PH real estate eyes opportunities as economy recovers
Online knowledge resource Lamudi, in its latest outlook on the residential real estate market, highlighted shifts in property demand in the first quarter (Q1) of the present year as seeker age groups explored different properties, led by Generation X, aged 35 to 44, and the ‘Boomers’, aged 65 or older. Gen X, millennials lead the way While the Q1 of the previous year saw college students and fresh graduates, aged 18 to 24, leading in terms of pageview growth for condominiums, seekers from Generation X were seen to have commanded the highest year-on-year (y-o-y) growth figures for pageviews in the said property type at 106.8%. The same age group also tallied the highest quarter-on-quarter pageviews at 6.68%. “With flexible schedules and remote work continuing to be the norm, more C-suite executives within the age group may be looking at homes closer to the office,” explained the report. Lamudi likewise revealed that the 25-34 age group—leaning closer to the millennial segment—led the demand for apartments, contributing 42.76% of all leads for that property type. Apartments also earned the largest y-o-y growth for leads by property type by 16.11%, and Lamudi attributed the uptick to “consumers’ desire for extra space without compromising the experience of living large in units smaller and more affordable than the single-detached house.” The size of apartments, Lamudi’s report noted, is especially attractive to young professionals and couples who are planning to expand their family, and wish to move in immediately. Retirees ‘most optimistic’ Meanwhile, the 65+ age bracket, also known as the ‘retiree market’, showed the ‘most optimistic’ growth figures in the same quarter. From 107.99% dip in Q1 2020, the segment’s annual pageview growth rebounded to an uptick of 80.32% in Q1 2021. The bracket also posted the highest y-o-y and quarter-on-quarter growths in pageviews for houses in Q1, at 93.58% and 77.16%, respectively. “The positive trend is indicative of an older population adjusting to the Internet of Things and growing their presence on digital platforms,” the report said.