Every year, more Filipinos are looking to find their ideal properties. But the search for the perfect home can be a stretch. More than just the price tag, property seekers have different considerations before slapping “sold” on a “for sale sign.”
The Outlook 2018 by Lamudi, happening this November 15th this year, is an annual coming together of the most prominent names in real estate. Following its success year last year, it aims to felicitate the most outstanding property developers and projects under various categories in the past year, as selected by an esteemed panel of judges and a survey participation of 10,000 property seekers in the Lamudi platform.
The on-going Lamudi Survey was designed to reflect the pulse of the Filipino property buyer, displaying key insights into what goes into the decision-making process of the real estate market. Though results differed by area and age group, they have provided solid results that tell what attributes are important to Filipino property seekers before committing to a big financial move.
The Award Categories
To ensure the accuracy and relevance of the results, the survey respondents for each category were determined through their search interests and activity on the Lamudi platform. They were asked to rate each attribute—namely Location, Quality of the Property, Reputation of the Developer, and Value for Money—based on the level of importance in terms of buying a property.
Across the board, data shows that property seekers from Luzon, Visayas, and Mindanao listed Location as their number one priority. This shows that the progress of city centers, commercialized areas, and developed residential sectors continue to be of high importance for potential buyers.
As for their second priority, there is some variation in their answers but it is evident that Quality of the Property proves to be a dominant choice throughout the eight categories. Understandably, buyers want to make sure their purchase is of top-notch quality—vying for premium, durable and low-maintenance homes. However, property seekers looking for Affordable Condominiums in Luzon place their trust in the Reputation of the Developer. This reflects brand image and brand recall still influence this market sector. Meanwhile, potential buyers for Premium Houses in Luzon want to make sure that their investment is worth every penny, placing Value for Money as their second choice.
The third most important criteria for property seekers is the most varied. However, Value for Money seems to be the dominant attribute, especially for Visasays and Mindanao respondents.
How do the considerations differ between Luzon and VisMin property seekers?
Majority of property seekers that took part in the survey came from Luzon, covering over seven cities including Makati, Manila, Parañaque, Pasig, Quezon City, Taguig, as well as other non-Metro Manila areas. This data points to different cities bearing different priorities. Although all Luzon cities have prioritized Location, the majority of the cities—including Makati, Manila, and Quezon City—responded that they value the Quality of the Property more. Reputation of the Developer came close for Parañaque, Pasig, and Taguig.
Value for Money dominated the third most important attribute for Luzon property seekers with cities including Manila, Parañaque, Quezon City voting for it. Quality of the Property and Reputation of the Developer also made up a small percentage.
VisMin’s results were more streamlined, as Cebu, as well as other VisMin property seekers, have both prioritized Location and Quality of the Property came in second for both regions, while Value for Money was the least important. However, unlike Luzon respondents, the Reputation of the Developer did not make the top three.
Which age group prove to be the most aggressive in property seeking?
The initial list property seekers that were already surveyed were broken down into five age brackets—below 18, 18-25, 26-40, 41-60, and above 60 year-olds. Among the age groups, 50% of the respondents fell under the 26-40 year-old age bracket.
It’s possible that individuals under this age bracket are looking to purchase their first home and biggest property investment.
Meanwhile, 25% were composed of 41-60 year-olds. We can consider these as parents or those with families who may be looking for either retirement homes or their second property purchase. Since individuals at this age bracket typically have more investment or savings, it stands to reason that they can still shell out for another property.
Lastly, the third largest age group fell under the 18-25% with 17.5% of the total respondents. Mostly comprised of young professionals, it’s safe to assume that these individuals are putting potential homes and investment in the horizon as they save up to make their first investment.
From the data drawn, the age groups also reflect a specific housing preference. The largest age group, identified as 26-40 mainly looks for traditional houses. As Filipino families largely grows around this age bracket, it could justify the need of typical houses over more compact condominiums or apartments. Meanwhile the younger age group of 18-25 heavily eyes for condominiums.
Lamudi Philippines CEO Bhavna Suresh also shares this sentiments in an interview with CNN Philippines as she explains, “What’s happening with a lot more millennials in the picture is the searches for condominiums are increasing. They want things smaller but closer to their workplace — maybe not for large families but nuclear families.”
The complete results of the Lamudi Survey will determine the winners of The Outlook 2018 be awarded at the November 15, 2018 awards gala. For more info on the event, visit the official page.
