If you look at the Real Estate Ads, like Property Finder Buy and Sell Magazine, you will notice there is buyers' market, meaning, the number of sellers overwhelm the buyers. It's always been like that, a buyer's market, since I became a Broker in 1998, and that was a long time ago. In a buyer's market scenario, real estate prices are supposed to be pressured downwards, but it ain't happening. The asking price of real estate, especially in Metro Manila, are still too high to be described as normal. I only have one explanation for the abnormal behavior of the market. They bought it brand-new at a price too high because the buyer isn't represented by Exclusive Buyer Agent (look up for this term in Youtube), made to believe that the acquisition is an investment, and won't settle for a low profit margin when they sell it later.
The good spirit of condominium development is supposed to be for urban housing, for people who work in and want's to live in urban areas, such as Metro Manila. But the evil spirit of greed clouds the minds of the real estate tycoons -- their prices are only for the rich expats, can-afford OFWs, and corrupt politicians, and never for the middle-class workers. They build condo at P200K cost per unit and sell it at P1M -- where is social justice to that. Government must intervene in house pricing to eradicate too much profiteering because shelter is a PRIMARY NEED, it's like food, healthcare, basic education.
The richest Senator of the Philippines -- Manny Villar -- a real estate developer.
If there is anything else important that I forgot to include in this article, or if you experienced a real estate transaction that is anomalous, scam, fraudulent scheme that you want me to document and expose for others to be warned, or if you want to donate to the war chest of real estate consumer rights advocacy, please feel free to email me at JohnPetalcorin@Gmail.Com. If you want to comment about this article, there is a provision for this purpose that you can find below.
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