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Leechiu Property Consultants said there are still 81,400 units available in 622 buildings across the metro, which may take about 38 months or 3 years before the supply is taken off the market

MANILA, Philippines – Property developers are now offering sweet promos to get condominium units in Metro Manila off their hands.

Leechiu Property Consultants (LPC) said there are still 81,400 units available in 622 buildings across the metro. The consultancy firm estimates it will take about 38 months or over 3 years before the supply is taken off the market.

But Roy Golez, director for research and consultancy at LPC, pointed out that this is the same amount of time it takes for property firms to construct a new condominium unit.

“Most developers now actually deliver within a five-year time period,” Golez said in a press conference.

“In terms of cash flow, the big guys are covered already when they hit 30% to 40%…but of course, they have to move inventory,” he added. “It may not be the same for the smaller and mid-size developers who rely on pre-sales as part of their financing, but for the top guys, you won’t see any more price decrease from them, it’s really more about discounts and extended payment terms.”

So what are developers doing to get units sold? Enticing potential buyers with hard to ignore discounts and a variety of payment options.

Sweet deals

Despite the oversupply, condominium sales went up in the first quarter of 2025. LPC reports a 14% growth in the first three months compared with the last quarter of 2024.

This means that from January to March, developers sold 6,508 condominiums.

Part of the reason may be attributed to the growing number of developers offering better terms as most are still “reluctant to decrease prices.”

“In fact, now more so, the terms that they’re offering are longer, especially for the RFO (ready for occupancy units), but they’re also transitioning towards the pre-selling units and they’re offering really good, stretched payment terms,” Golez said.

Some companies are offering RFO units with downpayment terms up to 42 months and deferred payments may be accommodated up to 120 months. Among the best offers LPC has noted were companies giving buyers downpayment options of 10% to 20%.

Meanwhile, some pre-selling units are on the market with 20% to 40% downpayment options, which may be extended up to 72 months.

Aside from payment, some offers make it easier for buyers to move in instantly.

Here are some promos offered by different property firms:

• DMCI Homes: In December 2024 to March 2025, the developer had a rent-to-own program to give “prospective homeowners more time to experience their chosen property before deciding to purchase.” The program has a 36-month rental term — if someone decides to buy, all that’s left to do is pay for the remaining balance of the property.
• Megaworld: Properties in Uptown Bonifacio, McKinley West, and Northwin Global City have several pre-selling promos — from no downpayment to offering terms with 0% interest and for some properties, buyers can have up to six years to pay for their condo units.
• RLC Residences: The Gokongwei-owned property firm is offering potential buyers a promo of a 5% down payment for condominiums, while lease-to-own terms are also available.
• SMDC: The residential property arm of SM Prime Holdings recently launched “Move In Now” — a program where SMDC sells fully furnished condominiums at a 5% spot downpayment. The units will be retrofitted according to each client’s wants, with help from the SM Group’s in-house styling program with SM Home, Our Home, Ace Hardware, and SM Appliance.
• Vista Land: The Villar-led property firm introduced its MOVE Program in January 2025, offering buyers an “easy move-in rate” of just 3% of the total property cost.

“[There’s] a big opportunity for those who have been intending to buy a condo to take a look at all of these promos by developers,” Golez said.

“While the prices remain, the payment terms are easier with less interest.”

Despite these deals, however, some buyers still do not push through with the transactions past the pre-selling phase. LPC also recorded 9,000 unit cancellations from the last quarter.

Limited launches

With a significant amount of condominium supply left, LPC expects developers to “slow down on their launches.”

New launches in the first three months of 2025 dropped by 77% from the previous quarter, which means only 1,347 units went on the market.

“Not surprising, considering that there was such a big talk about oversupply in the market,” Golez said.

While it is mainly Metro Manila that has more condominium units than what the market is willing to buy, Golez said the “confidence of the brokers and buyers have been impacted nationwide.”

LPC said brokers should study the overall market situation and realize that the oversupply in Metro Manila does not affect other areas.

“Davao, Cebu…it’s not the same market as Metro Manila,” he said. – Rappler.com