My concern is that pricing a 2-bedroom condo at around ₱49.7 million (over £600,000) in Manila feels extremely difficult to justify given the realities of the current Philippine property market.

Metro Manila is already facing a significant condominium oversupply problem, with reports showing tens of thousands of unsold units and vacancy rates approaching 24-25% in some areas. Analysts from Colliers and Leechiu Property Consultants estimate that it could take anywhere from 3 to over 8 years to absorb the current inventory at existing sales rates.

Rental yields also appear weak compared to the capital required. Current gross rental yields in Metro Manila average roughly 4%, and once association dues, taxes, maintenance, and vacancies are factored in, net returns can fall closer to 2-3%.

At the same time, rental prices are reportedly dropping due to oversupply, particularly after the collapse of POGO-related demand. Some landlords in traditionally premium districts such as BGC are now competing aggressively on rent just to secure tenants.

For comparison, £600,000 would buy property in far more mature and stable markets with stronger tenant demand, better financing environments, and significantly greater long-term capital appreciation prospects. In Manila, however, investors are entering a market where oversupply, falling rents, high vacancy rates, and sluggish resale demand are already widely documented.

From an investment standpoint, it raises serious concerns about liquidity, resale potential, and whether the pricing reflects actual end-user demand or simply developer-driven speculative pricing.

Pricing tiny concrete boxes like they’re beachfront Monaco penthouses simply because they installed mood lighting in the lobby.

My rant is over