Overseas property seekers drove an increase in demand for real estate in the Philippines, results of Lamudi’s The Outlook Quarterly report showed.
With the reopening of the economy and the gradual return to normalcy of life post-pandemic, Lamudi, saw a boom in demand for rentals in the Philippine real estate market as more and more overseas property seekers zero in on the local arena, a trend which has been on the rise since the last quarter of 2021.
The report said out of all seekers abroad, Singapore was the leading overseas source of inquiries for condominiums and houses for sale, proving yet again to be an attractive destination for overseas Filipino workers (OFWs) and local expatriates seeking work opportunities close to home.
Affordable residential real estate continued to contribute a sizable share of leads on Lamudi — condominiums and apartments attracted the largest increase, 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 P6 million and below.
For commercial rentals, the world’s largest service outsourcers, such as the United States and Australia, formed the majority of the market. While Singapore-based property seekers were the top seekers of residential property in the Philippines, its vibrant start-up scene and educational interest in the Philippines has led entrepreneurs and professionals to venture into the commercial real estate market as well.
