Real Estate Market Review 2019
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2019 was a strong year for the real estate sector. Major cities all over the Philippines have shown interesting performance, and this has led to more opportunities in the office, residential, and retail sectors nationwide.
Let’s take a look at what happened in 2019 on Lamudi’s real estate platform:
The Year in Review: What Property Seekers Looked for
Property seekers on Lamudi are more interested in buying (60.59%) than renting (39.41%), with their budget able to accommodate for-sale properties up to Php 20 million or for-rent properties up to Php 1 million. In the more affordable segment, the majority of seekers look into the Php 5,000 up to Php 15,000 price range.
Most Popular Cities
Seekers are not just interested in properties in Metro Manila. The most in-demand cities of 2019 are Quezon City, Makati, Manila, Cebu City, and Taguig. In 2018, Quezon City was also the most-searched city in terms of location, accessibility, and livability.
Cebu City is one to watch, as residents from this city account for 87.56% of pageviews generated in Visayas.
According to the Q1 2019 Cebu Property Market Report of Colliers International Philippines, the growth of BPO industries helps fuel the economy of Cebu and encourages investments for the development of more office spaces. Investments in Cebu’s BPO and IT-related industries have also fueled the demand for horizontal and vertical residential developments.
The high influx of tourists coming to Cebu City has also propelled a higher demand for condominiums in the area. With the growth of BPO hubs in the city, millennials, who make up 43.98% of Visayas’ pageviews, are also drawn to the region for work opportunities and potential property ownership.
Most Popular Property Type
Lamudi seekers inquired about condominiums the most, with over 39.24% of total leads. Condominiums may be utilized as one’s primary residence or as a rental investment. With the increasing demand for condominium units in metropolitan areas, it is advisable to buy during the pre-selling period as the property value of condominiums increases near the development’s completion.
Top Overseas Location of Property Seekers
Seekers located in Dubai have a strong interest in Philippine real estate, followed by Doha and Sydney. Overseas seekers mostly search for houses (30.58%) compared to other residential types, with 38.66% interested in buying and 16.73% interested in renting. One explanation for the sustained growth from Dubai, which was also the top overseas city in 2018, can be attributed to OFWs wanting to buy their own property to settle in once they get back to the Philippines. Filipinos are also searching for houses or condominiums as an investment opportunity in the Philippines.
Top Provincial Cities
Provincial cities have also shown a strong interest in real estate properties, particularly Cebu City, Bacoor, Davao City, Angeles, and Antipolo.
Real Estate Supply
The growing demand for properties has led to an increase in listings on Lamudi. In Metro Manila, Quezon City has the most number of listings.
Paranaque City had the biggest growth of listings within Metro Manila, with a 292% increase from the 1st quarter of 2018 to the 1st quarter of 2019.
Development in provincial cities has also contributed to the supply, showing an increase in listings from areas such as Angeles City in Pampanga. Naic, Cavite also had a significant increase in listings (886%) from the 4th quarter of 2018 to the 4th quarter of 2019.
For 2019, the most popular property type listed on the platform was house and lot.
- The most expensive property posted on Lamudi is a 23-hectare vacant lot in Roxas Boulevard. This is comprised of two lots combined for a total land area of 231,751.16 sqm. It is currently for sale at a whopping Php 81.1 million (Php 350, 000 per square meter). The lot area is close to Okada Manila, the CCP Complex, and Hotel Sofitel.
- The smallest property posted was a parking stall in Bel-Air that measures 5 square-meters.
- Another small property listing is a small store space measuring 2.5 square-meters located in Gatchalian Subdivision, Las Pinas City.
- The most-viewed property on Lamudi was a three-bedroom townhouse located in Mendez Crossing East, Tagaytay City. The idyllic Tagaytay house has a floor area of 50 sqm, three bedrooms, one bathroom, and a car parking space. The house is currently being sold for Php 1.8 million.