AI firms seen absorbing part of property glut from POGO exit | ABS-CBN
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AI firms seen absorbing part of property glut from POGO exit
AI firms seen absorbing part of property glut from POGO exit
MANILA — Real estate brokers and analysts said the oversupply of condominium units in Metro Manila was not a cause for worry as the situation may just be temporary.
MANILA — Real estate brokers and analysts said the oversupply of condominium units in Metro Manila was not a cause for worry as the situation may just be temporary.
At the Pandesal Forum in Quezon City, real estate services and investment firm Colliers Philippines said unsold ready-for-occupancy (RFO) units in Metro Manila reached P158 billion in 2024 up from P89.6 billion in 2023. Colliers Head for Research Joey Roi Bondoc said it would would take over 8 years for all the units to be sold.
At the Pandesal Forum in Quezon City, real estate services and investment firm Colliers Philippines said unsold ready-for-occupancy (RFO) units in Metro Manila reached P158 billion in 2024 up from P89.6 billion in 2023. Colliers Head for Research Joey Roi Bondoc said it would would take over 8 years for all the units to be sold.
Bondoc however also noted that many developers are now limiting construction projects, while government is also trying to attract new industries to invest in the Philippines and hopefully buy residential units.
Bondoc however also noted that many developers are now limiting construction projects, while government is also trying to attract new industries to invest in the Philippines and hopefully buy residential units.
While Philippine Offshore Gaming Operators have left the Philippines, other businesses are entering the country with the boom in artificial intelligence development, he said.
While Philippine Offshore Gaming Operators have left the Philippines, other businesses are entering the country with the boom in artificial intelligence development, he said.
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“The POGOs have left the Philippines, but you now have AI software engineering companies locating in the Philippines taking up massive office spaces,” Bondoc said.
“The POGOs have left the Philippines, but you now have AI software engineering companies locating in the Philippines taking up massive office spaces,” Bondoc said.
The company remains optimistic of the growth of the condominium sector in the country this 2025.
The company remains optimistic of the growth of the condominium sector in the country this 2025.
One of the more positive growth they are seeing is the real estate industry in the provinces. Many projects outside Metro Manila are being constructed while some are already almost sold out.
One of the more positive growth they are seeing is the real estate industry in the provinces. Many projects outside Metro Manila are being constructed while some are already almost sold out.
“Look for resort leisure theme developments. We’re looking at Benguet, Baguio, Cebu, Davao, Cagayan de Oro, Bacolod, Iloilo. I think this is one segment of the residential market, the leisure-oriented sector, that will greatly benefit from the influx of foreign tourists,” Bondoc said.
“Look for resort leisure theme developments. We’re looking at Benguet, Baguio, Cebu, Davao, Cagayan de Oro, Bacolod, Iloilo. I think this is one segment of the residential market, the leisure-oriented sector, that will greatly benefit from the influx of foreign tourists,” Bondoc said.
He said areas like Cavite, Bulacan, Pampanga and Batangas among others, are expected to see a lot of infrastructure development which will boost property prices there by "double or triple every year.”
He said areas like Cavite, Bulacan, Pampanga and Batangas among others, are expected to see a lot of infrastructure development which will boost property prices there by "double or triple every year.”
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Various speakers at the forum also said there are opportunities for brokers and buyers as well.
Various speakers at the forum also said there are opportunities for brokers and buyers as well.
Pasay-Makati Realty Board Inc (PMRB) President Glorie Marie Sy said now is the time for buyers to negotiate pricing or payment terms. She said some units have dropped prices while others are offering promos.
Pasay-Makati Realty Board Inc (PMRB) President Glorie Marie Sy said now is the time for buyers to negotiate pricing or payment terms. She said some units have dropped prices while others are offering promos.
“Now is the time to really push for a little bit of negotiation. Because why? Ang dami na promo ngayon na hindi existing previously,” Sy said.
“Now is the time to really push for a little bit of negotiation. Because why? Ang dami na promo ngayon na hindi existing previously,” Sy said.
Bondoc added, “Developers are willing to extend downpayment terms up to 48 months. Pre-pandemic, you’ll be lucky to have a downpayment term of 24 months.”
Bondoc added, “Developers are willing to extend downpayment terms up to 48 months. Pre-pandemic, you’ll be lucky to have a downpayment term of 24 months.”
Moby Arquiza, Co-Founder of the ASEAN Real Estate Network Alliance, agreed, adding that there is also opportunity in the tourism sector. Many of the unsold units can be used for rental which can also add accommodation options for tourists.
Moby Arquiza, Co-Founder of the ASEAN Real Estate Network Alliance, agreed, adding that there is also opportunity in the tourism sector. Many of the unsold units can be used for rental which can also add accommodation options for tourists.
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“There are takers for that because of tourism. Kung touirsm-based ako, mag Airbnb ako, I can get a very good deal from the developer. Kuha ako ten units, twenty units,” he said.
“There are takers for that because of tourism. Kung touirsm-based ako, mag Airbnb ako, I can get a very good deal from the developer. Kuha ako ten units, twenty units,” he said.
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