Colliers Philippines sees the condominium market picking up starting in 2024 after muted performance this year.
In his presentation at the ANZCHAM Philippines Industry Update recently, Joey Bondoc, director and head of research of Colliers Philippines, said annual delivery is seen at 7,000 units between 2023 and 2025 or a total of 20,600.
That will add to current stock of 152,000 units.
As of the first quarter, some 1,200 units were completed with another 2,340 units delivered in the remainder go the year.
That sums up to 3,540 units for the year.
By 2024, the number of condo units to be completed will surge 11,180 before falling to 5,880 in 2025.
By the end of 2025, completion will have increased 13.6 percent to 171,760 from 151,160 at the end of the year.
Vacancy rate will soften to 16.8 percent from 17.4 percent as of the first quarter. -Irma Isip
