Manila rents weaken

Increasing supply and competition is depressing residential condominium rents and prices in central Manila, and causing rental vacancies to increase, according to FPDSavills Philippines.

There were few newly registered foreign companies entering the market and it was unlikely that the expatriate community would fuel rents in Ortigas and Makati.

Despite economic growth and low interest rates, the sector remained in a period of extended consolidation.

FPDSavills expected further declines in rents and prices in the next 12 months.

However, the middle-income housing sector had shown signs of continued strength with buoyant sales.