Metro Manila locations continue to be the most searched for vertical residential units
Finding a place to live in can be a daunting and exhaustive task. In the Philippines, one of the most sought after locations is within Metro Manila, the nation’s capital. With an overall population of over 24 million people as of the 2018 national census, people flock to the region to establish better and more fulfilling lives.
Although generally, people still opt to buy or rent a traditional detached house or apartment, Metro Manila is now one of Asia’s major hotspots for condominium living. As it is practical and convenient, this type of city life has become the norm not just for millennials, but also for families and retirees who want a casual lifestyle that is close to either their work or their loved ones.
It’s not just in the nation’s capital either – other parts of the Philippines are welcoming the condo life including major cities like Cebu and Davao. Atty. Christopher Ryan Tan, chief executive officer (CEO) of Hausland and Fiesta Communities, stated at Lamudi Philippines’ The Outlook event late last year that there is a challenge of creating enough homes to match the influx of migrants from other areas.
“Both the government and the private sector like us would produce but also, population grows and migration happens and so definitely, we will see that moving balance move forward,” he said. “That’s the challenge now, how really to meet the housing need and to be able to do that, you need to produce on the lower end,” he continued, citing a government study that revealed how many homes are needed over the next few years.
High-Demand Cities with Affordable Housing
Experts estimate the country needs 7.67 million more homes by 2022, which Tan analyzed as a “huge number” to fill – there are actually less than 200,000 units created a year. As such, the demand for affordable housing in highly populated cities are growing as time passes.
Based on Lamudi’s website data collected from January 2017 to mid-March 2018, the top 10 cities in the Philippines with most viewed real estate listings belong to the following:
Interestingly enough, nine of these 10 cities are in Metro Manila. What is even more fascinating is that the collected data also revealed that the people who are looking for these affordable condos are out of the region. While majority of searches come from within Metro Manila, a good chunk of searches come from areas like Antipolo City, province of Rizal; City of Bacoor, Cavite; Cebu City, Central Visayas; Davao City, Mindanao; and even the neighboring country of Singapore.
The latter is a possible indication that overseas Filipino workers (OFWs) residing in Singapore, and possibly elsewhere, still consider finding a home in the Philippines for retirement, buying a home for their loved ones there, creating a second source of income from real estate investment, or other purposes.
A Booming Condominium Market
Clearly, the country’s property market is booming – there are plenty of interested people who see the Philippines as a great place to invest in real estate. While the data gathered by Lamudi points to an almost equal search when it comes to male and female users, majority of condominium searches come from the millennial generation, or people aged 25-34, as they account for as much as 37% of the page views. This is closely followed by people aged 35-44 and 45-54 years old, typically the more established or family-oriented stages, who were responsible for 23% and 15% of the views, respectively. Older professionals, students and young professionals, end and retirees (65 years old and above) still search for condos, but they are all significantly less compared to the previous demographics.
Professionals believe these statistics come from the unique situation Metro Manila is in. With the many updates to infrastructure and transportation in the country, especially in parts of Manila, Makati, and parts of the “south” (such as the ongoing extension of the Metro Manila Skyway), people are finding it harder to travel by public transportation – as a result, people want a place that’s much closer to work or school.
“I would say millennials look for two basic things: they are very value-conscious, and they are looking for convenience,” said Christopher Maglanoc, president of Avida Land, an Ayala Land subsidiary, also at last year’s The Outlook. “(This) means a property close to where they work, which is why these estate or mixed-use developments are a good thing for the sector, especially in Metro Manila where traffic is really a challenge. The closer you live to your place of work, the more time you spend doing productive activities.”
Whatever peoples’ reasons may be, one thing is for sure: condominium life in the Philippines, especially in Metro Manila, is more popular than ever. With affordable plans left and right, now is truly one of the best times to invest.
Main image via Deposit Photos
| For further information regarding the process, requirements, prices, and fees associated with buying a condominium unit, as well as other related articles, visit The Complete Condo Buying Guide by Lamudi. |
