This article on demand for luxury condo units in Taguig appeared in the Dot Property Group Metro Manila Condo Market Report 1st Half 2022. Download it here for free!
Demand for luxury condo units in Taguig was insatiable during the first half. Research from Dot Property Group found that interest for condominiums priced between PHP20-50 million rose by 77.4 percent between the fourth quarter of 2021 and the second quarter of 2022. Over the same time period, there was a 124.5 percent surge in demand for units PHP50 million and above.
Of the total demand for luxury condo units in Metro Manila (>THB20 million), more than 54.8 percent of all interest were residences in Taguig. The area has always been a preeminent address for high-end property, but it has reached a new level in 2022.
While Taguig is best known for being home to Bonifacio Global City, the ascent of Arca South has been a key factor in rising demand this year. The expansive mixed-use development has proven to be the perfect place for post-pandemic buyers. This group is flocking to residential projects here which are mostly low rise with lots of green spaces.
Between January and June 2022, the number of inquiries made across the Dot Property Group network of websites for condo units in Taguig nearly doubled with all price points seeing increases.
Taguig condo demand is also unique when broken down by unit size. It is the only location in Metro Manila where interest in studio/1-bedroom, 2 bedroom and 3+ bedroom residences is practically identical. In all other places, the local market is dominated by smaller residences.
The strategy of homebuilders in Taguig to focus on larger, multi-bedroom condominiums appears to have paid dividends with buyers snapping these up during the past six months. Looking long term, it will be interesting to see if momentum remains at current growth levels or if the situation plateaus.