MANILA, Philippines - Sizes of condominium units being offered in Metro Manila are shrinking along with the land available for development in the country’s capital region, a global online property portal revealed in its latest report.
Lamudi Philippines said 40 percent of Metro Manila’s for-sale and for-rent condo inventories at present have floor sizes measuring 50 square meters or smaller, a size which many would consider as a “shoebox apartment.”
“It seems that going smaller is the trend now for Metro Manila’s condo market,” Lamudi Philippines said.
The report stressed that a condominium project that squeezes in 200 units per tower was “virtually unheard of” back in the 1990s.
“Now, it is becoming the norm, with some developers launching projects with more than 30 condo units per floor or approximately 1,200 condo units for a 40-story high-rise,” the online property platform said.
Lamudi’s study found that Quezon City has the greatest portion of shoebox condos with 72 and 67 percent of the city’s for-sale and for-rent units, respectively, having floor areas measuring 50 square meters or smaller.
In Makati, 31 and 34 percent of for-sale and for-rent condos, respectively, are smaller than 50 square meters. For-sale and for-rent condos, which are smaller than 50 square meters in Taguig, meanwhile, are 26 and 32 percent.
“Cost-wise, smaller does not necessarily mean cheaper, at least when you look at the per-square meter prices of these apartments,” Lamudi said.
In Makati, the average asking price for small condos is P132,073 per square meter, slightly lower than the city’s average of P139,503 per square meter, the report said.
Lamudi said the average cost for smaller condos in Quezon City and Taguig stand at P123,431 per square meter and P118,634 per square meter, respectively, compared to the cities’ averages of P111,241 and P125,032.
A Colliers International fourth quarter 2014 report revealed that of the more than 30,000 pre-selling condo units expected to be delivered in the Makati Central Business District, Fort Bonifacio, Rockwell Center, Ortigas Center, and Eastwood City from 2015 to 2018, 75 percent are studio and one-bedroom units, ranging in size from 18 to 90 square meters.
Some condo projects outside these areas have even been reported to sell units not bigger than 15.5 square meters, it added.
Lamudi is a global property portal focusing exclusively on emerging markets, generating about one million visitors per month. Its fast-growing platform is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 600,000 real estate listings across its global network.
Read more on The Philippine Star