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Sunday, November 1, 2015

Are Filipinos Buying Or Renting Properties?


Wazzup Pilipinas!

Global property website Lamudi Philippines looked into its third quarter 2015 search data and found interesting observations. According to the website, among 18- to 24-year-olds, there is an equal proportion of property hunters looking for for-rent and for-sale properties (50.2 versus 49.8 percent).

But quite interestingly, there is a tendency for property hunters to check out for-sale properties online as they get older. Lamudi data shows that among 25- to 34-year-old users, 57.3 percent are checking out for-sale properties in the website, compared to 42.7 percent of users who look for for-rent properties.

The preference to buy is even higher in the 35–44, 45–54, and 55–64 age groups; Lamudi data noted that 70.8, 72.6, and 71.1 percent of the website’s users, respectively, are checking out for-sale properties, while only 29.2, 27.4, and 28.9 percent are looking for for-rent properties, respectively.

According to Lamudi Philippines managing director Jacqueline van den Ende, these findings are consistent with observations made in Europe and the United States, where people have the tendency to buy as they get older.

“This seems to be the case among Filipinos,” says van den Ende. “Younger people—those aged 18–24—probably prefer mobility and flexibility, which explains a higher search volume for for-rent properties in the Lamudi website.

However, this does not mean that they are not planning to buy eventually. Almost half of searches in this age group are dedicated to for-sale properties, then this tendency significantly increases in the 25–34 and 35–44 age groups: stage when young people start to have stable jobs, consider getting married, and start families.”

Proportion of people looking for for-rent and for-sale properties by age group

18-24
25-34
35-44
45-54
55-64
65+
Buy
50.2%
57.3%
70.8%
72.6%
71.1%
65.5%
Rent
49.8%
42.7%
29.2%
27.4%
28.9%
34.5%
Source: Lamudi Search Data, July 1–September 30, 2015

Most Popular Cities

In terms of areas, Quezon City remains the Philippines’ most popular place to search a property, whether to rent or to buy, according to Lamudi. Twenty-seven percent of property hunters looking for for-sale properties are checking Quezon City, followed by Makati (7 percent), Parañaque (5 percent), Tagaytay (5 percent), and Las Piñas (5 percent).

Among those looking for for-rent properties, Quezon City is the most popular as well, representing 28 percent of all searches for rental properties. However, Makati comes in a close second at 20 percent, followed by Mandaluyong, Davao, and Pasig (8, 7, and 6 percent, respectively).

According to van den Ende, this is not surprising as Makati, Mandaluyong, and Pasig have high concentrations of condos available. These cities are also homes to Metro Manila’s major central business districts (Makati CBD and Ortigas Center, respectively), which make them popular among employees looking for places to rent where they will be close to their workplaces.

On the other hand, Parañaque and Las Piñas have many subdivisions or gated communities, and are quite popular as residential suburbs, especially among starting families. Tagaytay, in contrast, is a touristy area teeming with vacations homes, making it popular among affluent buyers.


Cities potential buyers are looking at

CITY
PERCENTAGE
Quezon City
27%
Makati
7%
Parañaque
5%
Tagaytay
5%
Las Piñas
4%
Cebu
4%
Davao
4%
Pasig
4%
Baguio
3%
Taguig
3%
Percentage computed from total searches for 171 cities across the Philippines (July 1 – September 30, 2015)

Cities potential renters are looking at
CITY
PERCENTAGE
Quezon City
28%
Makati
20%
Mandaluyong
8%
Davao
7%
Pasig
6%
Parañaque
5%
Manila
4%
Taguig
4%
Las Piñas
3%
Pasay
3%

Percentage computed from total searches for 64 cities across the Philippines (July 1 – September 30, 2015)

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