Are older Manila condos still viable for appreciation?

Older Manila condo appreciation analysis: Buildings from the 2000-2010 era face slowing appreciation (3-4% annually) vs new towers (6-9%) in most areas. Exceptions where older condos maintain strong appreciation: (1) Supply-constrained premium locations — Rockwell Power Plant area buildings retain 6-7% annual appreciation due to area exclusivity and no new comparable supply; (2) Ayala Land legacy buildings in Makati — high maintenance quality and brand retention sustain above-market appreciation; (3) Post-renovation premium — a comprehensively renovated unit in a well-located building can capture appreciation disproportionate to renovation cost. Avoid older condos in areas with active new supply pipeline — new buildings capture tenant demand and appreciation, leaving older stock to stagnate.