More property seekers eyeing house and lots

The lockdown brought by COVID-19 resulted in a shift in property buyers’ preference to house and lot. REBPH understands this behavior as this property type gives homeowners more opportunities to move and achieves the feeling of being safer.

MORE PROPERTY seekers are interested in buying house and lot properties as well as land-only projects due to the lockdown, online property marketplace Lamudi said in a report on Monday.

“After the experience of staying at home for a long period, property seekers appreciate larger floor areas in their property. House and lots and land-only projects have captured great interest as preferences for the living set-up tilt to horizontal developments,” Lamudi said in its third quarter report.

House and lot properties remained the most popular listing in Metro Manila in the third quarter, representing 52.95% of total listings.

Interested buyers inquired about houses the most, accounting for 43.27% of leads, compared to 31.52% for land and 17.02% for condo developments.

Quezon City topped the list of cities in Metro Manila generating the highest number of leads, with almost half of the leads in the region. The cities of Makati and Manila followed with 16.97% and 9.44%, respectively.

Outside of Metro Manila, Cagayan de Oro is experiencing a “huge demand” for houses for sale, the report said.

“Property seekers prefer the regional center to have greater accessibility to essential goods. As the national government builds more infrastructure projects, these areas will see stronger interest among property seekers,” Lamudi said.

Online searches for house and lot properties represented half of the property page views in Cagayan de Oro in the third quarter.

At the same time, Lamudi said property seekers are looking into Cebu and Davao cities as they see potential in land asset value increasing as the government develops infrastructure in those cities.

In Cebu, lot-only properties generated more inquiries with 46% of leads compared to 36.31% for houses. The same was true of Davao City, with land registering 48.55% of leads.

“This signifies that most property seekers are eager to buy lots for sale in Metro Davao, particularly in Davao City.” — Jenina P. Ibañez

Article and Photo originally posted by Business World last December 8, 2020, 12:06am. Minor edits have been made by REBPH to cater to its own readers.