Understanding the condo oversupply in Metro Manila | It's A Beautiful Day

[@Jasper-sn6fm]

This guy have been interviewed about a hundred times by various news outlets and even vloggers. The questions and answers are exactly the same just different host. If he is the only property experts in the Philippines who can provide views and analysis of the property market in the Philippines then the country is screwed!

[@TracksuitSaiyan]

Same thoughts as well. Wondering if these findings are commissioned by the industry to protect ibterest

[@jellybean1252]

This is their way of controlling the narrative ….

[@margauxchu2194]

they're trying to brainwash the public that this is the right time to buy to take advantage of the special payment terms being offered by the developers - he's completely biased. a real expert will say that these condos are overpriced and need a price correction

[@jonpritz9838]

Real estate is local compare manila to nyc is stupid Supply and Demand. Basic economics

[@jakelawa5982]

Or, this gus is selling his 'expertise'...

[@socalbenny4728]

₱3 million for a 25 sqm studio condo with no balcony is just insane. Why are developers so greedy? Metro Manila isn't like Hong Kong where land is scarce. Why even build these high density buildings?

[@rolandolazarte7611]

25 sqmeter? way expensive for a small house. I have 3 fulll size car garage, way bigger than a small condo.

[@tukmol1589]

25sqm condo without a balcony is a jail cell.

[@archiearon654]

3M? Only? One developer is even pre-selling it's 26 sqm shoebox condo for 5M in Nuvali, Laguna. Another one is pre-selling their 26 sqm condo in Binan for 7M. Ridiculous prices reserved for gullible "investors".

[@juanitalatonio965]

So ridiculous prices. It’s so true condos in the Philippines is even way expensive than houses in America.

[@maokuscabe816]

Dont fall into condo trap as investment promised by some agents..its a money blackhole..you have been warned..

[@OneJuanWon]

Take a 1 bedroom, 55 square meter condo in BGC/Makati and compare it against similar spec/age condo in Kuala Lumpur, the latter will be a better deal. I've been cross shopping these two as I plan to retire in a few years and relocate. In addition to the cheaper condo price, there's numerous other things to compare (infrastructure, transportation, pollution, etc.), KL is very clean and organized for much of the greater metro area. Once you step outside of the BGC/Makati bubbles, you see the real side of the Philippines. You can also do this same comparison with Bangkok.

[@LazyBonesJT]

tru❤

[@flc23]

I've been to KL and the comparison between the two is huge. Normal condo in KL is around 80sqm while in Metro Manila it's literally shoebox sized condo some 20 to just 60sqm on average. Not to mention the surrounding environment and cost of living, food and utilities are reasonably priced compared to Philippines where electricity, internet and everything else are overpriced.

[@martinhare6085]

Good insight

[@robertjanu445]

Walang over supply dahil malaki ang housing backlog sa Pilipinas. Condo over pricing meron.

[@bluestreak5907]

The housing backlog is only for low-income households. So unless you want to rent out your condo for 3k-5k a month, it wouldn't fill that backlog.

[@romeosinson4446]

Hindi kakayanin ng nakararaming pilipino ang condo

[@makolelearnstotrade3744]

Kahit 1M yan ay Hindi parin Kakayanin ng Minimum wage Earner,which is Philippines is Composed of

[@ReymondVirtudazo]

ang layo naman nang reply mo​@@makolelearnstotrade3744

[@ronnienestor]

@@makolelearnstotrade3744 The minimum wage earners are NOT the target market of condo market and will never be in the next 100 yrs.

[@hotpot5517]

Developers is doing everything to save itself with David Leechiu.

[@pizza7895]

Provided u can sell your One Roxas property, what David is not saying is that all this value he is throwing around is paper value. Listen you can post your condo for a billion peso and claim it has appreciate a billion times, but in reality will anybody buy that property with such valuation. He is being stupid and reckless to bait people that condo's are easy to sell assets where in reality once you bought one its almost impossible to sell it even if you go back to the price you have bought it. I know alot of friends dying to sell their condo units to no avail. Here in the Philippines selling things is almosts close to impossible without losing money.

