Real estate listing site Lamudi said land and foreclosed assets have been the most attractive property types for older property seekers in the country.
Citing data from queries on its listing platform, Lamudi said demand for houses continued to grow in the second half of 2020, increasing by 62 percent from queries in the second half of 2019.
“As of January 2021, houses were still the most popular property type, contributing 48 percent of all pageviews for that month and attracting the most pageviews from each age bracket. Given this, the property type is expected to continue posting positive growth throughout the year,” it said.
“Land experienced the greatest uptick in interest from property seekers, attracting the highest year-on-year growth in pageviews from 2019, second half, at 63 percent. It was the property type that attracted the most property seekers aged 65 and up,” Lamudi added.
While foreclosures, on the other hand, contribute a small share of total pageviews, it is one of the fastest growing property types, having increased by 23 percent from 2019 to last year.
“Out of all the property types, foreclosures activated the most interest from the 55-64 seeker age group,” Lamudi said.
It also noted that the youngest age group of property seekers (18-24) and the oldest (65 and over) exhibited the highest growth in pageviews in the second half of last year, up by 75 percent and 65 percent, respectively.
“Despite contributing the lowest percent change in pageviews in the latter half of last year, the age bracket of 35-44 shared the largest number of pageviews in 2020,” it said.
Meanwhile, leads for properties across all price ranges have increased in the second half of 2020, signifying a stronger conversion from views on listings and a more aggressive demand from property seekers, said Lamudi.
“In January 2021, low-cost housing was the most attractive price point to potential buyers as the P1.5 million to P3 million price range contributed the highest share of leads (17 percent) for the month,” it said.
It noted the highest growth in both pageviews and leads for properties priced between P9 million and P12 million, with the former increasing by 50 percent and the latter by 89 percent in the second half 2020 compared to the same period in 2019.
“Growth in pageviews for properties priced between P12 million and P20 million surpassed the growth of leads for that price range, which may indicate that homebuyers are adopting a ‘wait-and-see’ approach for listings within that range,” it added.
Leads within the P12 million to P20 million price range had a slightly lower share in January 2021 compared to the whole of 2020, while the high-end P6 million to P9 million range increased its lead share in January.
“This may indicate that buyers within the upscale price segments may be adjusting budgets or considering other price segments for their investments,” Lamudi said.