Philippine Property Market: Slump Seen Stretching to 2027 as Metro Manila Holds Steady

This week's roundup looks at two takes on the state of Philippine housing demand — one cautious on the national outlook, the other offering a more tempered view of Metro Manila's resilience.

Philippine property slump seen extending into 2027

S&P Global Ratings analyst Johann Tan expects the residential property sector to stay sluggish until at least late 2027, weighed down by a persistent glut of unsold condo units, higher costs, and expensive financing that continue to discourage buyers. This caution shows up in the numbers: the four big-name developers — Ayala Land, SM Prime, Robinsons Land, and Megaworld — saw combined residential pre-sales drop 7% in the first half of 2026. With inventory still piling up, developers are reportedly pulling back on launching new projects. According to The Philippine Star, the sector's recovery timeline keeps getting pushed further out.

NCR residential market resilient, not rebounding

Leechiu Property Consultants struck a more measured tone on Metro Manila housing, noting that the market has held up better than many expected through the third quarter of 2026. However, the firm cautioned against reading this steadiness as a genuine turnaround, pointing out that gains so far have largely come from deliberate affordability and financing initiatives rolled out by developers and government rather than organic demand recovery. The assessment came out of LPC's October 6 media briefing. According to Manila Times, resilience in the capital should not be mistaken for a rebound.