Filipinos searching for prospective homes online still preferred houses over other types of residential properties, according to online real estate platform Lamudi Philippines.
In a media briefing last February 8, Lamudi revealed that 59 percent of searches made in its website in 2017 were for house-and-lot types of properties. This puts houses well above other residential properties in terms of demand, with condominiums and apartments only taking up 14 percent and 11 percent respectively of Lamudi’s search inquiries in 2017.
“Houses have always been a major contributor to demand in our platform,” said Bhavna Suresh, CEO of Lamudi Philippines. “When we started off, this [figure] was at 70 [percent], but now it’s come down to 59 percent.”
The company further broke down this demand for houses in terms of price ranges. It revealed that 49 percent of house and lot searches were for properties priced up to Php5 million, while 35 percent were for homes worth at most Php20 million. In the higher end of listings, 13 percent of searches were for houses priced up to Php150 million, while only four percent were for houses worth over Php150 million.
“For us at Lamudi, we think this is potentially a reflection of what’s happening in the market,” said Suresh of the figures. “Our intent is to make sure we replicate exactly what’s happening on-ground—closest to what’s available on-ground and closest to what transactions and conversations are happening on-ground.”
In addition, the company revealed that 61 percent of its listings in 2017 were for sale instead of for lease, describing the country’s property sector as a “buyer’s market.” As well, Quezon City remained as the platform’s largest market geographically in both supply and demand, as 18 percent of listings and 15 percent of total views come from that area.
Established in 2014, Lamudi Philippines is an online platform that hosts over 100,000 active listings of various residential properties. The company recorded 15 million user visits for 2017, adding that its website “has seen close to five times growth in its online traffic [since 2014], indicating the Filipinos’ growing acceptance of property technology as a tool in helping them make a major purchase decision,” it wrote in a statement.
Lorenzo Kyle Subido is a staff writer of Entrepreneur PH