[@ArjunVids]

Have you seen the 5M to 10M unit here in NCR? It's no surprise no one wants to buy it. Even foreigners don't want it. I mean why would you pay for that astronomical price and then live like a dog in that small space.

[@jhustbie]

The resource speaker has some sort of interest in the subject. Would you believe this guy? Do your research. It is your money.

[@fkoff7649]

I DON'T BELIEVE THIS GUY. HE IS CLEARLY A CHINESE SPY SERVING CHINA'S INTEREST. HE IS NOT EVEN A REAL FILIPINO. HE WANTS TO POINT OUT THE IMPORTANCE OF HIS FELLOW CHINESE CITIZENS INTEREST IN THE COUNTRY BY MAKING IT SEEM THEY ARE CONTRIBUTING TO THE COUNTRY'S REAL ESTATE SECTOR AND ALSO HE WANTS TO DRAG PH TO CHINA'S MISERABLE REAL ESTATE SECTOR.

[@xyzmsbright]

Nope. Do not believe this guy. Business is business. They are desperate to sell those empty, condos for a year already maybe. No income for them 😊

[@AndersonCo-e3e]

condo/housing prices should correlate with wages especially in a country with no universal health care

[@bluestreak5907]

Universal healthcare is terrible. It will increase ALL medical costs like what is happening in America. Just a heart attack procedure would bill you 5 million pesos

[@flc23]

The problem is the prices is so detach from reality. In terms of rental yield normal employees cannot afford even the rents, they had to find roommates. There are few Foreigners that actually want to live in metro manila and most of them prefer BGC and Makati. If you wait for the prices to go up then your property is just sitting there accumulating expenses because you still need to pay for property Tax, dues and maintenance.

[@jlmarc01]

Don’t think POGOS were a big part of this issue. They were just renting and most where outside Manila

[@dt5622]

They were, i worked at a property developer. POGOs bought multiple floors through shell filipino corporations. A lot of new condos' 8th floors were snapped up by them despite premium pricing on this floor specifically

[@ronnienestor]

POGO workers were mostly in Metro Manila. If you live in Bay area near Mall of Asia, there were literally thousands of Chinese from mainland who worked, stayed in the area.

[@timsavvy]

Prices are down? Are you serious? They're still more expensive vs a decade ago. There still and will always have a need for PH housing.. Unless if the condo prices are low enough for the average salary employee can afford, then people can keep saying that prices went down, demand is still high, yet no one will buy😂

[@Lolopinoy123]

What I hear from the explanation is Condo properties in the Philippines lack transparencies and lack real empirical data.

[@gbl0711]

Hahaha one thing he is on right is USA and Philippines are not true comparable markets. Meaning philippines as a, and still a 3rd world country with nothing to offer its citizen, other than its nice tropical weather (when it's not typhoon season😂) is still WAAAY over priced!! Yes the comment absolute insanity is 100% a fantastic call and I second that notion. I would rather spend my money in the USA with the dollar overpowering all currencies and a great leadership on deck. What does Philippines have to offer its investors really? Please enlighten me Mr CEO who is pumping up condo market in the PH so he doesn't bleed and keeps profit margin up and salary. Don't listen to this clown. Don't buy his crap. If you know basic macroeconomic principle; and there is an over supply, the prices WILL AND MUST go down. Otherwise, you can kiss your economy goodbye! PS- OFW's, Expats, Investor are the main ones propping up Philippines economy. When companies globally are trimming payroll costs, meaning layoffs and more layoffs to come, and Expats going back to USA bc Philippines are not longer affordable unless you live in the province, and even then have you seen the prices in the province, in the islands, the mountainous region, ridiculous prices! And investors are backing off Philippines bc you can't cash flow anymore and ROI is slimmer, what exactly will keep propping up the PH market??? No one will touch a declining market. No one. Unless you listen to this farce advise. Keep smoking your hopium Mr CEO!

[@jhustbie]

Exactly my point.

