Tuesday, June 6, 2017

Where Do Filipino Millennials Want To Live?

Wazzup Pilipinas!

Leading property portal Lamudi looks at the real estate preferences of Filipino millennials—one of the biggest market segments in the world today

Considered as decision-makers with a considerable purchasing power, millennials have been the target of most businesses and industries of today. Referring to those born between the early 1980s to the early 2000s, millennials are deemed as the digital natives. This generation is widely connected socially and virtually through multiple devices, and they gave new meaning to multitasking and real-time communication. In this age bracket, everyone loves to work hard but they also play harder. They tag themselves as travelers and entrepreneurs that overflow with ideas and online breakthroughs.

As one-third of the Philippine population is made up of millennials aged 20 to 31 years old who can move and shake the economy, developments and cities are now remaking themselves according to the wants of this age group. Due to their importance in the movement of the economy in general and real estate in particular, leading property portal Lamudi wants to answer the great question: Where do millennials want to live?

Using its data to study the online behavior of millennials who use the real estate platform, Lamudi reveals the preferences of this age group with regards to real estate. As more and more new developments are now taking into consideration the needs and wants of this generation, it is just important to find out what exactly should developers do to get the big yes of the millennials.

Millennials’ Dream Cities and Properties

Of the hundreds of thousands of Lamudi site visits conducted by millennials in 2016, the top 10 locations that emerged as this demographic group’s dream cities to live in are Quezon City, Makati, Parañaque, Cebu, Pasig, Las Piñas, Taguig, Antipolo, Manila, and Mandaluyong.

It is also interesting to note that this always-on-the-go generation still prefer houses as their chosen property type rather than condominiums; in fact, 60 percent of the millennials’ online traffic in the Lamudi website is search for houses. Searches for condos come in at second at 31.5 percent, while searches for apartments were only 8.5 percent.

Lamudi’s further breakdown in the data also revealed that most millennials are searching for houses in Quezon City. Condominiums in Makati come in at second while houses at Parañaque is the third most searched property type. Houses in Cebu and houses in Las Piñas are the fourth and fifth most active searches of this market segment, respectively.

The data also disclosed that millennial women dominated the hunt for real estate as more than half of the online property searchers are female.

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