LISTINGS for Quezon City properties have been increasing in response to high demand, online market seller Lamudi said in a report that also tagged the city as continuing to be the top-searched area in Metro Manila.
“The city remains to be the top choice due to its prime location for commercial and residential properties, affordability, and livability. In 2019, Quezon City opened up new office spaces and will most likely open more this year and the next years,” said Lamudi in its Real Estate Market Review for January 2020.
The January data showed that the city had the most number of listings, which the report said is a response to growing search numbers.
Outside Luzon, Cebu is the top-searched city in the Visayas because of its growing outsourcing industry.
Overall, searches of properties for sale (62%) continue to be higher than searches of properties for rent (38%). In terms of listings, 82% are for sale while 15% are for rent.
Property seekers have shown more interest in buying houses (51% of searches), compared to land (23%) and condominiums (18%).
“Property seekers show a strong interest in owning houses more than vacant lots and condominiums. This could be due to the presence of affordable housing segments scattered all over Metro Manila and in key provincial cities,” the report said.
But interest in apartments is higher among those seeking to rent (38%), followed by condominiums (33%) and houses (20%).
The report attributes this to students and professionals in search of cheaper accommodations close to their schools and workplaces.
Interest in house rentals come from families looking to upgrade to larger spaces at lower costs.
When it comes to buying property, 17% of seekers spend P1.5 million to P3 million, while 15% prefer the more affordable P450,000 to P1.5 million.
A substantial number of renters choose to spend around P15,000 to P30,000 (34%), followed by the 28% who choose to spend P5,000 to P15,000.
The report added the Dubai hosts the largest number of property seekers from outside the country, which could be due to the number of overseas workers looking to invest in a home in the Philippines. — Jenina P. Ibañez