Philippine housing market weakens
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In early 2009, luxury condominium prices, and sales, both fell in Manila. Compared to the previous quarter, the average price of luxury three-bedroom condominiums in the Makati Central Business District dropped by 0.7%, according to Colliers International (a fall of 0.6% in real terms).
During the year to Q1 2009 the average price has appeared to increase by 4.6%, to PHP101,000 per sq.m. But this increase is illusory, because when adjusted for inflation, the average price has in fact fallen by 2.2%.
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