MAJORITY of property seekers in Metro Manila, just like last year, still look for estates on sale, as 62 percent of Lamudi users search for them online, according to the real-estate platform provider’s data as of January 2020.
Based on the type of property they would want to buy, houses are the most in demand at 51 percent; followed by land, 23 percent; and condominiums, 18 percent.
This could be attributed to the strong presence of affordable housing segments that are widely spread throughout the National Capital Region (NCR) and in key provincial cities, per Lamudi.
In terms of financial capacity, property hunters are willing to spend for an estate worth P1.5 million to P3 million (17 percent).
For the budget-conscious, on the other hand, they prefer to buy those within the P450,000 up to P1.5 million bracket (15 percent).
The moneyed buyers, meanwhile, opt for the more expensive properties costing P3 million up to P4.5 million or even beyond, at the luxury price point of over P20 million (14 percent).
Consistent with Lamudi’s trend report for 2018 and market review for 2019, its searchers continued to show keen interest in Quezon City in January of this year alone, mainly because of its prime location for commercial and residential properties, affordability and livability.
New office spaces located in this largest local government unit in NCR opened in 2019 and will most likely continue this year and beyond.
Outside Luzon, Cebu City continued to be the top searched destination in Visayas on Lamudi, just like in the last couple of years.
Listings for properties for sale on Lamudi take the bigger slice of the pie at 82 percent.
As of the first month of this year, the luxury market is thriving, with properties for sale priced P20 million and up accounting for 21 percent of listings.
Location-wise, Quezon City had the highest listings in the metropolis due to high requirement in this area.
Angeles City in Pampanga has the most listings as of January 2020 due to the developing information- technology and business-process outsourcing industries in New Clark City.
The interest of seekers in the office, residential and retail sectors is, likewise, apparent in properties for lease at 38 percent, according to Lamudi’s data.
Apartments for rent had the most searches at 38 percent, mostly coming from students and working professionals on the lookout for pocket-friendly accommodations near their schools and workplaces.
This was followed by condominiums (33 percent) as demanded mostly by young professionals as a source of passive income; and houses (20 percent) that are ideal for starting families looking to upgrade to bigger spaces or to an actual residence.
The price of properties for lease listed on Lamudi are within the range of P15,000 to P30,000, making up 27 of the total supply.
This is the usual budget of seekers for rented estate (34 percent), followed by the more affordable P5,000 to P15,000 range (28 percent), and P30,000 to P60,000 (13 percent).
In January 2020, houses for rent had the highest turnover, and then condominiums given the number of properties marked as rented over the total inquiries made for the property type within the last 100 days.
It is worth noting, though, that condominiums for lease are threefold the number of houses for rent.
Lamudi’s data at the start of the year also highlighted that the highest count of listings uploaded by one broker during the period is 124.
Foreclosures had the highest turnover, based on the number of estates marked as sold over the total inquiries made for the property type within the last 100 days.
Outside of the Philippines, Dubai is the city with the most number of seekers on Lamudi because of the increasing number of overseas Filipino workers there looking to invest back home.