Lamudi’s survey of property seekers in the first quarter of 2020 revealed that 91% of respondents want financial help from property developers, with 46% looking for discounts, 31% for promos, and 23% interested in a smaller down payment. Responding to this need from the market, the leading real estate partner brings its housing fair online this May with not just the biggest lineup of developers, but also special deals and exclusive property discounts.
For the real estate industry, the first quarter of 2020 saw some of the hardest struggles, with the Taal volcano eruption happening in January, growing concerns about the novel coronavirus in February, and the subsequent announcement of the enhanced community quarantine (ECQ) midway through March.
Surveyed property seekers last year mentioned they were keeping their property buying timeframe open, with 34% considering a property purchase a year after the start of the pandemic. Monitoring property demand on Lamudi across all price points, most price segments experienced year-on-year dips in pageviews on Lamudi in 1Q2020. Demand one year later in 1Q2021 points to recovery across all prices, with high-end properties proving most resilient during a time when cash is king, while the affordable segment showed the dream of homeownership is alive amid a health crisis.
High-end properties for sale lead recovery in the residential market
The luxury market, the only segment that posted positive year-on-year growth in pageviews in 1Q2020, saw a 33.7% average growth in pageviews year-on-year in 1Q2021. Leads for the luxury segment were particularly strong in 1Q2020 compared to 1Q2019, with houses priced over 20M posting a 222% growth. This grew by an additional 18% in 1Q2021.
As the country faced unprecedented challenges which highlighted the importance of cash, those with more purchasing power took the opportunity to consider investing in real estate–a financial move advised by investors during times of crisis.
Laborers showed strong desire to own a home amid the pandemic
Even outside the luxury segment, the importance of owning a home proved strong amid the pandemic. For affordable houses for sale, properties priced less than 450K saw a 46% growth in pageviews in 1Q2021 compared to 1Q2020, posting the highest recovery rate in the affordable segment. Property seekers realized the importance of owning a home when mobility restrictions were put in place. The proximity of one’s home to essential establishments and place of employment greatly affected their mobility, comfort, and capacity to work at such a critical time.
Houses in this price range were also the second most inquired property in 1Q2020 compared to 1Q2019 at 128% growth in leads, which continued to grow by 38% in 1Q2021.
Pandemic property demand calls for safe property search at home
The interest across all price segments fueled Lamudi’s decision to bring its much-anticipated housing fair online this May. As property buyers revive their confidence in investing in real estate, the free event will help them get the best value for their money through special deals and exclusive offers from featured developers. Since 2016, Lamudi has been organizing housing fairs in various cities across the country, bringing real estate seekers closer to their dream properties. Previous housing fairs were held in shopping malls, including SM Mall of Asia, Trinoma, SM City Cebu, and Glorietta–a setup that would not be ideal in the new normal.
Seeing the demand for homeownership bounce back in 2021, Lamudi has decided to host the first and biggest online housing fair in the Philippines through a digital platform showcasing exclusive offers from property developers such as RLC Residences, AboitizLand, Federal Land, Shang Properties, Prime Homes, Solar Resources, PH1 World Developers, ACM Homes, DMCI, and PIK, as well as the real estate brokerage PropertyPro.
Sponsored by Nook, Kamada, and the Subdivision and Housing Developers Association, Inc. (SHDA), the Online Housing Fair will officially open on May 3 and last until May 31, 2021. The event’s official media partners are BusinessWorld and Mindanao Times.
The online housing fair will feature the Pag-IBIG Fund to talk about affordable housing loan programs, and Atty. Siegfrid S. Suarez, the Legal and Compliance Officer of Lamudi Philippines, to answer land title transfer concerns. Renelyn Tan-Castillejos, a Certified KonMari Consultant and the founder of World of Yorokobi, will teach attendees how to tidy and organize their homes. Clean All PH and Happy Helpers will also give valuable advice on how to deep clean and sanitize the home in the new normal, and SoFA will be sharing home interior design tips. Learn to start your own garden at home with tips from ZassyGreen – All About Plants.
A first in the history of Lamudi, the online housing fair marks a significant milestone for the company. CEO Kenneth Stern said, “For the past years, Lamudi’s housing fairs have been held in malls all over the country. Our team has been working hard to address the limitations to property buying brought on by the pandemic, which is what led to us deciding to bring the housing fair online.”