By JON VIKTOR D. CABUENAS, GMA Integrated News
Residential property prices in Metro Manila have climbed by more than double the levels recorded in 2021 given the limited launches made in the past year, data released by real estate brokerage services firm Leechiu Property Consultants on Monday showed.
In a virtual briefing, LPC executive director for research and consultancy Roy Amado Golez said prices of older projects in Metro Manila posted an annual growth of as much as 250% per square meter in the fourth quarter of the year.
“We think this is because of the limited supply in the market. Launches have been quite low since the first quarter of 2022,” he told reporters.
Data showed that units launched throughout the year stood at 10,009 or 61% lower than the 25,911 in 2021, while units sold fell by 7% to 35,539 from 38,065 the previous year.
In terms of newly launched projects, prices have increased by 215%, taking into consideration prices of the five projects this year and the seven projects recorded in the fourth quarter of 2021.