The average MM condo price is ₽4M or $68K. This wont even meet the price of house In Compton, LA or distant San Bernardino. The house value In Wyoming is “insanely” affordable at $380K but youll have horse and cattle as neighbors.
What I noticed WHY Philippines condo price is so high 1 of the reason is because people are ALSO buying the kind of location, where the condo is built, like if a condo is VERY NEAR a MALL like 6 mins walk or less, price is higher compare to other condo buildngs that is far to walk because you dont need to used your car often, another like BGC WHY condo there is SO EXPENSIVE??? Aside from being modern, clean, safe, etc, because of the QUALITY of that area, IF a person buy a condo OUTSIDE BGC, price of his condo DONT INCREASE as fast as condo inside BGC because his condo IS NOT PART of BGC, also THERE are AREAS in BGC that is 100% NOT FOR SALE, like garden parks, play court areas, etc, so where will Ayala land PUT the price to those FLAT LAND that are NOT FOR SALE??? of course to all the land that is FOR SALE in BGC, 2nd reason is SUPPLY n DEMAND, Metro Manila LAND SIZE is only 638 km² but the population is 14 M, and still RAPIDLY INCREASES, remember the price of Onion, chilli pepper, sugar became TOO HIGH? because of SUPPLY & DEMAND, the less supply rhe more people it became HIGH, the FEWER the LAND SPACE to built condos in Metro Manila or a particular city the higher the price will be of that land,
2:29 “it’s like gravity, it goes down, it goes up.” Punyeta, kelan pa umaangat ang gravity? May bagong discovery ba sya at mali na Newton’s Law of Universal Gravitation? Mema ang walangya.
I dont buy that condos are good investment especially in today's economy. Imagine a 42sqm condo with a 5M price tag will cost you a minimum of 42k in monthly amortization for 15years, this excludes the real property tax, condo dues and other maintenance. If you're going to rent it out, it will still be way much less than your monthly unless you are in the heart of BGC or Makati. It's still better to rent these days as there are lots of un-occupied units all over the metro. Do your research and don't believe right away to anyone selling you that condos are good investments.
true. I know someone who bought a condo because the agent made her feel FOMO. Now her condo is a sitting duck right now - not earning a single centavo. Apparently, the vacancy rates on her area, not just her building, is also high. Now she's paying for a very expensive condo without any prospect.
Agree. Manila was basically flattened in 1946 after World War II. That was less than 100 years ago… manila is sitting right on top of a fault line, which can crack any time. Between a huge earthquake or a potential invasion by another superpower. No thank you.
Imposible to lower the price of condo in Metro Manila IF the price of that land that is bought is already SO HIGH, the reason is because of POPULATION VS LAND SPACE, SUPPLY & DEMAND land space of Metro Manila is 638 km² where the population is almst 14M, there are ALMOST NO MORE SPACE in Metro Manila to build new condos, 1/3 of Metro Manila are Squaters area, where only 2 flrs are built instead of 40 fls buildng, Same area are legal houses, remember why Onion, chilli pepper, sugar became TOO EXPENSIVE??? because of SUPPLY & DEMAND, the lower the supply of LAND SPACE the more people LIVE in rhat place the HIGHER the pruce of that land, check Quezon ciry why is it CHEAP, look at the LAND AREA of Quezon ciry VS QC population,
@@robocop581 my brother in law rented a condo in makati at Airbnb. They went shopping when they came back the condo was ransacked. He lost his passport and money that he left because he doesn’t want to bring it all. That’s why be careful renting condo. The owner might be in contact with the rubbers.
Warning for all balikbayan. Be careful renting a condo in the Philippines. My brother in law rented condo was ransacked when they went shopping. He lost some valuable items. He think the owner was involved. There was no force entry seems like they have a duplicate key.
As i said above, the target market have already left the table. No good thinking pinoy will buy a condo for an investment. Its strategically a dead mans last choice.
No crisis, it’s just a hyper supply not oversupply according to the guest who is a real estate investor and admitted he owns several condos. In reality, condos are oversupply and overpriced! Bubble will burst.
"Expert" looking to sell properties. 😂 Most of the large developers have the organizational and marketing muscle to sell to buyers of affordable housing, but they're insisting on developing higher-end projects. Risky naman talaga low income buyers so no judgements here. Mas madali talagang magbenta sa mga may surplus liquidity. But if viewed in terms of cause and effect, it explains why there are a lot of condos that most people cannot afford, and a shortage of affordable housing for the ones who truly need them. It's not so much an oversupply crisis but a crisis of imbalance.
In my opinion, a condo is not an investment. Better buy listed forclosed properties or an open lot; remember, condos have a life span and will be demolished when they are dilapidated.
I don't want to hear anything from Filipinos because it's biased. As you can see, he did not answer the question about the demand and supply of condos. He encouraged people to invest but never addressed the issue. The rent-to-income ratio is higher compared to the minimum wage of Filipinos; you would need to have at least three jobs to afford living in a condo. Of course, he’s not going to tell the truth because his business is to manage condos for Filipinos working abroad, and he’s unlikely to mention anything negative about it. I wish they were more transparent about the economy so that they could better guide other Filipinos, especially those who lack knowledge about investing. This topic might benefit his business, but it doesn’t help Filipinos who bought condos that are now sitting empty due to a lack of renters. There are no jobs and no opportunities.
@ no! But not transparent to the people. My condo there is almost 400k USd you can buy a huge house in florida in that kind of money. I can’t rent it out because I can’t get my roi probably not in 20 years
Ang ininterview nyo eh ahente! Hindi analyst! Over supply. Overpriced! Bad investment na ang overpriced condo sa metro manila. Susme common sense na lang hindi na kelangan ng sobrang analysis.
@@arielgerardservillon3200 hindi ka nakaka-intindi ng market cycle ng real estate. Bakit yung mga taong walang condo sila pa ang nagmamadunong sa may maraming condo hehe.
