MANILA, Philippines (Mar 2025) — Metro Manila’s condominium market is facing a record-high oversupply, creating a unique opportunity for first-time homebuyers. At the end of 2024, approximately 26,300 ready-for-occupancy (RFO) units remained unsold, according to the latest Metro Manila Residential Report. Rising vacancy rates, driven by rapid property development, have further increased available inventory.
In response, developers are rolling out aggressive incentives—lower prices, flexible payment terms, and exclusive perks—to attract buyers. With expected interest rate cuts making mortgages more affordable, conditions are becoming increasingly favorable for homeownership.
For those looking to buy their first home, key benefits include:
- Discounts on contract prices: Some developers are offering cash buyers price reductions of up to 30%.
- Special incentives: First-time buyers and overseas Filipino workers (OFWs) may qualify for additional discounts, upgraded amenities, or partner-exclusive deals.
- Extended down payment plans: Payment terms of up to 48 months help buyers ease into homeownership without large upfront costs.
Owning a condo in prime locations also means less time in traffic, lower transportation expenses, and the potential for long-term property appreciation. Instead of paying rent, buyers can start building equity in a property that could later yield returns through resale or rental income.
Financing options have also become more accessible. Banks are now offering home loans with rebates and competitive interest rates. There are even banks that offer flexible repayment terms and a seamless approval process. Buyers who make advance or excess payments can earn daily rebates, reducing interest costs and speeding up loan repayment.
With more affordable prices, enticing incentives, and accessible financing, now could be the best time for first-time homebuyers to secure a property in Metro Manila.
