More Filipinos seek new and second homes in low-density environments

The appetite for residential properties among Filipinos in the high-income market remains strong, as more property buyers put emphasis on low-density environments and wellness features, according to a survey by Santos Knight Frank (SKF).

Results of SKF’s the Global Buyer Survey 2021: The Philippine Edition suggests that the demand for new and second homes continues, with 41 percent of respondents saying they are more likely to purchase a second home. 

SKF emphasized that this is higher than the average in Asia of 27 percent and the world at 33 percent. 

“After more than a year of experiencing travel restrictions, second homes are not only seen as an investment but also as a private destination and accessible place of rest during times when travel is restricted,”SKF said.

The survey findings also suggest that 49 percent of respondents said their budget for their next home has not changed since the start of the pandemic. 

In addition, there is also a noted growing interest for the suburbs at 40 percent, while the city still remains ideal for 33 percent of local buyers. 

“Overall, these findings suggest that the demand for homes remains but it also continues to evolve in light of the pandemic,”SKF said.

Meanwhile, one in every three respondents said they are more likely to move to a detached home or villa while 23 percent said waterfront residences.

Results of the survey also showed location features have increased in importance among respondents, as they consider proximity to green space (17 percent), good air quality (17 percent), access to good healthcare (16 percent), and good views (12 percent).

Respondents also highlighted the need for functional property features that have become more important such as access to high-speed broadband (13 percent) and a home office/study (10 percent), while a number are health and wellness-related features such as outdoor space (10 percent) and wellness and well-being amenities (10 percent).

In addition, greener, energy efficient homes are also of interest to the majority of local respondents, as 94 percent of respondents said the energy efficiency of a future home is either very important or important.

“The pandemic has amplified buyers’ concerns on their health, wellbeing, comfort, and safety, and we see this clearly reflected on the shifting preference in acquiring new or secondary homes,”SKF Associate Director for Residential Services Marie Gimena-Villanueva said.

“As we see recovery from the pandemic over the next months, buyers who want to acquire residential property should need to make a decision soon amid the discounts we see today,”she added.

Villanueva emphasized that results of the survey suggest that 39 percent of owners expect the value of their property to increase between one percent to nine percent over the next 12 months from the start of the survey, reflecting increasing market confidence.”