Property portal Lamudi lists top PH locations
Many US-based Filipinos looking to buy properties in the Philippines would rather buy houses than condominium units despite the current boom in the condo market, especially if the houses are located in Quezon City, Makati, Manila, Tagaytay, and Baguio City.
According to research conducted by online property portal Lamudi Philippines, more than half of property searches, or 58 percent, conducted on its site by Filipino-Americans in the first half of the year were for houses, while only 17 percent were for condominiums.
The data was gathered from search behavior of online property hunters from January to June 2015 and was based on search traffic generated from the United States where there is a large Filipino population.
Lamudi Philippines managing director Jacqueline van den Ende said the results showed that US-based Filipinos are still traditional in many respects, which is possibly due to the Filipino mindset that landed property is a safer form of investment.
“This, I think, is akin to the Filipino mindset that landed property is a safer and more viable investment vehicle, as land values rarely stagnate, especially when its location is highly sought after,” Van den Ende said.
The report also found that Quezon City was the most searched location by Filipino-Americans, accounting for 20.3 percent of the search results, followed by Makati with 8.5 percent and Manila with 5.3 percent.
Outside of Metro Manila, cities that drew the most searches included Tagaytay (5.10 percent) and Baguio City (4.91 percent).
Lamudi also noted that US-based Filipinos prefer to buy than rent, with two out of three property hunters looking for properties to buy while only a third of the searches were for rental properties.
Van de Ende said the results of its research should be helpful to property developers when planning their marketing strategy targeted at the Filipino-American market.
She emphasized that Filipino Americans are a “consumer market with formidable size and potential” because of the large number of migrant Filipinos in the United States.