Manila Homes Staying Longer on the Market as Vendors Slash Prices

Houses and condos across Manila are lingering on property portals for an average of 77 days before sale—up from just 61 days this time last year—as motivated sellers cut prices to get deals across the line. The Metro Manila Property Tracker, released this week by the Philippine Real Estate Board, showed both days-on-market (DOM) and vendor discounting reaching multi-year highs in June.

Price Cuts Hit Central Business Districts

The sharpest changes are playing out in the capital’s prized but now price-sensitive enclaves. In Bonifacio Global City, high-end units along 5th Avenue and Forbes Town Road sat unsold for an average of 82 days during the second quarter, up more than 20% year-on-year, according to data from property firm Santos Knight Frank. In New Manila, Quezon City, townhouses are being relisted with reductions of 7% to 10% from their original asking prices. Arielle Feliciano, who manages listings for 56 units at the Greenhills East enclave, confirmed that buyers are "quick to negotiate—and walk away if sellers don’t budge at least 5%."

Agents from Robinsons Land said that even mid-market condos along EDSA and in Mandaluyong, traditionally quick movers, were not immune. In June, average days on market there climbed from 32 to 49 days, prompting developers to introduce cash discounts and waivers on common area fees to speed up transactions. Renters, meanwhile, are window shopping but holding back, putting more pressure on landlords to drop their selling price.

Behind the Slowdown: Higher Rates, Buyer Caution

What’s driving the cooling momentum? Local brokers point to the twin impact of last quarter’s interest rate hike—when Bangko Sentral ng Pilipinas lifted its policy rate to 7% on May 16—and ongoing jitters over the region’s economic outlook amid flood recovery and heatwave-related costs. Data from Lamudi shows the average vendor discount in Metro Manila climbed to 9% in June, up from 6.5% at the start of 2026. Sellers in Sampaloc and Sta. Mesa, usually favourite first-time buyer zones, are now accepting offers a full P620,000 below originally advertised prices for 2-bedroom units, compared to a P370,000 gap last year.

Developers are responding by ramping up incentives, especially for ready-to-occupy homes in Ortigas Center, according to Alveo Land. Some builders are offering zero-down promos for the first 12 months and move-in packages valued at up to P200,000 to stoke buyer action before the start of the holiday shopping season.

Transaction figures highlight the shifting mood. Metro Manila’s total sales value for residential properties dipped 8.3% from April to June, PropTech Analytics reported Thursday, even as listing volumes bounced back from a low at the start of the year.

What Buyers and Sellers Should Watch Next

If the pattern of longer days on market and sharper discounting holds through the third quarter, buyers with ready financing will keep the upper hand—especially in Makati, Ermita, and Fort Bonifacio, where new launches are expected between August and October. Industry insiders suggest watching for further developer incentives at local mall roadshows and open-house events, particularly near SM Aura Premier and Robinsons Magnolia, as the cold market makes for hard bargaining.

For sellers, pricing realistically from the start will be critical to avoid months of slow tire-kickers and repeated relistings. Seasoned agents from Mandaluyong to Binondo say properties priced closer to recent transacted values—rather than last year’s peak—are still getting offers, albeit with longer negotiation cycles. As July ticks on, vendors who need to sell quickly may need to factor in at least a 9% negotiation margin or risk seeing their listing languish until the holiday rush.