Opinion: High-end real estate sales plummet amid flood control controversy

In this town, money always leaves footprints—and lately, those footprints seem to stop right before the sales office. 

For years, real estate has been one of the most discreet vaults for excess wealth, especially for officials who prefer their assets poured in concrete and marble rather than parked in banks. Post-pandemic, the market is already weighed down by an oversupply of condominiums targeting the middle-income bracket. The sector’s lone bright spot has been luxury condos and sprawling homes inside gated enclaves, traditionally snapped up without much fanfare.

Until now.

Industry insiders quietly say sales in the high-end segment have slowed to a crawl following the flood control corruption exposés. Coincidence? Hardly. The usual buyers—politicians, their nepo kids, spouses, discreet companions, and favored business associates—are suddenly keeping a low profile. No celebratory contract signings. No conspicuous purchases. Just a collective pause.

The change unsettles developers accustomed to quick, quiet deals. Brokers whisper about unexpected price cuts, friendlier payment terms, and unusually flexible offers, all meant to entice buyers with more legitimate—and less scrutinized—sources of income. The tension is palpable on showroom floors once buzzing with activity.

Still, not everyone is sounding the alarm. One veteran broker remains optimistic, insisting this phase is fleeting. Public attention fades, outrage cools, and when the noise dies down, buyers tend to resurface.

For now, the lights in some luxury towers stay dark, the sales lounges wait, and the industry listens closely to what the silence is trying to say.