@@tollbridgeahead1034 Simple.. sila yung nag papa airbnb at nagpapa renta sa mga potential titira ng atleast isang taon. Airbnb mga 1week to a month lang yan. Kumbaga hindi naman sila yung titira dun. May 4 condo kami na noon pa nabili bago pa magka oversupply, ganun din gawain ng iba ko kasama sa negosyo na may condo sa north south at visayas at mindanao. Target namin lagi mga foreingers (expat) o malalapit sa opisina at school. May contrata na din yung iba sa kumpanya na malapit. Sinira ng oversupply ang market ng real estate.
@@kaychua1262 definitely brain washing. While true, the person wasn't very honest when this rise will occur. It can happen in a few months to even a decade! And even in a few months, some developers will fail and might not be able to deliver their projects kasi nga oversupply.
Comparing condo prices of the same kind & sizes of other Asian countries like Thailand, Vietnam, Malaysia, China, Cambodia,etc, Philippine condo price is TOO HIGH, doble priced to nearly double price, tax is SO HIGH, condo price in the Philippines is almost same in Singapore, Dudai, Hongkong, London, USA, UAE, Philipines is a 3rd world country so WHY putting price THE SAME as to First world countries??? ITS CRAZY, tax jn the Philippines before is only 3% but now 12%.
Exactly. Prices are at par at the best cities in the world. Less the convenience. Utility prices (electricity/water/association dues) are sky high. Add to that, food prices in these cities are expensive as well. Buying a condo is not an investment. If you buy one, you’ll get your ROI after 100 years
@@metalgear7508 He meant what comes down will eventually bounce back up. He used the wrong words, but the meaning is correct. You just don't know about real estate markets, perhaps?
American remote workers are getting called back to work in the office a few days a week. Artificial Intelligence call centers are also going online. If your condo is empty better Lower the price now. When I went to Manila I rarely saw any of my high rise condo neighbors. The building was mostly empty.
It’s like these developers built these condos thinking about only foreigners or upper class as owners only. The local’s salary can’t afford it. Also some of the condos are even more expensive than condos in Chicago where I live , are you kidding me?
Condo seliing sa Pinas ay same sa mga restaurant na SO MAHL ng food na ubod ng kunti kumain, 60-70% ng fud sa ref nabubulok tnatapon, sa sobrang mahl ng condo sa Pinas na KUNTI kyang bumili, kya nga nag MUKANG OVER SUPPLY kac kung nagng mas mura ay mas MANY mkakaBUY ng condo sa Pinas ay HNDI namn ganyan kaDAMI ung OVER SUPPLY,
I don’t share his optimism. There won’t be a crisis for as long as property owners can pay their mortgages. Any adverse movement in interest rates can wreak havoc on the market
It's now a buyer's market. Time to negotiate at least 25% or more. Bubble finally burst in Philippines. It may take 3 or more years to recover. There's more
patay ang investor pagManiwala sa kanya... same feature lng din ni lee chiu.. maski mahirap na talga mag rent out ng unit ngayun --- GOOD investment pa rin daw
walang transparency, we need numbers hindi lang puro sales talk. Dapat merong price adjustment katulad sa ibang bansa. POGO is their great market, eh wala na sila.
good decision to purchase a condo way back 2018 for around 1.7M. Right now, it's around 4.2M and is still currently tenanted for years already. When this news broke out, I already conditioned myself that property prices will cool down. But to my surprise, the last tower in our condo was at 90% of the units being sold out! I realized property prices are really hyper-local, what happens in one city does not necessarily mean it will also happen in the other. And of course, when you invest in a property, you always need to have an exit strategy. Don't ever fall in love with your investment, When it's the right time, let it go gracefully.
what do you mean by "the last tower in our condo was at 90% of the units being sold out"? Did you mean that the price was discounted at 90%? Sorry, still trying to learn the industry. Also, may I ask what place is this condo? Is this also in BGC? TIA
@@whatisthematter88 90% sold out na yung buong project the last time I checked it and that was way back April this year. so most likely total sold out na sya now
The hyper supply is due to the cost per square meter. It's probably safe to assume that 75% of Filipinos earn less than 25k php per month. If the avg. monthly mortgage for those condos are 50k php per month, the builders just priced out 75% of the population.
The guest said what he's supposed to say, because he's a real estate broker. I would've been more surprised if he said this is not the best time to buy. Too much supply = lower rents and lower capital appreciation, that's the truth.
i'm none the wiser from what the expert is advising, the wisdom from comments below say it all! keeps on harping about the "bank rate", the question is they are building not for the locals but for the expats (mainly non Filipinos) such disconnect, ie out of this world. Build pa more greedy developers!
I didn’t hear any explanation why oversupply is temporary & how to resolve this issue; will this be a case of depreciation vs appreciation? It would be more realistic if they say 68 months instead of 34 months.
There is a bubble and a good time to buy? Hmmmn. I think this guy doesnt know what he is talking about. A bubble will burst sooner of later. In my opinion, an average price of 200K per square meter for a condo project is way overpriced. Compare that to the average price on year 2004 at 30K per square meter.
He forgot to tell that many buyers defaulted last few month and these condos return to market. This is not a one time effect expect more defaults in the future. 6,000 “backouts” aka defaults since q3 expect more defaults
Another salesman, walk around Manilia at night you will see 50 to 60% condo units empty in buildings and who is this salesman kidding where he says previous owners are seeing their condo investment appreciating, try selling your unit, right
are they all spokes person for condo developers? nobody seems articulate clearly that these condo properties are over priced. 250k/sqm? one of the issues why prices are so high is that the buying public lacks the intelligence or smarts to realize that the real estate market is overpriced. the market is manipulated by the big banks and developers. bdo =smdc, bpi - ayala, metrobank - megaworld. heard of anti-trust?
Imho, temporary problem lang yan and part ng cycle. Ang isang lugar once na natayuan na yan ng condo, wala na. Occupied na, lalo na yung prime areas. Tapos growing rapidly yung population ng pinas not to mention yung mga growing number of foreigners na pinipili sa pinas mag retire kahit yung mga Filipinos living abroad want to retire to the PH kasi their money goes further in the PH. It will come around. Im a condo owner myself near a CBD in an up and coming area pero hindi sa MM and Im not worried.
of course he's saying that its okay because he's in real estate business. but in reality its like a bubble thats ready to burst. be ready for a crash in price in the coming years. too much supply but no buyers because condos are so expensive. those who have the money to buy a condo already bought one.
