Quezon City's 19,300 Unsold Condos Put Metro Manila's 81,000-Unit Overhang In Its Real Location

The Philippines' clearest current housing signal is not just Metro Manila's large condo overhang, but where that overhang sits: Quezon City carries far more unsold units than the prime CBDs.

The Headline Number Is Large

Leechiu Property Consultants' 1Q 2026 data put Metro Manila's unsold condominium inventory at roughly 81,000 units across 621 actively selling buildings, equal to about 31 months of supply. About 40 percent of the inventory is ready for occupancy.

Location Changes The Story

Quezon City alone held roughly 19,300 unsold units, while BGC and Taguig together carried around 2,100 and Makati about 3,800. That means the oversupply is not evenly distributed across the metro.

RFO Stock Drives Negotiation

Ready-for-occupancy units sit on developer balance sheets and often come with more flexible payment terms. Pre-selling stock, with turnovers stretching years ahead, has a different risk because buyer commitments can outlast current market conditions.

What Buyers Should Check

Metro Manila buyers should compare RFO discounts, association dues, vacancy, building age and district-level inventory. Investors underwriting yield should be especially cautious where primary prices have not adjusted to softer rents.

Outlook

The next market signal is whether demand continues beyond the first-quarter uptick. Until then, Quezon City, Ortigas and the Bay Area need deeper location-specific analysis than a single metro-wide oversupply label.

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