Dampened appetite for condos in Davao City seen as short-term

Maya M. Padillo • February 11, 2020

DAVAO CITY — Major damage in some condominium buildings in Davao City caused by the series of earthquakes in October and December last year has dampened demand, but horizontal housing projects are benefiting as buyers and renters look to apartments and single-detached houses, according to a real estate consultancy firm.

Maria Luisa Abaya, regional head for Visayas and Mindanao of Prime Philippines, said discussion with brokers indicate a significant slide in both inquiries and purchases of units in vertical developments.

“With what happened recently, the situation of a developer was not able to immediately respond, there are a lot of condominium buyers who had that apprehension na ganito ba ang mangyayari (of, is this what will happen)?” she said during a recent forum.

Ms. Abaya added that while the developer is already handling the situation, the market remains on a “wait-and-see attitude.”

Damosa Land, Inc. (DLI) Vice President Ricardo F. Lagdameo, whose company’s condominium project was unaffected by the tremors, sees the drop in demand likely lasting for a year.

“The residential space, which is becoming somewhat crowded, will still show signs of opportunity. However, I would think there might be a bias for horizontal projects at least for this year,” Mr. Lagdameo told BusinessWorld when sought for comment.

“Overall, I think indications are still positive for Davao Region’s real estate sector,” he added.

Ms. Abaya said the market’s interest and confidence will also eventually be bouyed by the city government’s response to the situation.

The Davao City government, through its engineering office and private engineering groups, has been assessing structures and issuing appropriate orders to condemn or vacate the buildings.

It has also been taking initiatives for stricter compliance to national and local building rules.

“The city engineers are already making sure that when they are issuing building permits, everything is covered,” she said.

“What we experienced in the last quarter with regards to earthquakes happen worldwide and it is just like one of those challenges that we go through,” Ms. Abaya said.

Davao City Chamber of Commerce and Industry, Inc. President John Carlo B. Tria told BusinessWorld the overall real estate sector, including residential, commercial and office space developments, continues to be upbeat.

“I think demand for property remains strong across the board and different segments. Trends change from time to time,” he said.



Share this post:

Other News Articles

  • One such challenge is the advent of a young and increasingly tech-savvy market whose purchase decisions depend largely on how property companies are able to engage them through technological platforms.
    Read more
  • PRIME Philippines held its Coffee Break Series: Philippine Real Estate Quarterly Report, an exclusive event for the company’s valued stakeholders and investors.
    Read more
  • Amid the rising demand from local and foreign investors, real estate developers are searching for properties across the Philippines through The Final Pitch—a business reality television show.
    Read more
  • IN this fast-moving world, adapting to change is not a smooth-sailing undertaking. Simply being open to change is one thing, but embracing it is another challenge one must face boldly.
    Read more
  • To serve as an avenue for discourse about the most relevant real estate happenings in the country, PRIME Philippines, the fastest-growing real-estate consultancy and brokerage firm, held an engaging real-estate investment forum on July 17 at Shangri-La at the Fort, centralizing on the theme, “Beyond Borders.”
    Read more

Media Contacts

Pia Aguirre
Manager - Corporate Communications, Commercial Property Investments
PRIME Radar logo

Get the latest real estate insights, events and news from our newsletter

Our Expertise

Whatever your real estate service needs may be, our expert team of dedicated professionals will deliver value beyond your expectations.

Find a Property

Browse our offered available properties. We have lots or spaces that suit your requirements.

Industry Insights

Secure your competitive edge with our insights spanning various industries and competencies.

Book a Consultation

Unsure about what you need? We can help.

Social Media

Talk to Us

For general inquiries:

[email protected]

For client concerns:

[email protected]

Recruitment and hiring concerns:

[email protected]

Press and public communications:

[email protected]


Ground Floor, Pacific Century Tower #1472 - 1476, Quezon Avenue South Triangle, Quezon City, Philippines


Fourth Floor, Topaz Tower, Damosa I.T. Park, J.P. Laurel Avenue, Lanang, Davao City, Davao Del Sur, Philippines 8000


Regus - Cebu, Park Centrale, 5th Floor, Park Centrale Building Jose Maria del Mar St, cor Abad St, Cebu City 6000

© 2013 - 2020 PRIME Philippines. All Rights Reserved.