Earlier in the year, Dot Property Group reported that the Metro Manila luxury condo market was rapidly recovering due to an increase in demand in places such as Taguig. That appears to be continuing with Colliers reporting that the high-end segment was accounting for 28 percent of total condominium take up during the first three quarters of 2022.
The consultancy added that it was seeing the most activity in major central business districts, such as Fort Bonifacio and Ortigas CBD. Unlike some other segments, the Metro Manila luxury condo market will not be affected by current economic headwinds.
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“Despite higher interest rates, we have seen a stable demand for upscale to ultraluxury condominium projects in Metro Manila. We believe that the ultraluxury segment will likely remain resilient amid the rising interest and mortgage rates,” Joey Roi Bondoc, Associate Director and Head of Research at Colliers, stated.
Research from Dot Property Group found that interest for condominiums in Taguig priced between PHP20-50 million rose by 77.4 percent between the fourth quarter of 2021 and the second quarter of 2022. Over the same time period, there was a 124.5 percent surge in demand for units PHP50 million and above.
Of the total demand for luxury condo units in Metro Manila (>THB20 million), more than 54.8 percent of all interest were residences in Taguig. The area has always been a preeminent address for high-end property, but it has reached a new level in 2022.
While Taguig is best known for being home to Bonifacio Global City, the ascent of Arca South has been a key factor in rising demand this year. The expansive mixed-use development has proven to be the perfect place for post-pandemic buyers wanting to live in low-density projects near their workplace.
That trend is expected to continue. With the Metro Manila luxury condo market being so competitive, many homebuilders are needing to evolve their offerings to better suit buyers searching for exclusive lifestyles and connectivity.
“Due to Metro Manila traffic, there will be greater demand for connectivity to master-planned communities and topnotch concierge services. With more luxury and ultraluxury projects being launched in Metro Manila, Colliers sees the rise of more discerning buyers. Hence, developers need to further innovate and differentiate in a highly competitive luxury residential segment,” Bondoc noted.
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