[@gbl0711]

The irony of the video title and guest speaker's bias position is comical. Lee Chiu doesn't understand or refusing to acknowledge reality is a recipe for disaster. When BSP is projecting prices will fall well into 2028, you should heed caution. I think they know what's going on, and they're manipulating prices to their favor. Don't listen to this Chinese CEO. Never believe a Chinese businessman! The Chinese greed has taken over PH, they can leave too, they've been exploiting our land and people.

[@jdc1up]

There's really a huge disconnect in how these things are discussed... most families in the Philippines don't know how and where to get decently paid. And most government institutions make life difficult... so many other things are expensive here like medical care. Many people are just meant to live sad lives unless you become cunning enough to ignore morals...

[@winzip09]

I think he is holding the bag

[@acounttemporary5017]

Dapat magkaisa ang mga buyers at wag muna bumili hanggang mas lalo pang bumagsak ang presyo niyan.

[@rolandolazarte7611]

I'll wait till I start seeing foreclosure and short sale signs. Developers should stop building new homes. it only adds to more inventory in the market.

[@Will67267]

That’s why my rent is so cheap . I only pay 35000 pesos for a 52 square meter 1 bedroom apartment in Legazpi village greenbelt area. Love It!!!

[@MARIO-m9m]

Daming bitter sa comment section. Buying condo and houses in the Phils is a flex. Ofw's main goal is to buy property. Dati cavite is a province but now mahal narin bumili. Dont get fooled with pessimistic comments,gusto lang bumaba pra mkabili sila. Makabili, meaning, on a look out for a chance to buy 😂 so sisiraan tlga ang market. Pero kpag alam mo gnagawa mo, just hold. Plan out right. Dont sell. Sacrifice ngayon, ani later.

[@junglejim4549]

"The COST of LIVING has impacted them", per Mr. Leechui. The COST of LIVING based on INFLATION has impacted EVERYONE in the PH! Again, this all goes back to INFLATIONARY FIAT CURRENCIES (PH Peso, US$, C$, NZ$, A$, etc.). This is why BITCOIN is now OVER US$95K per token. It is all about GRESHAM's LAW!

[@hotpot5517]

Forbes Park and Dasmariñas are currently priced at an unreasonable level. Even if you were to rent for 500k per month with a 5% yield over 30 years, it would only amount to one-third of the current asking price.

[@junglejim4549]

Mr. LEECHIU spoke about " INFLATION SPIKED"! Has Mr. Leechiu heard of GRESHAM's LAW? Am sure he is facing FINANCIAL PROBLEMS now because those buildings he owns is all based on BANK LOANS! Blaming the " Middle Class" for not buying based on high interest rate is a lame excuse. Hope he sleeps well with all that HUGE PILE OF DEBT!

[@adelinesy1722]

5 years daw Hindi 3 years according kay collier and Wilson lee Flores, buti pa sila honest!

[@jhustbie]

Check the prices in Spain, US and Japan. Would you think an investor would take a condo in Philippines instead on the latter? My goodness.

[@ReymondVirtudazo]

oligopoly din kasi mga developer pati bangko pang mortgage meron din sila. panget talaga sistema sa Pilipinas😢

[@TheKamotechunks]

how can you say the market is healthy while developers are down 30% from the demand? yet the developers will launch new projects this year. Forbes park and Dasma bringing down prices CAUSE NO ONE IS BUYING.

[@SlimjimMK11]

Developers will BUILD at 2025 price and really plan to sell in 2030.. Meanwhile claiming profit loss for tax purposes.. Just basic business..

[@johnramos3335]

Rent are still expensive in bgc that’s crazy

[@LMNSeason]

I hate condos and specilly in Manila. BGC will have a condo market crash in less than 3 years as over supply remains over a period of time. Buying a land and developing it has been a much greater investment. Condos in BGC are schemes to drain money from those who have some money but not know the market. There are more new condo supplies and under development this year. This will flood the supply and pop a bubble.

[@patay168]

Land prices are also going down now. It's 30% down already in chinatown.

[@Rodrigo_and_Otlum]

Condo units depreciates and expensive to maintain. Unlike house and lot real estate.

