Over two thirds (69%) of Filipinos would prefer to rent than buy property, according tonew research into the local property market from Lamudi.
According to the analysis, a strong bias towards renting has emerged in the Philippines, with only 31% deciding to invest in purchasing a property. This is a stark contrast to the general preference for renting seen in most southeast Asian markets.
An analysis of searches on Lamudi’s website revealed that the majority of house hunters are female, with the younger generation of 21-34 year olds preferring to rent property.
Figures showed that almost 100% of renters and 96% of buyers were searching for property in Metro Manila, the most populous and metropolitan area of the country. As the Filipino centre for culture, education and with a stable economy, it is clear from the research that this is the region of choice when it comes to property.
“For the younger generation in particular, renting allows flexibility, less commitment and less investment than making the big decision of buying a property,” commented Jacqueline van den Ende, Founder and Managing Director of Lamudi in the Philippines.
“Owning property comes with additional costs that are being taken into account, directing the majority of the Filipino population towards renting. As such a lively and cosmopolitan area, Metro Manila is drawing people in with its diverse landscape and wealth of opportunities.”