BIZ BUZZ: Luxury sector losing buyers
They say “eat the rich,” and it seems that the widespread corruption allegations among high-ranking government officials are eating into the luxury property sector.
Colliers Philippines research director Joey Bondoc on Wednesday addressed the elephant in the room without needing a raised hand from the audience.
“You’re probably wondering: has the flood control issue affected the take-up?” Bondoc asked during their third quarter briefing. “Well, we believe that the flood control mess has had some impact on the more expensive condo segments—luxury and ultra luxury.”
These are the residential condominium units worth at least P20 million each.
As we’ve previously learned, some buyers are shying away from the more expensive units because of the mess. After all, who would want to buy a unit that may be tied to a corrupt contractor?
On the other hand, the middle-income sector is thriving and improving, after many years of being cited as the main reason behind the supply glut.
How the tables have turned!
