MILLENNIALS are more value-conscious and prioritize convenience when choosing properties to buy, said Avida Land Corp. President Christopher Maglanoc.
“The millennials look for two basic factors. First, they are value-conscious,” Mr. Maglanoc said in a discussion during The Outlook, an event by online real estate marketplace Lamudi.
Since they are first-time buyers and don’t have a lot of purchasing power, Mr. Maglanoc said millennials want value for money when buying properties.
Millennial buyers also consider convenience when deciding on which property to buy, particularly those which are near their workplace.
“They are also looking for convenience, convenience in terms of where they look for developments,” Mr. Maglanoc said, noting this is especially true for the business process outsourcing (BPO) sector workers, who prefer mixed-use developments. “This is very significant with the BPOs. After they’re done with their shift, they go to their home, walk, and rest.”
With millennials comprising the largest part of the Philippine population, they are the real estate sector’s largest market.
“We’re talking of millennials — around 35 years old. In terms of size and potential, this is the largest market right now in the real estate segments,” Mr. Maglanoc said.
Avida Land is also focusing on its digital sales efforts, given the shift from traditional sales channels to online channels.
“We have bits of investments on the seller side, we didn’t have this five years back. We have channels specialized in digital sales. Their main mandate is to work on the digital channel, for chat facility, inquiries, etc. It’s a very distinct channel versus the traditional brokers,” Mr. Maglanoc told reporters.
“We really expect it to grow, the thinking before is traditional aided by digital, but more and more, it’s digital and traditional working alongside one another,” he added. — Patrizia Paola C. Marcelo
