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Property demand stays strong

Latest report from Lamudi, an online marketplace for properties, showed real estate demand in major regions in the country has remained strong in the third quarter of the year.

“The easing of quarantine protocols have benefitted the property sector. Construction initiatives were able to resume and government offices began issuing development permits again. Property seekers have maintained a strong appetite for real estate in major regions as they became more at ease with the new normal,” said The Outlook by Lamudi.

The report indicated Quezon City was the top area in Metro Manila for buying transactions, accounting for 49 percent of Lamudi’s page views and 50 percent of total leads.

This was followed by Makati, Manila, Pasig, and Parañaque.

Most inquired property in Metro Manila for the third quarter of were houses, land, condominiums, foreclosures, commercial, and apartments.

On the other hand, page views for metro Cebu still registered a growth of 22 percent and inquiries of 12 percent in the July to September period.

However, this was lower than the 26-percent page views growth and 50-percent increase in inquiries in the second quarter of the year due to the height of the strict quarantine measures in metro Cebu.

Page views for properties in metro Davao maintained a 29-percent growth, while inquiries improved to 16 percent in the third quarter from 14 percent in the second quarter of the year.

“Property seekers looking into Cebu City and Davao City see the potential of increased value of land assets following the government’s push for infrastructure development in these cities,” Lamudi’s report added.

It said property seekers now appreciate large floor areas for their property following the experience of staying at home for a longer period.

“House and lots and land-only projects have captured great interest as preferences for the living set-up tilt to horizontal developments,” it added.

Lamudi said the movements in demand and supply in the local property sector for the last quarter of 2020 would depend on the state of the current health emergency.

“Nonetheless, the reopening of the economy will prove optimistic for the property sector moving forward,” it said.