There’s a heartwarming quote that says “home is where the heart is.” Truly, home is not only where we reside but also where love and laughter reign and beautiful memories are made. In view of the recent surge in COVID-19 cases, home is also where we should feel most safe and secure. Because the pandemic is not walking out of our lives anytime soon, home has become an all-important place where we do all our daily activities.
Thus, choosing the ideal home or property is a prime concern. Whether you’re a homebuyer looking for the right property to suit your lifestyle or an investor seeking to understand the market, it pays for property seekers to be aware of the trends so they could maximize their investments. This Lamudi report on “where to invest in 2021” is designed to assess real estate market preferences in 2021 as industries recover from the pandemic and to identify which segments boomed or softened amid the crisis.
Sifting through the trends, as of January 2021, houses were still the most popular property type, getting 48 percent of all pageviews for that month. This property type is expected to continue posting positive growth throughout the year. Land and foreclosures were the most popular property types for the more mature property seekers.
According to the report, the youngest property seekers were in the 18-24 age group while the oldest property seekers were in the 65-and-above bracket.
They showed the highest growth in pageviews in the second half of 2020, increasing by 75 percent for the young ones and 65 percent for the seniors. Brokers and sellers are looking at the older property seekers who are investing in homes to pass on to the younger generation. They are also encouraged to look into the need for smart homes to accommodate the growing bandwidth demand for students and young professionals.
Low-cost, upscale property
In January, 2021, low-cost housing was the most attractive price point to potential buyers. For that month, the P1.5 million to P3 million price range contributed the highest share of leads (17 percent). Properties priced between P9 million and P12 million displayed the highest growth in both pageviews and leads, increasing by 50 and 89 percent, respectively, in the second half of 2020 compared to the second half of 2019.
Leads within the P12 million to P20 million price range received a slightly lower share of leads in January 2021, vis-a-vis its performance for the whole of 2020, while the high-end P6 million to P9 million range increased its lead share this January. This shows that buyers within the upscale price segments may be adjusting budgets or considering other price segments for their investments.
Meanwhile, properties priced at P6M million and up in CBDs (central business districts) continued to attract demand. Those priced above P20 million posted the highest growth in pageviews in the second half of 2020, increasing by 31 percent. In January 2021, listings within that price range enjoyed the lion’s share of pageviews for cities with CBDs at 31 percent.
Looking at the positive trend, Lamudi sees demand for prime properties in CBDs for rent and for sale continuing to grow in the second quarter of 2021.
Egg-citing city of Pateros
Famous for its duck-raising industry and balut (fertilized duck egg), Pateros surely has a lot to quack about. With its smallest share of pageviews for fringe cities, it drew the largest growth in both pageviews and leads in the second half of last year, compared to the first (pageviews rose by 69 percent while leads increased by 149 percent). Located between Taguig and Pasig, Pateros is an ideal choice for yuppies who are looking to live near their offices in CBDs while enjoying lower prices per square meter.
On the heels of Pateros is Caloocan, groomed to become the most significant driver of leads for fringe cities in 2021 (52 percent in January 2021).
So, developers and brokers, keep your eyes peeled for vacant commercial and residential space in Pateros and Caloocan.
With more people hunkering down at home throughout 2020 due to the pandemic, property seekers were considering homes close to nature, like homes by the beach where the air is fresh and the scenery refreshing (beats being cooped up within the four walls of your city condo). Batangas, where the sand is powdery white and the water is fine, got the highest growth in leads among the identified leisure destinations at 143 percent in 2H2020, compared to the same period in 2019.
Well on the way to recovery is the vacation rental property market. Rental properties for listings in Antipolo, Lapu-Lapu (Cebu), and Tagaytay attracted more inquiries from property seekers in 2H2020, with leads for listings priced between P30,000 and P60,000 increasing by 550 percent from the second half of 2019 and leads for listings P60,000 to P100,000 growing by 398 percent from 2H2019. Rental properties within the P5,000 to P15,000 range attracted the most leads in January 2021.
The year 2020 saw a demand for larger spaces, open areas such as balconies and gardens, and security amenities. Much-sought-after amenities included spaces for fitness such as a swimming pool and gym.
Pandemics may come and go, but our home remains to keep our bodies safe and our hearts warm.
Business photo created by jcomp – www.freepik.com