As the number of COVID-19 cases goes on a downward trend and the vaccination program continues, property stakeholders address stronger buying appetites in regions outside Metro Manila.
Growing from the Global Crisis
Demand for properties for sale on Lamudi showed a slight uptick at the start of pandemic-induced restrictions last March 2020, highlighting the importance of having a safe home during a health crisis. In March 2022, as the world prepares for the end of the pandemic, property seekers from Luzon show stronger real estate demand, growing by 10 percentage points compared to pre-pandemic numbers.
In particular, interest is strong South of Metro Manila (Imus, Dasmarinas, General Trias, Tagaytay, Bacoor and Silang in Cavite, as well as Santa Rosa and Binan in Laguna) and in the East (Antipolo and Cainta in Rizal).
Rizal is one of the regions in Luzon that saw a stronger buying appetite following the pandemic. Looking at pre-pandemic demand, for-sale leads on Lamudi during 1Q2020 accounted for 70-75% of overall leads in Rizal. In 1Q2022 so far, the range is sitting at 79-84% of overall leads.
Rizal’s demand for condominium developments has also shifted during the pandemic. From May to November 2020, rental inquiries dominated condominium transactions, which saw a reversal in 2021 with an uptick in for-sale leads for the property type.
Addressing this shift, one of the in-demand locations east of the metro, Cainta, recently saw a renowned property developer venturing outside Metro Manila. RLC Residences, known for their condo developments within Metro Manila, is bringing vertical supply to Cainta in the form of Sierra Valley Gardens, a groundbreaking project that will feature smart-home-ready units.
Speaking at the contract signing agreement between Lamudi and RLC Residences held at the City Life Gallery in Robinsons Galleria, Stephanie Anne Go, RLC Residences Business Development Head, said the company will continue venturing outside Metro Manila post-pandemic, following the growing preference of the market for open spaces.
Growing to Greater Heights
Lamudi Co-Founder and CEO Kian Moini, Lamudi Philippines Managing Director and CEO Kenneth Stern, Lamudi Philippines Vice President-Operations Ramjit Lahiri, RLC Residences Senior Vice President and Business Unit General Manager John Richard Sotelo, and RLC Residences Director, Head of Marketing and Chief Integration Officer Karen Cesario were all present for the physical contract signing.
While thanking RLC Residences for their trust, Moini underscored the signs of recovery and normalcy that have been more evident in the past weeks.
He said, “We’re really happy to finally be sitting together again in person. It’s a reflection of what’s happening in the world and in the Philippines […] We hear from developers that numbers are picking up very aggressively. People are going to viewings. People are transacting. We want to be at the forefront of bringing the industry together.”
Expressing the same delight as Moini, Cesario thanked Lamudi for all its efforts to make RLC Residences more visible to the property market. More than a new beginning, the contract signing is a renewal of commitment, [a testament] to how much Lamudi and RLC Residences want to move forward together with all the innovations, she said.
Stern also forecasted that the strong property appetite can contribute to economic recovery, saying, “Overall, the pent-up demand has been somewhat released, but I do think that over the next quarter and even the second half of the year, we’ll see pent-up demand further drive the economy with a stable industry like real estate.”
For more real estate trends, visit lamudi.com.ph.
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The article was originally published in ABS-CBN and written by Katrina Domingo.
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