Januarius Holdings Inc., a private investment company, expects condominium prices to decline 15 percent to 20 percent due to the impact of the novel coronavirus disease (COVID-19) pandemic.
Januarius Holdings chairman and chief executive Januario Jesus Atencio said the condominium segment was likely to be the most affected by the global virus outbreak as property developers attempt to recover lost market share.
Atencio, however, expects raw land and house and lot products to be robust and in demand.
“What is going to be sensitive are condominiums. I wouldn’t be surprise if there is a 15 to 20 percent decrease in sale prices or sales volumes, he said.
Atencio, former shareholder, president and CEO of publicly-listed mass housing developer 8990 Holdings Inc., said property developers would gear up to regain market share once the enhanced community quarantine is lifted.
