DAVAO CITY — The number of condominium units in the city, roughly at around 7,000 as of 2018, is seen to increase by 45% at the end of this year, according to consultancy firm Prime Philippines’ Research and Advisory 2019.

The report, released in June, also forecasts a 40% increase by 2020.

Prime Philippines said the main drivers of demand for vertical residential units have been overseas Filipino workers, and local buyers who either occupy the unit or treat it as an investment, particularly for condominiums located in the business district.

In 2018, about 86% of the total condominium inventory is sold, with average prices for studio units at P2.95 million, one-bedroom at P5.31 million, and two-bedrooms at P8.54 million.

The report also noted the growing trend of mixed-use projects.

“Most upcoming mall projects are components of residential condominium projects or are integrated within township developments,” it said.

For leasable retail space, the report said there has been a stable supply since 2012 with about 50,000 square meters added last year with the opening of two shopping malls.

Average rental rate as of end-2018 was between P500 and P1,000 per square meter. — Carmelito Q. Francisco

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