20250214 Metro Manila1

High-rise condominiums are a common sight on the Metro Manila skyline. But they are becoming increasingly unaffordable for the middle class due to the impact of government policies toward offshore gambling operators and Filipinos' softening purchasing power. © Getty Images

Manila's condo crisis turns spotlight on oversupply

Demand hit by fading purchasing power and gambling policy U-turn

MANILA -- Von Eric Cleofe says he has no intention of swapping the house he bought six years ago in Antipolo on Metro Manila's eastern outskirts for a condominium in the heart of the Philippine capital, even if he could afford it.

"I don't think it's worth it to buy a unit that's worth millions of pesos," said the IT professional. "Then you'll be stuck in a very small space. Maybe if you're wealthy, then it's fine."

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