A year past the onset of the global pandemic and economic crisis, the Philippine residential real estate market had evolved along with seeker priorities and preferences.
In the first quarter of 2021, Lamudi saw shifts in property demand trends as seeker age groups explored different properties compared to previous quarters.
The first quarter of 2020 saw college students and fresh graduates of the 18 to 24 age bracket leading in terms of pageview growth for condominiums.
Consumer preferences in the first quarter of 2021 revealed a new trend. Seekers aged between 45 to 54 commanded the highest year-on-year growth figures for pageviews for condominium listings at an impressive 106.80 percent. Seekers within the 35 to 44 age bracket also showed more interest in condominiums in 1Q2021, exhibiting the highest quarter-on-quarter pageview growth at 6.68 percent.
Although lead growth from the 25 to 34 age bracket weakened this quarter compared to the last, the age group still contributes the largest lead share for condos. Data from this quarter also revealed that while the luxury condominium units priced above 20M attracted the most pageviews at 21% out of all property types, listings priced 1.5M to 3M contributed the most leads.
As more millennials look at real estate as a viable investment option amid the pandemic, first-time buyers may be pursuing more immediately accessible price points, albeit showing a preference for aspirational residential options. Sellers may add value by retrofitting units with aspirational interior designs and lifestyle-centric amenities such as sleek modern furnishings, smart appliances, and large windows.
Apartments leads the way
Apartments led growth for leads by property type in the first quarter of this year. Leads for apartments increased by 16.11 percent in the first quarter of 2021 compared to the same period in 2020. The uptick in leads for apartments may be driven by consumers’ desire for extra space without compromising the experience of living large in units smaller and more affordable than the single-detached house.
Seekers aged between 25 to 34 led demand for this property type, contributing 42.76 percent of all leads for apartments. Its size is especially attractive to young professionals and couples planning to expand their families and wish to move in immediately.
Leads for apartments were most prevalent in Quezon City and Manila in the first quarter of this year, which contributed 36.74 percent and 23.74 percent of leads respectively, out of the top five apartment location markets in the country. Quezon City and Manila were followed by Pasig (18.94% of leads), Makati (12.12%), and Caloocan (9.09%).
Outside of Metro Manila, Cebu was the strongest apartment market at 34.14 percent of leads in the first quarter of 2021. In Mindanao, Davao received the most page views for its apartments in 1Q2021 but Cagayan de Oro received the most leads at 54.85 percent.
Residential market for retirees
Out of all age groups, property seekers over the age of 65 showed the most optimistic growth figures in the first quarter of 2021. After posting a 107.89 percent dip in annual pageview growth in the first quarter of 2020, interest from the retiree market rebounded to an uptick of 80.32 percent in the same period in 2021. The positive trend is indicative of an older population adjusting to the Internet of Things (IoT) and growing their presence on digital platforms.
The 65 and up age group demonstrated the highest growth in annual pageviews for land listings as well. After decreasing by 38.90 percent quarter-on-quarter in the second quarter of 2020, pageview growth from the age group slightly improved over the next consecutive quarters.
Antipolo, prime location
Outside Metro Manila, Antipolo was the prime location of choice for house seekers and land seekers in the first quarter of this year. Antipolo garnered 24.05 percent of all page views for property seekers looking for houses outside the region. The city also attained the largest share of leads for that period at 39.11 percent. For land, Antipolo attained the greatest share of pageviews outside Metro Manila at 38.58 percent and the largest share of leads at 30.61 percent.
Ostensibly, the city’s green space and tranquility make it an excellent option for seekers looking for a relaxed pace, without moving too far away from family in the metro.
Repossessed properties in Calabarzon
Seekers looking to invest in foreclosed properties showed a preference for the Calabarzon region the first quarter of the year. Foreclosure seekers appeared to zone in on San Pedro in Laguna, which attracted the most pageviews from the seeker market at 26.74 percent. This was followed by Bacoor in Cavite and Lucena in Quezon Province at 20.93 percent each, Quezon City at 16.28 percent, and General Trias at 15.12 percent.
Younger age brackets showed the most interest in foreclosed listings. The 25 to 34-year-old consumer segment shared a notable share of pageviews for repossessed properties at 47.19 percent. The trend reinforces millennials’ increased desire to manage their personal finances and pursue sound investments.
For trend report requests or inquiries, contact deborah.ong@lamudi.com.ph or mark.bailey@lamudi.com.ph.