[@bluestreak5907]

They both depreciate and are expensive to maintain, only lots don't

[@SlimjimMK11]

I just cannot understand why people are not buying into these vertical slums.. Don't they believe the sales talk anymore??..

[@bluestreak5907]

Even rental prices in Manila are overpriced. A 23 sqm in Manila is P15-P20k, you can get a 46 sqm in a luxurious condo with better amenties in Bangkok for 10k-15k.

[@Benpani716]

Construction cost is only 30k per sqm.. Property in Manila cost around 100k per sqm.. No monthly dues pa.

[@highflyer29]

I think this guy's missing the point completely. For sure there's a local demand for condos/properties, but can the locals afford it in the first place, without living paycheck to paycheck? There's only a very small percentage of the middle class who can afford 20-30k amortization for 10+years since salaries are only between 20-30k. There's a huge difference between demand and capability. If he's persuading/advocating for developers to provide better payment schemes (e.g. longer and lower amortizations, furnished promos, etc.), the underlying principle of having an overpriced condo/property is still there, which is not commensurate to the rents that you can possibly get from it. Of course, it's a completely different conversation if we're talking about BGC, Makati, Ortigas, since these areas can also yield high rental prices, but on the flip side, are extremely expensive as well. In retrospect, the middle-class sector cannot afford these "middle tier" condos because they're still overpriced, while having high interest rates from banks and no government support. It is what it is, I think generally, people can only buy these "over-supplied" condos by either having higher wages, or prices lowering all throughout.

[@highflyer29]

Maybe he's really targeting the high-income class to invest in "middle-tier" condos with the hopes of the middle class eventually staying in these properties. Essentially forcing the middle class to be forever renters, while the upper class will be forever landlords haha modus

[@godyguerrero5571]

This guy is out of touch with reality. Wait a couple more years. Prices will adjust to the downside. Median home price in Metro Manila is 24.8 times higher than its median annual household income. US is 6.5 and china before the collapse was 26.

[@tebonginc]

magaling, thank this man for his valuable insights

[@GoldandHomeSeller]

Oversupply is not a problem.kasi marami pang pilipino ang walang matirhan dito sa manila. Ang problem yung price ng property ay para sa 1st world country kaya hindi ng mamatch ang supply and demand.. for sure magkukulang ang supply ng condo kung imamatch nila ang salary dito sa pilipinas😊🤔. Do the math plus interest rate. Hays kawawa lang si mang juan. Kaya magrenta nalng..😊

[@andi_Lee]

80k/sqm for mid-end condo's in Metro Manila? Where's he getting his numbers? Venice BGC was already at 250k/sqm 8 yrs ago. Outside of BGC, Aseana & Elsewhere it'sbetween 100k-150k. Today, pre-sales in BGC is 700k/sqm, elsewhere 250k/sqm. Resells, are however way down, reflecting the huge disparity between real market value & those artificially inflated by developers

[@rheneberg]

Mid market is 3m to 20 million?! So what's low market? Is there condo below 3 million nowadays?! Dumb consultant smh

[@NoVisionGuy]

affordable housing is between 500k-1m, economic housing is between 1m-3m, then 3m above is regular housing prices.

[@Mao-Digs-Escariote]

seller din kasi yan kaya ganyan

[@pushslice]

Yes, there is , and the really good negotiators with cash on hand are already buying them. What’s your next question?

[@bluestreak5907]

Government housing outside manila

[@One_Cebu]

3rd world country with a 1st world price. Thats insane! Good luck to these expats and OFW, selling their condos.

[@JMgmkh]

I sold in pandemic. Lost 40%

[@sanamabeach]

Oversupply tlaga. Wala na kumakagat sa price.

[@Webofchains]

Come to think of it, the resource speaker has been so many times interviewed with the same explanation 😂, why he need to convince as many as he can 😂,. Better na mag collapse yang condo market ng tuloyan , masyado kasi greedy eh

[@user-zs9ek1bx5z]

Yah 😅😅😅

[@readerviewer9177]

12:27 "Every condominium unit owner would rather spend on WINE 🍾 than on condominium DUES🍹"

[@JMgmkh]

And annoying yappy dogs.

