Urban centers, booming regions flex strong property demand in 3Q2020: Lamudi
Here’s what online real estate platform Lamudi has to say about the Philippine property sector in the third quarter of 2020:
The easing of quarantine protocols have benefitted the property sector. Construction initiatives were able to resume and government offices began issuing development permits again. Property seekers have maintained a strong appetite for real estate in major regions as they became more at ease with the new normal.
Metro Manila
Even in the third quarter, the most popular cities in the capital region are areas that host business districts and economic centers. This is a trend that has remained constant throughout the year.
In terms of the most viewed locations in Metro Manila for properties for sale, Quezon City led the list, accounting for almost half of the pageviews at 48.67 percent. Makati and Manila followed, with 15.52 percent and 9.98 percent of the pageviews, respectively. Pasig came next at 6.58 percent, and Parañaque at 5.83 percent.
The previous Lamudi trend report also mentioned Quezon City, Makati, and Pasig, with these cities being hosts to important business districts in the country. Manila, which houses the largest port in the country, and Parañaque, which is home to Bay City, have both taken a lead in the third quarter. This development may be attributed to more property buyers exploring locations close to employment opportunities.
Interestingly, individuals looking to rent have looked at these same cities as well.
Furthermore, the same five cities also topped the list of Metro Manila locations with the highest number of leads. Quezon City maintained its popularity and accounted for almost half of the leads at 49.54 percent. Makati came in second with 16.97 percent, followed by Manila at 9.44 percent. Pasig and Parañaque came in next with 5.98 percent and 5.68 percent, respectively. These areas registered the highest number of inquiries and emerged as the most preferred locations for for-sale properties in Metro Manila.
Specifically, interested buyers inquired about houses the most, with this horizontal real estate development type accounting for 43.27 percent of leads. Land obtained 31.52 percent, while condominiums got 17.02 percent.
These top five cities have also commanded great demand even in the first and second quarters of the year, making them truly resilient real estate hotspots amid the current crisis.
Metro Cebu
Meanwhile, in the Visayas region, the main urban center of the Cebu province registered significant growth in terms of pageviews and leads. From the first quarter to the second, the metro saw a 26.5 percent increase in pageviews. Although there was only a 22.1 percent increase in pageviews 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 pageviews from the first quarter of the year to the third quarter.
The inquiries, meanwhile, experienced a 49.79 percent growth from the first to the second quarter. Inquiries from the second to the third quarter grew by 11.98 percent, corresponding to the height of the strict quarantine measures in Metro Cebu. Given the circumstances, registering such an increase showed Cebu real estate’s resilience amid restrictions on movement.
As quarantine measures eased in the third quarter, most buyers in Metro Cebu looked into houses; 51.81 percent of the searches in Metro Cebu during this period were for this property type. Land, on the other hand, 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. Condos, on the other hand, accounted for 10.38 percent of the searches.
Although foreclosures weren’t the top choice for property, the number of inquiries for this type of real estate exceeded the number of pageviews, which may be an indicator that property seekers are more serious about purchasing this property type.
Cebu City is the top choice in the region. Aside from posting the highest number of pageviews and leads, it also had the most popularity among property seekers abroad, accounting for 80.73 percent and 82.56 percent of the overseas pageviews and inquiries in the region, respectively.
Land property types are expected to see a demand rebound, fueled by overseas Filipino workers (OFWs) who plan to purchase properties with big, open spaces.
Metro Davao
Metro Davao saw a significant increase in pageviews quarter-on-quarter. It registered a 29.18 percent growth rate from the first quarter to the second. From second to third quarter, this growth rate climbed by 29.04 percent. The number of inquiries also soared, with a 16.18 percent growth rate between the second and third quarter, an uptick from the 14.18 percent growth posted in the first to second quarter.
The most popular property types in the region are house, land, and condominium. Houses accounted for more than half of the pageviews at 50.58 percent. Land took 32.29 percent, while condos obtained 10.03 percent of the pageviews.
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