Samuel Ortega Lao
The “accidental” real estate broker from Cebu, Dr. Samuel Ortega Lao, is now the Nationa...
Overseas property seekers drove an increase in demand for real estate in the Philippines, according to a report by Manila Times based on Lamudi's latest outlook.
In its outlook report on the Philippine real estate market, Lamudi revealed an increase on the 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.
It showed that 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.
Office and retail spaces are at the top of the priority list for these types of overseas seekers. This is closely followed by related commercial properties such as buildings, warehouses, service offices and co-working spaces.
"These trends all tell the same story: that the Philippines is headed toward greater heights as the economy reopens in the post-Covid era. More and more developed countries are undoubtedly setting their sights on building a Philippine base, which means that the domestic real estate market is expected to be busier than ever," said Anurag Verma, Lamudi Philippines country head.
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