The guest did not discuss about the local government increasing zonal value, so to be able to collect, more taxes. And the developers are taking advantage of this scenarios. But when condo unit owner wants to sell his or her, the zonal value is never followed.
Its not supply and demand, its hyper supply with no demand. Nobody's goong to buy it, certainly no locals or just a few but not for investments. Expats can go somewhere chill with less traffic and more convenient and safer so why choose Manila?
Did he seriously say now is the best time to buy amidst the current condo crisis? What a joke. My advice is to avoid buying a condo. Dig deeper and do your due diligence.
This is the sad reality about housing in the Philippines! SMDC & DMCI is exploiting the situation by selling overpriced condomimiums just for a small space. Even an average employee cannot afford it. This hyper supply might last long until this greedy developers adjusted their pricing.
It's all about location, location, location... Even within Makati City, you can walk 15 minutes, and see condo prices ranging from $25,000usd to $4,000,000 usd... There are just some very specific neighborhoods that are super expensive, and the new developments are also catering to the super rich ..
@@jenniferinocencio8945 ahhh you're sadly mistaken. Ofw's aren't the market for 1million dollars and up high end units nor are Pinoys abroad the market for 4m dollars and up House and lots in the Philippines
Condo Oversupply Surging, House And Lots Next. Eyeing A 9m Condo In Makati Told Sometime In September That Price To Increase To 12m. But Price Just Drop To 5.8m 🤔
Since it was mentioned that prices go up and down, Also the best time to buy the condo is today but a good price and how much? Thinking of buying a condo, I don't like to buy it a high price.
Here are some points they might have missed in the interview. People are moving outside metro manila gradually due to remote work, Filipinos are adapting to virtual or online means of employment or even in schools, online schools. There is a tilt in the market as of today, Millennials are now much capable of investing on lots and other assets , Gen Zs would rather start a farm than invest on condo, Digital Nomad is now a thing for most of the Gen Z. If you would still do invest on condominiums, better consider developing it outside metro manila or outside a city proper with a lower lot price, lower condo price, lower rent. Philippines trying so hard to be like Singapore and Malaysia, where condo living is normal due to high house and lot property rates. Only those who has a house in there are rich.
Drive around and you can see all of them. Gawin na lang low cost housing o relocation for squatters living by rivers or creeks or ghost towns like in china 😊
Temporary for 10 years 😅 Best time to buy kung may pang 50% dp ka. Hyper supply? Super duper supply kaliwat kanan ang condo. Cashflow? Taasan mo ung dp mo para sure kahit bagsak rate ng renta positve cashflow. Several condos all fully paid sana all. year 2014 below 3m lang malupet na condo mo.
I could never lived in a condo or an apartment. I was 26 years old when I bought my first house, Now im about to retire I had a chance to buy a condo or a 1.5 acre waterfront property. I bought the waterfront property instead. I dont understand how people could live like pack sardines. Also so many rules. Thats the reason you buy a property so you're free to do whatever you want.
Nag increase lang naman ang price ng condo sa pinas sa papel. Pero pag binenta the price is lower than the appraise value. Like a friend who own condo in Acasia condo sa taguig. The value in paper was 10 M but was sold only for 4 M because there’s no buyer. It’s been in the market for 3 years kanya binenta ma lang ng paluge.
It hasn’t popped yet kasi nga mataas pa. Pero konting-konti na lang puputok na yan. Yan ang “the best time to buy” hindi ngayon tulad ng sinasabi ng “expert” na ito.
@@askherbsthanks for saying this, I do not have to say it again. When it has popped, that will be the best time to buy... so for now, cash loading na muna tayo!
the cause of the 1997 Crisis was Thailands decision to floating the Baht, depleting its foreign reserves and resulting to Phils Malaysia Indonesia experience similar currency collapse.This then led to excessive foreign borrowing and high levels of debt.Hindi sa oversupply of homes kung meron man noon.
Why didn’t the so called expert explain why the foreigners are leaving the Philippines hence having a significant effect on the buying capacity for condo inventory.
As a mortgage agent here sa Canada, this is a classic example of a sales person who would say na “it’s always the perfect time to buy a house”. Condos in Manila as an investment? Id rather spend 5-6M with a 5-10 unit rental in pampanga Buying condo as a “airbnb and vacation is just a waste of money and time” I have seen a lot of Filipinos here in Canada struggling to sell their properties bec of oversupply.
Condo prices goes up but rent doesnt hahaha..dito sa Pampanga sa clark nagpapagawa kami ng condo dahil its ideal and relaxing and a staycation option for those in manila and also an accomodation for foreign retirees...why would you buy a condo in manila its too stressful!!
No Pogo renters . Even for a bargain rentals, no renters. Rampant pasalo , very Low resale value , kahit balik taya na lng limited buyers. High RPT, condo dues high together with special assessment … Bank monthly amortization cannot self support for rentals…. Sana magka POGO ulit makabawi bawi naman…
I own 3 condos. 2 of which I bought in 2019 and this year. I dont feel any condo crisis. I can still pay my mortgages. If the prices of condo will go back to 100k per sqm or lower. I will surely buy additional 1 or 2 units.
@GoldfingerCebu my first condo in Paranaque. Never vacant. My 2nd and 3rd are strategically located near Ortigas CBD and BGC. I rented out as Airbnb. Average net income per month around 20k to 35k per unit. If you invest in condo for rentals dont buy expensive and large size. Go for studio type those below 2m. You can easily find tenant if you rent them out for 17k and below. Dont buy 3m or higher if its for rental Unless, you will live on it. Dont believe those agent saying you can rent them for 30k and up or airbnb for 2.5k - 3k per night.
@@macolet9711 How much is the Rental Yield? Probably 2-3%? Have you considered the expenses like dues, maintenance, taxes, furnitures, future special asesments?
