THE property market last year was dominated by those looking to buy more than those looking to rent, online property marketplace Lamudi said.
In its Real Estate Market Review for 2019, Lamudi said 60.59% of those that went on its platform last year sought to buy property and had a budget of up to P20 million. Renters comprised the remaining 39.41% of the market, and allocated up to P1 million in their property hunt.
By budget, Lamudi said majority of the seekers in the more affordable segment allocated between P5,000 and P15,000 in their searches last year.
It also said most of the seekers, or 39.24% of the inquiries on Lamudi’s platform, were interested in condominiums, as this type of property may be used as 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,” Lamudi said.
In terms of property location, the most in-demand cities are still in Metro Manila, but the interest among seekers is starting to spread across the country.
The cities with the highest demand last year are Quezon City, Makati City, Manila City, Cebu City and Taguig City. Lamudi noted that residents from Cebu City made up 87.56% of the page views from Visayas.
Citing Colliers International Philippines, Lamudi said the growth of business process outsourcing (BPO) industry in Cebu is a major driver of property growth in the region.
“The high influx of tourists coming to Cebu City has 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’ page views, are also drawn to the region for work opportunities and potential property ownership,” it added.
Other provincial cities that topped demand last year were Bacoor, Davao City, Angeles and Antipolo.
Lamudi also traced property hunters located outside the Philippines, and noted a bulk come from Dubai, Doha and Sydney. It said 30.58% of them looked for houses, of which 38.66% wanted to buy and 16.73% wanted to rent.
“One explanation for the sustained growth from Dubai, which was also the top overseas city in 2018, can be attributed to OFWs (overseas Filipino workers) 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,” it said.
On the supply side, Lamudi said Quezon City had the most number of listings in 2019, but Parañaque City recorded the biggest jump year-on-year with a 292% growth in listings from the first quarter of 2018 to the first quarter of 2019.
Provincial cities likewise contributed to the increase in listings last year, as new developments have been recorded in areas such as Angeles City, Pampanga and Naic, Cavite.
Lamudi added the most popular type of listing last year was house-and-lot. — Denise A. Valdez