Buyers want house/lot, but condo queries up

Online marketplace for properties Lamudi Philippines revealed that most Filipinos are looking for house and lot properties, but inquiries on residential condominiums are increasing.

In a press briefing Thursday, Lamudi Philippines Chief Executive Officer Bhavna Suresh said 59 percent of its property searches in 2017 were house and lots.

Almost half of house and lot searches were looking for properties with a value of PHP5 million and below; 35 percent were looking for house and lot priced up to PHP20 million; 13 percent were searching for properties amounting to up to PHP150 million; and 4 percent were searching for house and lots with a value of more than PHP150 million.

However, Suresh noted that the share on searches for house and lots declined from the past years, which was about 70 percent.

She said searches for other types of property were rising, particularly for condominiums, accounting for 14 percent of searches in Lamudi last year.

About 12 percent of searches in Lamudi were raw land or lots, while apartments shared 11 percent to the total searches in 2017.
Suresh said 15 million users who visited Lamudi's website last year spent 2.7 million hours searching for properties online.
She added that Lamudi had seen a large increase in the number of visits to its platform in 2017, which signalled a rise in Filipinos’ acceptance of property technology or PropTech.
“More developers, brokers, and owners are now breaking the brick and mortar barrier to cross over to the click and discover business environment,” said Suresh.
Last year, Lamudi Philippines had a total of 100,000 active listings from residential condominiums, house and lots, apartments, commercial spaces, raw lots, and foreclosed properties across the country.
A total of 1.1 billion sq. meters of property spaces were listed on Lamudi’s platform in 2017.
In terms of sources of properties, majority or about 18 percent of supplies were in Quezon City, followed by Makati City with 12 percent.
Other top supplies of property listings in Lamudi include Parañaque, Pasig, Taguig, and Manila.
In terms of demand, a big chunk still came from Quezon City and Makati City, with 15 percent and 10 percent, respectively.
Suresh added that Lamudi also noticed a hike in searches outside Metro Manila, such as the cities of Davao and Cebu.
There were emerging cities in the provinces, among them Iloilo, Bacolod, General Santos, and Cagayan de Oro, where property searches online were picking up, according to the chief of Lamudi Philippines.
“We see more demand for both residential and commercial properties in the next several years as the economy grows further,” Suresh said.