The Philippine Real Estate Market in 2Q2022 While the market for properties for sale remained stable over the last few quarters, the market for rentals has been growing rapidly. As several companies return to some form of onsite work and schools test re-opening, demand for rentals has been steadily growing since 4Q 2021. Lamudi looks into property search and demographic activity in the second quarter to identify new rental trends and anticipate where the market is headed.
Affordable Real Estate Market
Lamudi provides demand trends for rentals priced below PHP15K and properties for sale priced below PHP6M.
Affordable residential real estate continued to contribute to a sizeable share of leads on Lamudi in 2Q 2022, with listings in lower price segments attracting more than a third of total leads for both buy and rent markets. Over half of all leads for residential properties for sale on Lamudi were for listings priced PHP6M and below. For residential rentals, two in every five leads on Lamudi were for properties priced PHP15K and below.
Demand for condos has continued to increase as more employees return to hybrid and onsite work. With blended learning set-ups being implemented nationwide, demand for studio-unit rentals and other student-priced accommodations is expected to pick up in preparation for the new school year.
Overseas Property Seeker Profile
Last June, the Philippine Statistics Authority published that OFW remittances in April totaled USD2.39 billion in April, 3.9% higher than a year prior. Coupled with the passage of amendments to the Foreign Investment Act, Foreign Investment Negatives List, Public Service Act, and Retail Trade Liberalization Act, the country is poised to receive more interest from overseas investors – paving the way for positive developments in industries, including the real estate market.
Key Insights from The Outlook Quarterly 2Q2022 ● ● ● ● ● ● ● ●
Condos and apartments posted strong performance in 2Q 2022. Condos attracted the largest increase in leads in 2Q 2022. Condos for rent attracted the largest quarter-on-quarter increase in overall leads on Lamudi. Leads for vertical developments for rent were most concentrated in metropolitan locations, while leads for houses were spread across provincial areas. Properties priced 5K to 30K attracted the highest increase in leads. Condos followed by commercial properties contributed the most rental supply on Lamudi overall. Plenty of commercial options are available within and outside Metro Manila. Makati – Metro Manila’s financial district – attracted the most leads from prospective renters, while cities in Cebu continued to attract the most leads in Visayas.
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Quezon City and Manila were among the top sources of leads for rentals throughout the country. Comfort amenities (such as air-conditioning and balconies) as well as fitness amenities (swimming pool and gym) were the most popular amenities on Lamudi in 2Q 2022. Leads for horizontal development were most heavily concentrated in cities across Metro Manila and Luzon. Singapore was the leading overseas source of inquiries for condos and houses for sale. Cities in the Middle East contributed the most overseas leads to properties in CALABARZON. Property seekers in the Middle East showed strong interest in horizontal properties. East Asian property seekers were most drawn to highly urbanized cities in metropolitan areas. Philippine leisure and retirement destinations may be attracting inquiries from seekers in North and South America.
Lamudi.com.ph is the leading real estate platform in the Philippines. The platform empowers consumers by providing over 160,000 listings to choose from, and by supplying the most relevant and up-to-date information in the real estate market through the Lamudi Journal, Trend Reports, The Outlook: Philippine Real Estate Conference, and The Outlook Roundtable Series. For questions, contact kristine.quilon@lamudi.com.ph.