Last Updated on September 2, 2019 by
The robust growth of real estate industry in 2018 highlights the emerging cities’ developments outside Metro Manila, together with the current administration’s Build, Build, Build (BBB) Program which consists of 75 flagship infrastructure projects in the entire country that will eventually lead to significant effects in our industry.
According to JLL, “The Metro Manila property market is seen to maintain an upward trajectory despite the recent headwinds in the Philippine economy. The real estate market remains to be resilient, exhibited by the modest performance on the demand side and the Philippines maintain positive investment environment from credit rating agencies’
As the leading online real estate platform in the Philippines, Lamudi presents insights into what most property seekers search in its database into five (5) categories: house, condo, foreclosed properties, land, and apartment.
As part of Filipino’s culture and tradition, to own a home will be a lifetime investment and a good source of business perhaps. The word ‘investing’ might sound a big challenge, but its value increases overtime. Also, the risk is lower compared to any other type of investments because one of the basic necessities in life is to have a home.
The data collected from January 2018 to December 2018 is made up of four (4) sections namely Most Searched Location, Age, Gender, and Area of Residence of property seekers, with three (3) indicators, which are Sessions, Pageviews, and Leads.
The Most Searched Location
Across all the categories, Quezon City claims the top spot except for the condo which ranges from 8% to 29%. QC is considered to be the largest city in Metro Manila to outperformed the other areas thereof. Certainly, property seekers who want to venture in QC consider the cost of location, accessibility, and livability. This 2019, Quezon City is expecting another wave of upcoming new office spaces across the metropolis.
That said, Makati still is the foremost Central Business District in Metro Manila. It remains as the preferred, strategic business location for local and international companies. The real estate giants continue to value every corner of the city vertically, to suffice the market demand throughout the years. Makati City is hailed as the Most Search Location for Condo category with 17.80%, because property seekers tend to look for an abode that is much closer to their office or place of work, while at the same time, there are lots of places for recreation and relaxation, which Makati has no shortage of.
Truly, real estate developers will play a major role in building value investments for property seekers in Quezon City and Makati City.
Profile of Most Property Seekers
The age bracket of 25-24 years old held the top position across all categories. This speaks of Millennials, who are always curious about and in search for properties. With the presence of digital devices and internet, Millenials have influenced significantly the real estate industry when it comes to property development marketing and selling.
With gender, women commands the majority share of property seekers, getting two-thirds of the total percentage. The numbers show that females are much into property search than males.
Most property seekers do their online search in Quezon City, Makati City, and Manila. These venues determine the interest of property seekers to invest, move, and live is in the high percentage. This is a great opportunity for investors to place more projects in accordance to its market preferences.
Property seekers tend to be discriminating of their choice because of the stiff competition in the real estate industry. They do much more rigorous online search using filters to generate a shortlist of their most ideal property for a home or office. With Millennials at the forefront of property seeking, many online platforms have been established to aid search and save time.
Every year, online property search increases among Filipinos. More than just the price tag, the location is a key guiding factor in seeking the right property for investment. Through online platforms, such as Lamudi, real estate developers can elevate the business to reach property seekers 24/7 where everything is instant and digital. As the demand grows, the prices continue to increase this year.
Online Property Search to Intensify
The property seekers will soon benefit from the ongoing infrastructure projects of the government and the rising developments in Metro Manila and other provinces in Cebu, Davao, and Iloilo. Notwithstanding, the Philippine real estate industry needs to brace itself to face challenges, such as inflation rates, effects of tax reforms, and right-of-way issues on infrastructure projects.
The data collected live up to the strong market performance of property sector in 2018. As Philippine real estate continues to upgrade in creating and sustaining green buildings and to uplift the positive trends of this business, property investors and developers can look forward to a favorable years ahead.