Rian Gabriel Fuentes

Property expert and CEO of Leechiu Property Consultants David Leechiu recommended on Monday to rent condominium units amid an oversupply issue in Metro Manila through an interview. 

Photo Courtesy of Ayala Land.

Leechiu said renting a condominium is more advantageous than buying due to higher discount rates. 

“If you want to buy units right now, the discounts are probably 10, 20, 30 percent of the purchase price. The rents are discounted at 50 to 60 percent,” he said. 

As of the second quarter of 2022, the average selling price of condominiums in Metro Manila amounted to P225,000 per square meter, based on Statista

The current price is much lower than the mentioned rate as there is an oversupply of condominium units in Metro Manila. 

According to Leechiu Property Consultants, there is a current oversupply of condominium units around Metro Manila with Quezon City being the highest with 18,500 followed by Ortigas having 13,500 open rooms. 

Other areas include Bay Area with 10,500 units, Manila having 8,500 rooms, Alabang with 5,800 units, Makati that has 3,400 free space, and Bonifacio Global City having 1,300 open condos.