Real estate services organization, Colliers International Philippines, reported online real-estate marketplace Lamudi discovered that “when it comes to buying, houses have the most searches (51%). Land comes second (23%), and condominiums (18%) complete the top three property types”. The survey shows that between owning lands, most property seekers prefer buying a house.

“Property seekers show a strong interest in owning houses more than vacant lots and condominiums. This could be due to the presence of affordable housing segments scattered all over Metro Manila and in key provincial cities,” the firm said in a forecast.

Despite the 5.5% decline of GDP growth for the second quarter of 2019, the Philippines remain one of the fastest progressive economies in Asia as it is backed by a young population, a growing middle-income class, and rising urbanization.

“The positive economic climate encourages more Filipinos to invest in the property market and seize opportunities to accumulate wealth,” Lamudi said in its February 2020 report.

Based on Lamudi search data, property seekers are prepared to spend around PHP1.5 million to PHP3 million (17%). Budget-conscious ones consider more affordable options within the PHP450,000 up to PHP1.5 million brackets (15%). Fourteen percent (14%) account for seekers who can afford more expensive property options within PHP 3 million to PHP4.5 million, tied with the luxury price point over PHP20 million, indicating Filipino property seekers are more than willing to spend more on a life-long investment.

Colliers International Philippines pointed out that property firms should grab opportunities by improving industrial estates in alternative hubs like Bataan, Bulacan, and Pampanga. It also saw hefty gains from manufacturing investments from Asian and European countries, including infrastructure projects under the public-private partnership scheme.