@bluestreak5907 i bought my last 2 condos for 1.9m. Minimum monthly net income is 20k net of all expenses. So my annual yield is at 2 digits %. My first condo's yield is much higher. I bought it for only 800k. My monthly net rent is 15k.
HNDI OVER SUPPLY, kundi OVER PRICE. dahl sa EXTREMELY OVER POPULATED kya nagigng SOBRANG MAHAL ung lote ng isang city at ng isang project area,etc, kac kung MAS MURA ung condo sa Pinas ay MAS MANY makakaBUY, same yan sa mga resto na SOBRANG MAHL na WALA ng gustong kumain,
It's overvalued, and the monthly dues are killing! The Worst thing here is substandard construction, which is why most owners want to sell their units.
Condos in the Philippines are oversupply, expensive and very poor quality. You buy one at high price and you will never be able to sell it or if you are lucky enough to find a buyer, you will get far less than what you bought it for.
This man is living in the lalaland as usual for those who sell condos. 😅 People who are contemplating buying condos for investment even as their own space should consider it multiple times if they can afford it or not even if you can afford.
Why buy kung di naman kailangan, marami naman supply. Better invest siguro real Lot but not condo na pagkasikip sikip 😊 di rin mapamana sa anak, some last for how many decades lang. Unlike Lote talaga
super inflated kasi prices ng mga condos dito sa pinas na imbento ng developers yung prices para kunwari may demand pero wala naman kita mo 34 mos oversupply of condos sa Metro Manila and 18 mos of defaulted monthly payments among owners, no wonder mga condo sa metro manila wala halos occupants kitang kita pag gabi wala masyado ilaw with PH condo prices, much better to own a condo abroad
Obviously, these people are targetting mid to higher class. Preselling looks attractive but you would be surprised that no one want to rent it because high rental expectations of investor-kuno. Kawawa!
It's better to invest in a farm land or house and lot than buying an overpriced condo. Condo 🇵🇭 prices and value are over hyped and lots of owners are trying to sell.
It's hyper supply of condos marketed for the upper middle class to the rich. Gusto kasi ng developer and investor, malaki ang tubo. The real crisis is housing for the poor. Yung condo na over 5M ang presyo, pang mayaman lang yan. Yung mga ini interview ang concern nila profit.
Condos are insanely overpriced in the Philippines, I can buy a HOUSE in the states for the price of a condo here. Absolute Insanity.
The average MM condo price is ₽4M or $68K. This wont even meet the price of house In Compton, LA or distant San Bernardino. The house value In Wyoming is “insanely” affordable at $380K but youll have horse and cattle as neighbors.
What I noticed WHY Philippines condo price is so high 1 of the reason is because people are ALSO buying the kind of location, where the condo is built, like if a condo is VERY NEAR a MALL like 6 mins walk or less, price is higher compare to other condo buildngs that is far to walk because you dont need to used your car often, another like BGC WHY condo there is SO EXPENSIVE??? Aside from being modern, clean, safe, etc, because of the QUALITY of that area, IF a person buy a condo OUTSIDE BGC, price of his condo DONT INCREASE as fast as condo inside BGC because his condo IS NOT PART of BGC, also THERE are AREAS in BGC that is 100% NOT FOR SALE, like garden parks, play court areas, etc, so where will Ayala land PUT the price to those FLAT LAND that are NOT FOR SALE??? of course to all the land that is FOR SALE in BGC, 2nd reason is SUPPLY n DEMAND, Metro Manila LAND SIZE is only 638 km² but the population is 14 M, and still RAPIDLY INCREASES, remember the price of Onion, chilli pepper, sugar became TOO HIGH? because of SUPPLY & DEMAND, the less supply rhe more people it became HIGH, the FEWER the LAND SPACE to built condos in Metro Manila or a particular city the higher the price will be of that land,
Because houses in the states are made of cardboard
@@bluestreak5907made of wood nman including condo except those high rise which is concrete
@@akarna69 no one is holding you back. Buy in the states :-)
2:29 “it’s like gravity, it goes down, it goes up.”
Punyeta, kelan pa umaangat ang gravity? May bagong discovery ba sya at mali na Newton’s Law of Universal Gravitation?
Mema ang walangya.
😂 heard that! That was a dumb statement coming from the so called real estate investor
Ang ibig nyang sabihin, it's just like gravity. What goes up must (eventually) come down. And no need for the expletive.
Lol what he meant was Scientifically, gravity goes down pag tumataas ang elevation, or the farther you are from earth’s core.
It may take a long long time for things to go up in order to complete the cycle ...lol
Kakapanood lang ng Wicked is expert. “Defying Gravity.” 😂
I dont buy that condos are good investment especially in today's economy. Imagine a 42sqm condo with a 5M price tag will cost you a minimum of 42k in monthly amortization for 15years, this excludes the real property tax, condo dues and other maintenance. If you're going to rent it out, it will still be way much less than your monthly unless you are in the heart of BGC or Makati.
It's still better to rent these days as there are lots of un-occupied units all over the metro. Do your research and don't believe right away to anyone selling you that condos are good investments.
true. I know someone who bought a condo because the agent made her feel FOMO. Now her condo is a sitting duck right now - not earning a single centavo. Apparently, the vacancy rates on her area, not just her building, is also high. Now she's paying for a very expensive condo without any prospect.
5m is already 22sqm on some areas. overpriced
Agree. Manila was basically flattened in 1946 after World War II. That was less than 100 years ago… manila is sitting right on top of a fault line, which can crack any time. Between a huge earthquake or a potential invasion by another superpower. No thank you.
TRUE
@@dotnetcoder6578 no one is forcing anyone to buy. You may buy where your budget will allow.
Many condo owners are now suffering from buyer's remorse.
@@edc.3761 how many?
It's very easy to buy a condo, but it's not easy to rent it out. It's even harder to sell preowned condos because of difficulty in getting financing.
"adjust the price" = lower the rent. This inarticulate panel swims in euphemisms.
