Quezon City leading in real estate market surveys
Quezon City is the leading location when looking for houses, apartments, land, and foreclosed properties. This is based on “The Digital Property Seeker Series 2019: 2018 Real Estate Market Overview” report.
Data was collected from the Lamudi platform and the report was comprised of 5 categories: House, Condo, Foreclosed Properties, Land, and Apartment. For each category, Most Searched Location, Age, Gender, and Area of Residence of the property seekers were considered.
According to data collected from January 2018 to December 2018, Quezon City came out as the most searched in categories House, Foreclosed Properties, Land, and Apartment.
Quezon City came out as the area with the highest search interest for residential properties. The city accounted for It has 14.2% of the total sessions, with 13.8% page views, and 16% leads. Following Quezon City was Paranaque with 8.9% sessions, 9.6% page views, and 9.8% leads. Coming in third was Las Pinas with 7.3% sessions, 8% page views, and 7.8% leads.
However, when it came to searching for condominiums, Makati occupies the number one spot with 17.8% of website sessions. This is not a surprise considering how Makati is the Philippine’s top business district. This was followed closely by Quezon City with 15.37%, and later on Taguig City with 10.91%.
Lamudi says, “While it is not conclusive, these searches could be in response to the government’s initiatives to decongest Metro Manila.” The projects include public transportation projects such as the MRT-7 railway system and the Metro Manila Subway Project. Other BBB projects are set to also increase development in provinces such as Cebu, Davao, and Iloilo.
While these projects set to benefit the country, Colliers International has identified challenges that may stand in the way. These include rising interest rates and inflation, private construction delays, uncertainty with the second package of the Comprehensive Tax Reform Program, and right-of-way issues on infrastructure projects.
Nevertheless, the demand for residential properties is clear and evident according to the report. Property developers must stay ahead and seize this unique opportunity.