[@Mao-Digs-Escariote]

hindi sinasama nitong consultant na super overpriced talaga ang condo sa pinas compare mo sa ibang southeast asian bansa.

[@JMgmkh]

And poorer quality and design.

[@__The_Boss__]

When AI takes over those “expat” and BPO jobs, who will be the target market for these rental units? Financial sector would be one of the hardest hit by AI.

[@ronnienestor]

On the contrary, AI would propel the BpO market to greater heights. In fact, there is an increase in demand now for office rental fr BPOs. Don’t you know that AI has been widely used by major big local companies like banks, manufacturing, logistics, financial companies. Just check those robots responses… that’s part of AI.

[@RichardOcampo-fz2cf]

Rather get a title than a certificate.

[@Mythicalcreature01]

Don’t buy

[@JOTOHI]

Been following this guy interview for years to get an outlook for ph real estate market kasama na si @collier philippines. Both of them are saying na before na walang oversupply and malakas ang demand ng property sa PH compare sa other country. Now both are saying there oversupply and both are still in denial na overpriced ang mga condo nila and it is not a good investment. Maybe for them investment kasi kumikita sila pag nakabenta hahaha Pero sa ordinaryong Pilipino na 3M is na size ng isang shoe box is a total waste of money not an investment hahaha putek na yan ano mailalagay mo sa 25smq?

[@makolelearnstotrade3744]

Hahaha Daig pa Presyo ng Condo dyan Pinas kesa dito sa Korea...

[@billmoesh-dy9wr]

Your guess didn't address the effect of AI as it relates the job losses in the market . please refer to the Oxford cisco systems study of over 1 million job loss

[@Benpani716]

Even high end condo market are affected. If you go to BGC or Makati area. You will notice at night there are no light turned on. I don't know if he is saying is true..

[@Mega-zi7ys]

😂 that's what you don't seem to understand 😂 high end buyers have multiple homes that's why they're not in one condo unit or house daily!😂

[@xyzmsbright]

Over price kasi, yan ang sabihin nyo 😂... At nadamay pa talaga ang POGO hehehe.. Bakit ilan ba yan sila? Let's say 5,000 tenants? Still ang daming buildings dyan.. Di yan ma half ng POGO... Naghahanap lang talaga ng excuse. Mabobolok ang mga condo units dyan. Ilang months or years na walang gumagamit.

[@JMgmkh]

Even WITH a user hahaha

[@jjdelamo6246]

Condos in Makati/BGC are for rich pinoys / FilAms / Americans who have multiple GFs... ;-)

[@ErlitasWorld]

The problem is having a loan and high interest I dont have that problem only pay the national government and associate fee

[@NoVisionGuy]

Dapat kasi puro economic housing din itayo, wag lang puro pang high-class

[@JMgmkh]

No gov. assistance. = s foreclosures = slums.

[@dyt2553]

Sa mga comments na nabasa ko... ang binabayaran kc sa condo is ung location. Houses usually malalayo sa kabihasnan😂.. ung mslapit naman mahal din.. mas mahal pa sa condo😅

[@188jan]

Buying condo now is ridiculous. The interest rate is insane plus it follows the U.S $$ unlike before. Luckily I bought my condo in 2006

[@GoldandHomeSeller]

Optimistic vs reality hindi na match 🤔🥸🧐

[@adamsonvillaluna2837]

now, everything is high in the Phils that i dont think condo r overpriced.. we cant blame developers for that

[@Goya-Madrid]

Cheaper to buy in Madrid than BGC. Madrid has a Golden Visa; you can be a citizen in 2 years. Why buy in BGC???

[@hey123ful]

Haha sya na naman? Nang hyhype lang ito eh. Ang totoo mahal pa rin ang condo, maliit at maraming hidden fees in the future like special assesment. Bukod pa yan sa asscociation fee.

[@filipomiro1911]

babaan nyo presyo nyo. gawin nyong affordable kahit hanggang sa mga middle class lang. ewan ko lang kung hindi ma-soldout yan.

[@kaletsugas]

This guy is inaccurate. Condo prices are overpriced here. Talo sa investors.