Imposible to lower the price of condo in Metro Manila IF the price of that land that is bought is already SO HIGH, the reason is because of POPULATION VS LAND SPACE, SUPPLY & DEMAND land space of Metro Manila is 638 km² where the population is almst 14M, there are ALMOST NO MORE SPACE in Metro Manila to build new condos, 1/3 of Metro Manila are Squaters area, where only 2 flrs are built instead of 40 fls buildng, Same area are legal houses, remember why Onion, chilli pepper, sugar became TOO EXPENSIVE??? because of SUPPLY & DEMAND, the lower the supply of LAND SPACE the more people LIVE in rhat place the HIGHER the pruce of that land, check Quezon ciry why is it CHEAP, look at the LAND AREA of Quezon ciry VS QC population,
@@andrelim4580 YOU misunderstood. It's 'lower the rent', not lower the price.
Buying a condo in the Philippines is like buying a timeshare in the USA. Easy to buy but impossible to unload
True
Why would I sell it if it's paying itself off? It's called rental property for a reason.
@@robocop581 my brother in law rented a condo in makati at Airbnb. They went shopping when they came back the condo was ransacked. He lost his passport and money that he left because he doesn’t want to bring it all. That’s why be careful renting condo. The owner might be in contact with the rubbers.
Warning for all balikbayan. Be careful renting a condo in the Philippines. My brother in law rented condo was ransacked when they went shopping. He lost some valuable items. He think the owner was involved. There was no force entry seems like they have a duplicate key.
Condo is not for the filipino masses in MM. It is catered for the upper middle class up.
Not for 50k a month either…
Even for upper middle class, its heavy.
As i said above, the target market have already left the table. No good thinking pinoy will buy a condo for an investment. Its strategically a dead mans last choice.
@@alexcortez8909 there's no monthly amortization for cash buyers.. if they're upper middle they can afford cash purchasesm
@@daboy9097 upper middle class don't buy on installments
No crisis, it’s just a hyper supply not oversupply according to the guest who is a real estate investor and admitted he owns several condos. In reality, condos are oversupply and overpriced! Bubble will burst.
hypersupply with overinflation. supply and demand does not apply here. condos are still too overpriced.
"Expert" looking to sell properties. 😂
Most of the large developers have the organizational and marketing muscle to sell to buyers of affordable housing, but they're insisting on developing higher-end projects.
Risky naman talaga low income buyers so no judgements here. Mas madali talagang magbenta sa mga may surplus liquidity.
But if viewed in terms of cause and effect, it explains why there are a lot of condos that most people cannot afford, and a shortage of affordable housing for the ones who truly need them.
It's not so much an oversupply crisis but a crisis of imbalance.
In my opinion, a condo is not an investment. Better buy listed forclosed properties or an open lot; remember, condos have a life span and will be demolished when they are dilapidated.
I don't want to hear anything from Filipinos because it's biased. As you can see, he did not answer the question about the demand and supply of condos. He encouraged people to invest but never addressed the issue. The rent-to-income ratio is higher compared to the minimum wage of Filipinos; you would need to have at least three jobs to afford living in a condo. Of course, he’s not going to tell the truth because his business is to manage condos for Filipinos working abroad, and he’s unlikely to mention anything negative about it. I wish they were more transparent about the economy so that they could better guide other Filipinos, especially those who lack knowledge about investing. This topic might benefit his business, but it doesn’t help Filipinos who bought condos that are now sitting empty due to a lack of renters. There are no jobs and no opportunities.
Scammer ba? He he he.
@ no! But not transparent to the people. My condo there is almost 400k USd you can buy a huge house in florida in that kind of money. I can’t rent it out because I can’t get my roi probably not in 20 years
Ang ininterview nyo eh ahente! Hindi analyst! Over supply. Overpriced! Bad investment na ang overpriced condo sa metro manila. Susme common sense na lang hindi na kelangan ng sobrang analysis.
Pabor sa kanila ang interview na ito! Brain Washing!
@@arielgerardservillon3200 hindi ka nakaka-intindi ng market cycle ng real estate. Bakit yung mga taong walang condo sila pa ang nagmamadunong sa may maraming condo hehe.
@@tollbridgeahead1034 Simple.. sila yung nag papa airbnb at nagpapa renta sa mga potential titira ng atleast isang taon. Airbnb mga 1week to a month lang yan. Kumbaga hindi naman sila yung titira dun. May 4 condo kami na noon pa nabili bago pa magka oversupply, ganun din gawain ng iba ko kasama sa negosyo na may condo sa north south at visayas at mindanao. Target namin lagi mga foreingers (expat) o malalapit sa opisina at school. May contrata na din yung iba sa kumpanya na malapit.
Sinira ng oversupply ang market ng real estate.
@@kaychua1262 definitely brain washing. While true, the person wasn't very honest when this rise will occur. It can happen in a few months to even a decade! And even in a few months, some developers will fail and might not be able to deliver their projects kasi nga oversupply.
Tama. It’s way overpriced 😊
Condo prices in Manila are in a bubble! There will be a significant adjustment to the down side. Do not buy anything for th enext 18 months
Comparing condo prices of the same kind & sizes of other Asian countries like Thailand, Vietnam, Malaysia, China, Cambodia,etc, Philippine condo price is TOO HIGH, doble priced to nearly double price, tax is SO HIGH, condo price in the Philippines is almost same in Singapore, Dudai, Hongkong, London, USA, UAE, Philipines is a 3rd world country so WHY putting price THE SAME as to First world countries??? ITS CRAZY, tax jn the Philippines before is only 3% but now 12%.
Exactly. Prices are at par at the best cities in the world. Less the convenience. Utility prices (electricity/water/association dues) are sky high. Add to that, food prices in these cities are expensive as well. Buying a condo is not an investment. If you buy one, you’ll get your ROI after 100 years
Pinoy prices.
It is bubble waiting to explode.
"Expert" kuno kuno. These panelists are misleading the public.
Tell us more since you know better. Prove your claim you smart Alec
It’s for their own FAVOR!
Gravity going up? 😅😅
@@metalgear7508 He meant what comes down will eventually bounce back up. He used the wrong words, but the meaning is correct. You just don't know about real estate markets, perhaps?
