of pesos more just for a parking spot and endless gridlock traffic. This becomes a nightmare in the making. The small dysfunctional floor plans and lack of space doesn't help as well. It's all about creative financing, balloon payments, high interest rate bank financing, or even worse, shark rates for in-house financing.
Add no future appreciation and few if any owner occupants.
Maybe folks are wising up for houses instead of lots to build homes in the provinces.
OVERPRICED!
Buti nga s inyo
😂😂😂
Too expensive and too small that is why most people choose buying house than condo.
Its a bubble waiting to pop
Oversupply condos and retail spaces in malls
Kailan kaya yung the big one?
Pangit yung ganyan biro brader :)