Dasmariñas Village in Makati City, Green Meadows in Quezon City, and Ayala Alabang in Muntinlupa, where homes are worth several hundred million pesos, saw relatively flat growth in recent months, data from Leechiu Property Consultants (LPC) showed.
Staying in cash
“The increase is not as exuberant compared to previous quarters,” Roy Golez, LPC director for research and consultancy, told InsiderPH.
“A lot of these high-net-worth individuals are trying to stay in cash. They’re also more informed since there’s a lot of talk about what’s going to happen in [the US elections in November], Europe, and China,” he added.
Forbes Park is still king
The outlier in LPC’s data is Forbes Park in Makati, where prices grew 6.4 percent.
Golez observed that while Forbes Park prices are holding up better than other areas, sales at extremely high valuations are unlikely.
“We’ve heard of people buying at P700,000 to P800,000 per square meter to sell immediately at P1 million per square meter. But right now, we see about five homes hovering around P650,000,” he said.
Soaring luxury condos
Not far behind were luxury condominium prices, which grew in the second quarter, data from LPC showed.
This was led by The Proscenium Residences in Rockwell, where prices soared 14.9 percent to P417,000 per sqm. Two Roxas Triangle commanded the richest valuation at P452,000 per sqm, an increase of 5.3 percent, while Park Terraces Point Tower grew 7.8 percent to P347,000 per sqm.
In Bonifacio Global City, The Suites at One Bonifacio High Street grew 6.2 percent to P566,000 per sqm, followed by Grand Hyatt Residences, which added 10.3 percent to P451,000 per sqm, and East Gallery Place, which soared 11.4 percent to P447,000 per sqm.
Rents stable
Golez noted condominium prices remain high because values are being controlled by owners and property developers.
“Rents have remained flat while capital values continue to grow,” Golez noted.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