@@mechalovejapan LOL
American remote workers are getting called back to work in the office a few days a week. Artificial Intelligence call centers are also going online. If your condo is empty better Lower the price now. When I went to Manila I rarely saw any of my high rise condo neighbors. The building was mostly empty.
It’s like these developers built these condos thinking about only foreigners or upper class as owners only. The local’s salary can’t afford it. Also some of the condos are even more expensive than condos in Chicago where I live , are you kidding me?
Condo seliing sa Pinas ay same sa mga restaurant na SO MAHL ng food na ubod ng kunti kumain, 60-70% ng fud sa ref nabubulok tnatapon, sa sobrang mahl ng condo sa Pinas na KUNTI kyang bumili, kya nga nag MUKANG OVER SUPPLY kac kung nagng mas mura ay mas MANY mkakaBUY ng condo sa Pinas ay HNDI namn ganyan kaDAMI ung OVER SUPPLY,
I don’t share his optimism. There won’t be a crisis for as long as property owners can pay their mortgages. Any adverse movement in interest rates can wreak havoc on the market
I agree.
He has no choice but be optimistic, malaki mawawala sa kanya. Yun na lang pwede nyang magawa.
Learn from history from other countries. He is optimistic but his eyes show worry
It's now a buyer's market. Time to negotiate at least 25% or more.
Bubble finally burst in Philippines. It may take 3 or more years to recover.
There's more
patay ang investor pagManiwala sa kanya... same feature lng din ni lee chiu.. maski mahirap na talga mag rent out ng unit ngayun --- GOOD investment pa rin daw
That guy is having his good old sales talk.
walang transparency, we need numbers hindi lang puro sales talk. Dapat merong price adjustment katulad sa ibang bansa. POGO is their great market, eh wala na sila.
If there is an oversupply, why condos are still very expensive
If you check the price nowadays for goodness sake they are for people who have large amount of money…condo unit ranges from 3m and up….
good decision to purchase a condo way back 2018 for around 1.7M. Right now, it's around 4.2M and is still currently tenanted for years already. When this news broke out, I already conditioned myself that property prices will cool down. But to my surprise, the last tower in our condo was at 90% of the units being sold out!
I realized property prices are really hyper-local, what happens in one city does not necessarily mean it will also happen in the other. And of course, when you invest in a property, you always need to have an exit strategy. Don't ever fall in love with your investment, When it's the right time, let it go gracefully.
what do you mean by "the last tower in our condo was at 90% of the units being sold out"? Did you mean that the price was discounted at 90%? Sorry, still trying to learn the industry. Also, may I ask what place is this condo? Is this also in BGC? TIA
@@whatisthematter88 90% sold out na yung buong project the last time I checked it and that was way back April this year. so most likely total sold out na sya now
@@whatisthematter88what it means po is that nabenta na ang karamihan. Sa 100% na units na binenta, 90% na ang naubos.😊
Are there any foreclosures, Sir ? Where can we find of any foreclosed properties?
The hyper supply is due to the cost per square meter. It's probably safe to assume that 75% of Filipinos earn less than 25k php per month. If the avg. monthly mortgage for those condos are 50k php per month, the builders just priced out 75% of the population.
Just wait for the price to go down
The guest said what he's supposed to say, because he's a real estate broker. I would've been more surprised if he said this is not the best time to buy. Too much supply = lower rents and lower capital appreciation, that's the truth.
i'm none the wiser from what the expert is advising, the wisdom from comments below say it all! keeps on harping about the "bank rate", the question is they are building not for the locals but for the expats (mainly non Filipinos) such disconnect, ie out of this world. Build pa more greedy developers!
I didn’t hear any explanation why oversupply is temporary & how to resolve this issue; will this be a case of depreciation vs appreciation? It would be more realistic if they say 68 months instead of 34 months.
There is a bubble and a good time to buy? Hmmmn. I think this guy doesnt know what he is talking about. A bubble will burst sooner of later. In my opinion, an average price of 200K per square meter for a condo project is way overpriced. Compare that to the average price on year 2004 at 30K per square meter.
You buy when the bubble explode. not before it burst.
@ precisely
He is a salesman.. It's always a good time to buy for him 🥴
Consider the inflation. Your have 20 yrs of price difference. Alangan naman 30k parin or 50k lang?
@@wnderjuan2344e di bumili ka lol
Tanggap mo pala eh
He forgot to tell that many buyers defaulted last few month and these condos return to market. This is not a one time effect expect more defaults in the future. 6,000 “backouts” aka defaults since q3 expect more defaults
Oversupply o walang buyer, condos are expensive to maintain.
Another salesman, walk around Manilia at night you will see 50 to 60% condo units empty in buildings and who is this salesman kidding where he says previous owners are seeing their condo investment appreciating, try selling your unit, right
You'll never go up with gravity it will always pulls you down
Better invest in land, not condo's or houses in the Philippines.
Foreigners can't own land. They can own condos though.
Condos are good investments? Over supply nga e 😂
Expert tlga haha. Sa sales
Lost me with "gravity"...goes down ...goes up.. really!? 😂
raised my eyebrows.. haha
are they all spokes person for condo developers? nobody seems articulate clearly that these condo properties are over priced. 250k/sqm? one of the issues why prices are so high is that the buying public lacks the intelligence or smarts to realize that the real estate market is overpriced. the market is manipulated by the big banks and developers. bdo =smdc, bpi - ayala, metrobank - megaworld. heard of anti-trust?
Hawag leeg mga opesyalis sa Anti-trust at mga polpol na MAY TAKOT SA DIYOS Mambabatas
Thank you to pogo ban
Yes, Chinese buyers are letting go of their properties. Time to stock up?
