Millennials Are Shaping Up to Be Philippine Real Estate's Top Customers
Contrary to the popular belief that millennials aren’t ready to settle down, Lamudi’s latest study has found that millennials are the biggest demographic of customers on the property platform’s website.
In Lamudi’s 2020 Real Estate Sector Outlook report, the study found that users aged from 25 to 34 years old made up 43.95 percent of total page views, beating out all other age groups. This majority was consistent across Luzon, Visayas, and Mindanao. Those aged 35 to 44 made up only 16.9 percent of page views, which is significantly lower compared to their younger counterparts.
Meanwhile, females dominated the users gender demographic, taking up 61.4 percent of page views, compared to males’ 40 percent.
Overall, Filipino house-hunters seem to be more interested in condos, which led the survey as the most sought after type of property. However, while users were more interested in renting condominiums instead of buying them, the opposite is true when it comes to houses and land—users are more interested in buying these properties instead of renting.
As for where people plan to settle down, Quezon City is the most popular location for users with 35.18 percent of the page views, followed by Makati (23.10 percent) and the City of Manila (9.54 percent). Pasig, Paranaque, Bacoor, Antipolo, Las Pinas, Taguig, and Baguio closed the top ten slots on the survey. Lamudi also mentioned the boom in real estate in residential and commercial properties in Cebu, Davao, and Angeles.
Aside from viewers from the Philippines, Lamudi’s international audience is made up primarily of OFW hotspots with communities of overseas Filipinos eyeing potential investments in real estate. These locations include: Dubai, Doha, Sydney, London, New York, Riyadh, and Abu Dhabi.
Lamudi also noted that the real estate trends of 2020 will be: sustainability and green architecture, infrastructure spending, overseas demand, and tourism. The platform also forecasts that 15,610 residential apartments will enter the market in 2020, which is notably higher than previous years. Co-living projects will also be on the rise in an effort to combat Metro Manila’s worsening traffic. More landbanking and office construction outside the capital region is also on the horizon, as well as finding alternative expansion sites to accommodate the POGO and BPO industries.