Real estate continues to be one of the driving forces of the Philippines economy. Almost everyone is trying to buy a property, planning new developments or selling properties. It’s a booming industry but one that also has a fair share of mystery. There might be a few things that you might not know about the local real estate scene, some of which might surprise you.
Want to learn more about the Philippine real estate market? Below are some facts that you might not know about local real estate.
- Residential Condominiums Are On Top
You may have noticed that our cities are now full of high-rise high condominium developments. It’s because the demand for residential condominiums is soaring. In 2014, it was hailed as the fastest growing type of property based on supply. Twenty-three percent of home buyers inquired for low cost condominium units while low-cost housing came in second.
- Online Property Searches Are Rising
According to research, 80 percent of Filipino home buyers start their search online. Their go-to sites are search engines with real estate portals also getting more and more popular. Some even use social media for property searches.
- Mode of Payment
It turns out that a majority of Filipinos pay for their property using installment payments. It’s the most affordable way of paying for a property after all. The second way Filipinos pay for their property is by using cash.
- Rise of Condominiums in Cebu
Cebu is known as the second most important metropolitan in the country. Because of the booming IT and BPO sectors in the Queen City of the South, the supply of condominiums also rose through the years. It has the second highest concentration of condominiums in the Philippines and most of these developments are considered high-end.
- More Women Homebuyers
Women run the property scene in the Philippines. Fifty four percent of home buyers who search online are women. Meanwhile, fifty percent of home buyers are baby boomers making this generation the most influential age group in local real estate.
- Retail Driven Real Estate
Believe it or not retail and consumerism are big pulling point for Philippine real estate. Top developers like SM Prime, Ayala Land, and Robinsons Land will continue to dominate the scene and produce developments that perfectly mix both commercial and residential elements.
- Brokers and Agents Still Have The Power
Despite the rise in internet searches, Filipinos still trust real estate agents and brokers. Some also ask for help from expert property consultants like Libra Prime. See quality listings for commercial and residential properties by visiting their website or their Facebook page. They trust the expertise of real estate brokers and agents who can help them find the perfect property as well as finance the purchase.