Oversupply pero wala kang mabiling reasonably priced. Kunware may crisis, subukan mong magshopping, yung presyo e pang habang buhay na bayaran😂😂😂
Imho, temporary problem lang yan and part ng cycle. Ang isang lugar once na natayuan na yan ng condo, wala na. Occupied na, lalo na yung prime areas. Tapos growing rapidly yung population ng pinas not to mention yung mga growing number of foreigners na pinipili sa pinas mag retire kahit yung mga Filipinos living abroad want to retire to the PH kasi their money goes further in the PH. It will come around. Im a condo owner myself near a CBD in an up and coming area pero hindi sa MM and Im not worried.
of course he's saying that its okay because he's in real estate business. but in reality its like a bubble thats ready to burst. be ready for a crash in price in the coming years. too much supply but no buyers because condos are so expensive. those who have the money to buy a condo already bought one.
It's now laid to bare that POGO was inflating the condo market
The guest did not discuss about the local government increasing zonal value, so to be able to collect, more taxes. And the developers are taking advantage of this scenarios. But when condo unit owner wants to sell his or her, the zonal value is never followed.
It's economics. Low demand, high supply= prices go down. And vice versa!
Then how come prices are still up Php 3-5 million ?
Its not supply and demand, its hyper supply with no demand. Nobody's goong to buy it, certainly no locals or just a few but not for investments. Expats can go somewhere chill with less traffic and more convenient and safer so why choose Manila?
Did he just say it's the best time to buy? Bubble within a bubble.
Marami yang nakatenggang property kaya ganyan ang linyahan. Kunwari all is well and situations are normal si koya
I am sure he is selling all the time
Did he seriously say now is the best time to buy amidst the current condo crisis? What a joke. My advice is to avoid buying a condo. Dig deeper and do your due diligence.
@@Didi-z6uagree with u on that! 👍
This is the sad reality about housing in the Philippines! SMDC & DMCI is exploiting the situation by selling overpriced condomimiums just for a small space. Even an average employee cannot afford it.
This hyper supply might last long until this greedy developers adjusted their pricing.
@@malachi0000009 sadly they will not adjust, the can wait it out. They have their own banks.
Their prices haven't come down at all.
Condo's in Arca South are worth 5 million but rents for 12k. Terrible.
Damn xD
@@ly8682 Nauto sila sa "Next BGC" kuno wala namang trabaho
I bought mine 1 mil pre selling im renting it for 15k hehe
after only 41 years its paid off
Super OP and super liit ng cuts for the price.
It's all about location, location, location... Even within Makati City, you can walk 15 minutes, and see condo prices ranging from $25,000usd to $4,000,000 usd... There are just some very specific neighborhoods that are super expensive, and the new developments are also catering to the super rich ..
Truth of the matter, lots of OFWs have been buying condos as an investment, esp the high end units so lucrative to Pinoys living abroad for decades😊
@@jenniferinocencio8945 ahhh you're sadly mistaken. Ofw's aren't the market for 1million dollars and up high end units nor are Pinoys abroad the market for 4m dollars and up House and lots in the Philippines
It's possible. Many chinese Pogo people owned condos.
With the stoppage of Pogo, their condos will be added to hyper supplies.
Temporary? We’ll see.😊
Condo Oversupply Surging, House And Lots Next. Eyeing A 9m Condo In Makati Told Sometime In September That Price To Increase To 12m. But Price Just Drop To 5.8m 🤔
OVERSUPPLY = ✅️
OVERPRICED = ✅️
GOOD INVESTMENT = ❌️
Wait until 2027 when prices are expected to drop significantly.
Perhaps you should interview Mr, Leechiu.
yes oversupply tapos ang mamahal
Since it was mentioned that prices go up and down, Also the best time to buy the condo is today but a good price and how much? Thinking of buying a condo, I don't like to buy it a high price.
Here are some points they might have missed in the interview. People are moving outside metro manila gradually due to remote work, Filipinos are adapting to virtual or online means of employment or even in schools, online schools. There is a tilt in the market as of today, Millennials are now much capable of investing on lots and other assets , Gen Zs would rather start a farm than invest on condo, Digital Nomad is now a thing for most of the Gen Z.
If you would still do invest on condominiums, better consider developing it outside metro manila or outside a city proper with a lower lot price, lower condo price, lower rent.
Philippines trying so hard to be like Singapore and Malaysia, where condo living is normal due to high house and lot property rates. Only those who has a house in there are rich.
Why is it a crisis?
Because no one is buying over priced tiny box spaces.
Developers greed = lose
No city planning. Metro manila is overpopulated. It's time to decongest, more infrastructure/ development, and jobs across the country.
hahahah matalino n mga pinoy ngayon, WFH is the key... goodbye overpriced condos and trapik!
Its all about location location location
Drive around and you can see all of them. Gawin na lang low cost housing o relocation for squatters living by rivers or creeks or ghost towns like in china 😊
I saw good deals like P2.1M for 1 bedroom as a sacrifice sale a post on FB that garnered maybe 6-7 comments willing to unload their condo.
Temporary for 10 years 😅
Best time to buy kung may pang 50% dp ka.
Hyper supply? Super duper supply kaliwat kanan ang condo.
Cashflow? Taasan mo ung dp mo para sure kahit bagsak rate ng renta positve cashflow.
Several condos all fully paid sana all. year 2014 below 3m lang malupet na condo mo.
I could never lived in a condo or an apartment. I was 26 years old when I bought my first house, Now im about to retire I had a chance to buy a condo or a 1.5 acre waterfront property. I bought the waterfront property instead. I dont understand how people could live like pack sardines. Also so many rules. Thats the reason you buy a property so you're free to do whatever you want.
Nag increase lang naman ang price ng condo sa pinas sa papel. Pero pag binenta the price is lower than the appraise value.
Like a friend who own condo in Acasia condo sa taguig. The value in paper was 10 M but was sold only for 4 M because there’s no buyer. It’s been in the market for 3 years kanya binenta ma lang ng paluge.
Sirrrrr. Smdc to the moon
I think based on how the market of condos are, we just have the right supply, the next development will be legitimate business offices..
Even the monthly association dues in condo living are too high
Condo bubble just popped. Yun lang yun
It hasn’t popped yet kasi nga mataas pa. Pero konting-konti na lang puputok na yan. Yan ang “the best time to buy” hindi ngayon tulad ng sinasabi ng “expert” na ito.
