The pandemic has caused a lot of changes in our lifestyles. Our usual days spent in the workplace have transformed into moments spent within our homes for most of us. That change has certainly caused a shift in our needs as residents or property owners.
“The strict stay-at-home protocols mandated by the government have brought new insights to property owners and seekers,” Lamudi Philippines said in The Outlook report for the third quarter of the year.
“The hunt for ideal locations that are highly urbanized and have easy access to public transportation outside Metro Manila has also paved the way for developers to market their properties, letting them stay resilient in these trying times,” it noted.
Lamudi added that houses and lots are continuously growing as buyers and renters continue to be on the lookout for attractive offers.
GROWING INTEREST IN LAND, HOUSE AND LOT PROJECTS
The experience of staying home for a long period amid the pandemic has made property seekers appreciate larger floor areas.
“House-and-lots and land-only projects have captured great interest as preferences for the living setup tilt to horizontal developments,” Lamudi said.
Data from the report show that in Metro Manila, interested buyers inquired about houses the most, with the horizontal real estate development type accounting for 43.27 percent of leads.
Land, on the other hand, obtained 31.52 percent, while condominiums got 17.02 percent.
Similarly, Lamudi found that most buyers in Metro Cebu looked into houses, which comprised 51.81 percent of the searches in Metro Cebu during this period.
In contrast, land accounted for 30.76 percent of searches during the same time frame.
“Interestingly, lot-only properties garnered more inquiries compared to houses. Almost 46 percent of the leads were for land compared to the 36.31 percent of inquiries for houses,” Lamudi pointed out.
Condos, on the other hand, accounted for 10.38 percent of the searches.
Lamudi also found that land had the most inquiries among those looking to buy in Metro Davao, accounting for 48.55 percent of inquiries. This is a 34.01-percent increase from the previous quarter.
“This signifies that most property seekers are eager to buy lots for sale in Metro Davao, particularly in Davao City,” Lamudi said.
In terms of searches, houses accounted for more than half of the region’s page views at 50.58 percent. This was followed by land with a 32.29 percent share, while condos obtained 10.03 percent of the page views.
METRO CEBU SEES INCREASED PAGE VIEWS AND INQUIRIES
Lamudi reported that the Metro Cebu market registered a 26.5-percent increase in page views in the third quarter, compared to the two previous quarters of the year.
“Although there was only a 22.1-percent increase in page views from the second to the third quarter, the figures in the latest quarter were a significant leap from how it registered at the start of the year, corresponding to a 54.46-percent growth in page views from the first to the third quarter,” Lamudi said.
Inquiries for Metro Cebu properties also jumped 49.79 percent from the first to the second quarter.
However, the growth was tapered to 11.98 percent from the second to third quarter, due to the strict quarantine measures during the period.
“Given the circumstances, registering such an increase showed Cebu real estate’s resilience amid restrictions on movement,” Lamudi said.
OVERSEAS FILIPINOS DRIVE LEADS FOR METRO DAVAO
Metro Davao saw a significant increase in page views quarter-on-quarter, registering a 29.18-percent growth rate from the first quarter to the second and a 29.04-percent rise from the second to third quarter.
The number of inquiries also soared, with a 16.18-percent increase between the second and third quarter, an uptick from the 14.18-percent growth posted in the first to the second quarter.
Lamudi reported that overseas inquiries on Metro Davao properties have remained strong, increasing by 11.98 percent in the third quarter compared to the second quarter.
“OFWs form part of the market spurring demand recovery in Metro Davao, as they look to invest in vacant lots for sale, where space can be maximized,” Lamudi said.
HOUSES, CONDOMINIUM, AND LAND AMONG POPULAR LISTINGS
The Lamudi report also found that houses, condominiums, and land have the most number of listings on the property portal in the metro regions of Luzon, Visayas, and Mindanao.
“House and lot properties for sale remain as the most popular listing in Metro Manila in the third quarter. It represented 52.95 percent of the total listings, with condominiums coming in second at 31.97 percent,” Lamudi said.
Similarly, condominiums and houses accounted for the most number of listings in Metro Cebu, accounting for 37.77 percent and 30.54 percent of the listings, respectively.
In contrast, a land dominated the listings in the Metro Davao region, accounting for 33.72 percent of listings. Houses ranked second on the list with 29.32 percent.
“As the economy recovers and the market offers low mortgage rates, OFWs will regain buying power particularly for lot-only projects,” Lamudi added.
Moving forward, Lamudi said the movement in demand and supply in the remaining months of the year would heavily depend on the state of the current health emergency.
“Nonetheless, the reopening of the economy will prove optimistic for the property sector moving forward,” the property listing site said.
