February 07, 2020 at 06:40 pm
The Philippines’ real estate sector had a strong year in 2019, with major cities all over the country displaying more opportunities in the office, residential, and retail sectors.
What property seekers looked for
Property seekers on Lamudi were more interested in buying (60.50 percent) than renting (39.41 percent), with their budget able to accommodate for-sale properties up to P 20 million or for-rent properties up to P 1 million. In the more affordable segment, the majority of seekers looked into the P 5,000 up to P15,000 price range.
Most popular cities
Seekers are not just interested in properties in Metro Manila. The most in-demand cities of 2019 were Quezon City, Makati, Manila, Cebu City, and Taguig. In 2018, Quezon City was also the most-searched city in terms of location, accessibility, and liveability.
Cebu City is one to watch, as residents from this city accounted for 87.56% of page views generated in Visayas.
According to the Q1 2019 Cebu property market report of Colliers International Philippines, the growth of BPO industries helped fuel the economy of Cebu and encouraged investments for the development of more office spaces. Investments in Cebu’s BPO and IT-related industries also fueled the demand for horizontal and vertical residential developments.
The high influx of tourists coming to Cebu City also propelled a higher demand for condominiums in the area. With the growth of BPO hubs in the city, millennials, who make up 43.98% of Visayas’ pageviews, were also drawn to the region for work opportunities and potential property ownership.
Most popular property type
Lamudi seekers inquired about condominiums the most, with over 39.24 percent of total leads. Condominiums may be utilized as one’s primary residence or as a rental investment. With the increasing demand for condominium units in metropolitan areas, it is advisable to buy during the pre-selling period as the property value of condominiums increases near the development’s completion.
Top overseas location of property seekers
Seekers located in Dubai had a strong interest in Philippine real estate, followed by Doha and Sydney. Overseas seekers mostly searched for houses (30.58 percent) compared to other residential types, with 38.66 percent interested in buying and 16.73 percent interested in renting. One explanation for the sustained growth from Dubai, which was also the top overseas city in 2018, can be attributed to OFWs wanting to buy their own property to settle in once they get back to the Philippines. Filipinos are also searching for houses or condominiums as an investment opportunity in the Philippines.
Real estate supply
The growing demand for properties also led to an increase in listings on Lamudi. In Metro Manila, Quezon City had the most number of listings.
Parañaque City had the biggest growth of listings within Metro Manila, with a 292 percent increase from the 1st quarter of 2018 to the 1st quarter of 2019.
Development in provincial cities also contributed to the supply, showing an increase in listings from areas such as Angeles City in Pampanga. Naic, Cavite also had a significant increase in listings (886 percent) from the 4th quarter of 2018 to the 4th quarter of 2019.