Not there yet hahaha marami pa sila itatayo sa 2025.
@@askherbs buying before bubble burst is always best time to buy lol
@@GoldfingerCebu for real? how is that the best time to buy when it hasn't bursted yet?
@@askherbsthanks for saying this, I do not have to say it again. When it has popped, that will be the best time to buy... so for now, cash loading na muna tayo!
Think positive lang po haha
Let's hope this won't be the start of another 2007 Asian Financial Crisis. That started with the oversupply of homes in Thailand.
Asian Financial crisis was in 1997
the cause of the 1997 Crisis was Thailands decision to floating the Baht, depleting its foreign reserves and resulting to Phils Malaysia Indonesia experience similar currency collapse.This then led to excessive foreign borrowing and high levels of debt.Hindi sa oversupply of homes kung meron man noon.
😂@@sedfreylac
Why didn’t the so called expert explain why the foreigners are leaving the Philippines hence having a significant effect on the buying capacity for condo inventory.
As a mortgage agent here sa Canada, this is a classic example of a sales person who would say na “it’s always the perfect time to buy a house”.
Condos in Manila as an investment?
Id rather spend 5-6M with a 5-10 unit rental in pampanga
Buying condo as a “airbnb and vacation is just a waste of money and time”
I have seen a lot of Filipinos here in Canada struggling to sell their properties bec of oversupply.
Crisis to whom?
Polpol Naman Ang MGA govt leaders (Hindi Naman lahat there are few left na matitino).
Hindi magsasabi totoo yan 😂😂😂😂😂
By the time he introduced himself, I knew this interview will not go well.
you have a point!
It's supply and demand. The prices must drop.
Condo prices goes up but rent doesnt hahaha..dito sa Pampanga sa clark nagpapagawa kami ng condo dahil its ideal and relaxing and a staycation option for those in manila and also an accomodation for foreign retirees...why would you buy a condo in manila its too stressful!!
I want to buy a condo but only if its a good deal
Im not sure buying a shebox living space is a good investment…. Maybe a land is far better investment
Marketing strategy ofcourse for more condos to sell..
Oversupply of condos but undersupply of Affordable condos, big name developers wont lower prices and will simply wait it out
It won't make a dent on the wealthy. They buy real estate to park their money rather than leaving it in the bank.
No Pogo renters . Even for a bargain rentals, no renters. Rampant pasalo , very Low resale value , kahit balik taya na lng limited buyers. High RPT, condo dues high together with special assessment … Bank monthly amortization cannot self support for rentals…. Sana magka POGO ulit makabawi bawi naman…
I own 3 condos. 2 of which I bought in 2019 and this year. I dont feel any condo crisis. I can still pay my mortgages.
If the prices of condo will go back to 100k per sqm or lower. I will surely buy additional 1 or 2 units.
can you rent ur 3 units out?
@GoldfingerCebu my first condo in Paranaque. Never vacant. My 2nd and 3rd are strategically located near Ortigas CBD and BGC. I rented out as Airbnb. Average net income per month around 20k to 35k per unit.
If you invest in condo for rentals dont buy expensive and large size. Go for studio type those below 2m. You can easily find tenant if you rent them out for 17k and below.
Dont buy 3m or higher if its for rental Unless, you will live on it. Dont believe those agent saying you can rent them for 30k and up or airbnb for 2.5k - 3k per night.
@@macolet9711 How much is the Rental Yield? Probably 2-3%? Have you considered the expenses like dues, maintenance, taxes, furnitures, future special asesments?
@@macolet9711Is there some more condo cost 2m? Can you tell me where so I could buy one?
@bluestreak5907 i bought my last 2 condos for 1.9m. Minimum monthly net income is 20k net of all expenses. So my annual yield is at 2 digits %.
My first condo's yield is much higher. I bought it for only 800k. My monthly net rent is 15k.
I will be happy to buy a foreclose Condo. Please let me know if one is available! Thanks.
HNDI OVER SUPPLY, kundi OVER PRICE. dahl sa EXTREMELY OVER POPULATED kya nagigng SOBRANG MAHAL ung lote ng isang city at ng isang project area,etc, kac kung MAS MURA ung condo sa Pinas ay MAS MANY makakaBUY, same yan sa mga resto na SOBRANG MAHL na WALA ng gustong kumain,
It's overvalued, and the monthly dues are killing! The Worst thing here is substandard construction, which is why most owners want to sell their units.
Its not for middle or upper middle class pop.
Condos in the Philippines are oversupply, expensive and very poor quality. You buy one at high price and you will never be able to sell it or if you are lucky enough to find a buyer, you will get far less than what you bought it for.
This man is living in the lalaland as usual for those who sell condos. 😅
People who are contemplating buying condos for investment even as their own space should consider it multiple times if they can afford it or not even if you can afford.
get a wfh job, and work to province, that is the best instead of op condo manila, imagine 2.5m just for a space that fits for a car!
Why buy kung di naman kailangan, marami naman supply. Better invest siguro real Lot but not condo na pagkasikip sikip 😊 di rin mapamana sa anak, some last for how many decades lang. Unlike Lote talaga
super inflated kasi prices ng mga condos dito sa pinas na imbento ng developers yung prices para kunwari may demand pero wala naman kita mo 34 mos oversupply of condos sa Metro Manila and 18 mos of defaulted monthly payments among owners, no wonder mga condo sa metro manila wala halos occupants kitang kita pag gabi wala masyado ilaw
with PH condo prices, much better to own a condo abroad
Obviously, these people are targetting mid to higher class. Preselling looks attractive but you would be surprised that no one want to rent it because high rental expectations of investor-kuno. Kawawa!
It's better to invest in a farm land or house and lot than buying an overpriced condo. Condo 🇵🇭 prices and value are over hyped and lots of owners are trying to sell.
It's hyper supply of condos marketed for the upper middle class to the rich. Gusto kasi ng developer and investor, malaki ang tubo. The real crisis is housing for the poor. Yung condo na over 5M ang presyo, pang mayaman lang yan. Yung mga ini interview ang concern nila profit.