THE number of condominium units delivered in Davao City for the first half of 2021 increased by 31 percent to 1,894 units from only 1,444 in the same period of last year.
During the online Davao Property Briefing with Colliers Philippines and Damosa Land on August 12, 2021, it was reported that Davao remains to be the third-largest condominium hotspot in the country with 18,540 condo unit stocks as of the first quarter of 2021.
Moreover, another 4,000 units are expected to be available by 2021 to 2023 per annum.
The number of condo unit stocks in Davao City follows after that of Metro Manila and Metro Cebu with 137,600 and 50,100 stock units respectively.
“How has the residential market been affected by the Covid-19 pandemic? There's much less supply. Around 500 units [were] taken up for the first half of 2021. Only around 1,000 units were launched during that period. Starting 2020, Covid-19 has really disrupted the demand and supply of condominium units in Davao City,” said Joey Roi Bondoc, Associate Director for Research of Colliers Philippines who added that they estimate it would take half a year for the remaining condominium inventory in Davao City to be sold out.
Despite this, Bondoc said the recovery of the vertical real estate sector will “hinge on the success of the vaccine rollout.”
“Right now, what we’re seeing is there has been a stable demand and supply of residential projects which indicates post-pandemic growth prospects,” he said.
Currently, there are more than 4,200 condo units to be delivered before 2021 ends. This is a 21.61 percent increase from the 3,475 units delivered in 2020.
In Bondoc’s presentation, developers that would be launching their condo units within 2021 include Verdon Parc Maurin (582 units), Verdon Park Trevans (577 units), Camella CoHo - The Acropolis (476 units), Two Lakeshore Drive T2 and T3 (both with 319 units each), and Amani Grand Citygate Davao C (315 units).