26,300 Unsold Units in Metro Manila Create Golden Opportunity for Homebuyers

Metro Manila’s condominium market is experiencing a record-high oversupply, presenting a prime opportunity for first-time homebuyers. According to the 2024 Metro Manila Residential Report, around 26,300 ready-for-occupancy (RFO) units remained unsold at the end of last year. Additionally, the city’s rising vacancy rate, driven by aggressive property development, has contributed to the growing number of available units.

In response, developers are offering competitive pricing, flexible payment terms, and additional incentives. With interest rate cuts expected to bring down mortgage rates, conditions are becoming increasingly favorable for buyers.

To attract new homeowners, developers are simplifying and making homeownership more accessible with:

• Discounts on total contract prices: Developers are offering significant price reductions to cash buyers, with discounts reaching up to 30%.
• Incentives and added benefits: To attract buyers, some developers offer special discounts for specific groups like first-time buyers and OFWs, along with exclusive perks such as partner discounts or upgrades on the amenities.
• Extended down payment terms: Flexible payment plans are being offered, extending down payment periods up to 48 months to make ownership more accessible.

These offers make condo ownership more affordable and practical, giving buyers the chance to own a home and build equity instead of spending on rent. With properties in prime locations, owners can spend less time in traffic and save on transportation costs, making daily life more convenient and efficient. Furthermore, real estate often appreciates over time, giving owners the potential to earn from future sales or rental income.

Prospective homebuyers now have more opportunities to secure flexible financing options amid favorable market conditions. Those purchasing brand-new condominium units from accredited developers can take advantage of PSBank’s Home Loan with Prime Rebate, which offers competitive interest rates, flexible repayment terms, and a seamless approval process. Buyers can also maximize their savings through the Prime Rebate feature, which allows them to automatically earn rebates daily when they make advance or excess payments—reducing interest costs and helping them pay off their loans faster.

For those looking for more affordable alternatives, PSBank also offers a selection of Real and Other Properties Acquired (ROPA) at discounted prices, providing buyers with additional opportunities to own a home at great value.

With an oversupply driving affordability, developer incentives increasing, and financing options readily available, this may be the ideal time for first-time buyers to enter the property market.