The Philippines kicked off 2021 with news of vaccine rollouts, a rise in active cases, and stricter lockdown levels. The local real estate market also started the year with significant industry developments, such as project launches, recovering demand, and a REIT debut, among others. A whole year past the onset of the global pandemic, Lamudi seeks to uncover new property seeker trends for the first quarter of 2021 and see where the market is headed.
Key Insights from 1Q2021 Real Estate Demand within PH
- Leads for purchase listings outweighed that for rental listings in 1Q2021.
- Leads for properties to purchase in Luzon had the highest growth, while leads for properties to rent had the highest growth in Mindanao.
- Houses composed the most leads but commercial properties showed the most potential for growth based on its performance in 1Q2021.
- Across regions, land showed the strongest quarter-on-quarter lead growth.
- Condominiums in Mindanao had the highest lead growth compared to other regions.
- Leads for properties for sale were fairly distributed across different price ranges.
- Quezon City remains to be the most searched city in the country, receiving leads by a wide margin. In Q1 2021, the city attracted almost the same number of leads from Pasig, Paranaque and Taguig combined.
- In Luzon, the biggest growth quarter-on-quarter came from the 35 to 44-year-old age bracket, who may be more established in their careers or are looking to upgrade their family home.
Key Insights from 1Q2021 Real Estate Demand from Overseas
- The 25 to 34-year-old age bracket composed the majority of leads in 1Q2021, but the 65 and up bracket posted the largest quarter-on-quarter growth.
- Houses composed the most leads but commercial properties showed the most potential for growth based on its performance in 1Q2021. Commercial properties to buy or rent showed the highest quarter-on-quarter increase with almost 13%.
- The top overseas property seekers were also from Asia, save for those based in Los Angeles. Developers looking to expand are encouraged to branch out regionally first – in either the Middle East or Singapore.
- Cebu City is the only location outside Metro Manila among the top five most searched cities by overseas property seekers.
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Article and Photo originally posted by Lamudi.