[@knightyabut]

nice portland, oregon mentioned lol

[@romeodamoco2150]

So informative!

[@Kam_Abroad_FT]

Horrendous layouts, tiny sizes, and horrible build quality. Why would anyone buy these condos? Most of these buildings will be ghettos in 30 years.

[@JMgmkh]

Ya. They wouldn't sell in Russia.

[@adelinesy1722]

Please wag na ngo twist. Wag bumili save nyo pera nyo. Maawa na kayo ma tao para ma commission lang kayo real estate agent.

[@qs613]

benta nyo kasi ng 300k... yan ang tamang presyo nyan. di nyo n mauuto tao, di gaya noon.

[@realtalkerrr]

Its really funny to know such apartments compared to Dubai is same or somehow more pricey, to look Manila is way below that Dubai can offer, pathetic market from developers really expecting too much from such a little developed country.

[@georgegeorgiou912]

I disagree he has not fractured in the Ai narrative where many office BPO jobs will be run by Ai. And it’s fast developing.. . There is also an economic crisis hitting and it will affect the property market dramatically

[@onionpeeler2023]

Not to add salt to the wound, but AI is going to make things much, much worse in 2025 and beyond... If I was thinking about selling, I'd do it now, and offer BIG discounts, just saying...

[@user-tl9qz2fo9u]

pano pa kaya sa bgc condo's cost 400k+-/sqm. 😂😅

[@PukemoMaalat-alat]

25sqm are you expecting me to see my wife 24/7?😡😡😡

[@JoyManguerra-ym6sz]

Sell them 'bagsak presyo'

[@JMgmkh]

I only lost 40% when I sold my condo. 😂

[@Kam_Abroad_FT]

He said that you cant compare Makati to Mississippi....well wages are 10X higher in Mississippi vs Makati. So he's right, just not in the way he thinks.

[@artstevencabagnot3313]

Hahaha overprice pa rin yan at kulang ang trabaho sa manila, ang gusto sa mga developers makabawi lang sila sa real estate investment

[@marceicoctariga5795]

no to buying...panay promo na BULK PAYMENT sa dulo yan....scam sa totoo

[@user-zs9ek1bx5z]

Oversupply and Overpriced.. risk of impending burst of Bubble 💡 Hard to sell and hard to rent in desirable price, reality.. 💡

[@financialfreedom1991]

Condo Over Pricing😂😂😂😂..... Not over supply.....😅😊😂😂..

[@adelinesy1722]

Leechui iniisip mo lang negosyo mo!

[@lvtrader1]

This guy has no clue. 😂

[@Ditas23]

Pogo Broker!!!

[@abrahamdsl]

@5:17 thanks #RTO #ReturnToOffice demand of corporates and #forTheMostPart, the [overwhelming majority of] slaves err employees cant do shit about it.

[@TitoBoy1968]

Olats. 😂😂😂

[@Tommy........]

Imagine paying 3 or 4 times what a condo is worth in BGC, thats if it was not next to a large fault line. Imagine when that moves you lose your overinvestment.

[@bluestreak5907]

Unlike in the USA there is no density limitations in the Philippines, there is no one to stop anyone from building a condo everywhere. They can even make it 1000 floors if they want to.

[@JMgmkh]

Can't compare US to Pi.

[@malachi0000009]

Paulit ulit na lang itong interview ninyo sa Lee Chiu na ito. Subukan ninyo mag interview ng mga tao tulad ng regular employee para malaman ninyo kung bakit wala tumatangkilik sa mga condominiums. This David LeeChiu doesn't seem to acknowledge the fact that condominium prices here in the Philippines is OVERPRICED

[@malachi0000009]

Why are we going to take advantage of these so called "falling condo prices?" For a rent to own condo, developers will require you to pay 300k and other dues. I have also checked the current condo for rent pricing as of this writing for Pasay area alone condo rental fees starts at 16k. Condominiums rent prices is STILL EXPENSIVE! So who are you fooling?

[@georgegeorgiou912]

He needs to research in more depth to be frank..,

[@JMgmkh]

Seemed to me he cherry picked.