THE auction of properties is an emerging trend in the country’s property market as it offers value-for-money properties at lower prices, according to a top property listing site.
“Recently gaining more popularity in the Philippines, a property auction is a great way to learn more about real estate and to get your dream home — most of the time, at hefty discounts,” Lamudi Philippines said in a statement over the weekend.
Lamudi Philippines said property auctions are a recommended way to acquire real estate for those who do not have a large budget.
“The common misconception in a property auction is that you have to allocate a big sum in order to compete for a lucrative investment, but in truth you can get a decent, value-for-money property that is not readily available elsewhere,” the property listing site said.
Property auctions in the Philippines are usually organized by banks, government agencies, financial institutions and real estate brokerage firms who offer properties that are often priced below the market value.
Capitalizing on this trend, Lamudi Philippines said it is partnering with two Philippine banks, namely RCBC Savings Bank and Philippine National Bank (PNB), for a public property auction scheduled for this November.
The foreclosed properties to be auctioned by the two banks come in form of townhouses and houses and lots, with land sizes ranging from 80 to more than 2,000 square meters, according to Lamudi.
“Some of the featured property locations are Cavite, Laguna, Pangasinan, Pampanga, Bacolod, and myriad others,” it said.
Among the properties to be auctioned off by RCBC is a 183-square-meter, two-story house-and-lot in Sta. Rosa, Laguna.
“This property is perfect for families who are looking for ample space for their growing needs and a good neighborhood near the metro, but do not have a hefty amount to spare,” Lamudi said.
The upcoming property auction is slated to happen at the Lamudi Housing Fair from November 18 to 20, 2016 at Megatrade Hall 3, SM Megamall in Mandaluyong City.
“Attendees of the fair can take part in the auction and some will be fortunate enough to go home with his dream investment under his name,” the property listing site said.
The Lamudi fair will also feature a wide selection of properties and offer exclusive discounts to home buyers and property investors.
“Investment and homebuying seminars and virtual reality application in real estate can also be learned and experienced at the event,” Lamudi said.
Among the exhibitors and sponsors of the housing fair are Filinvest, Eton Properties Philippines Inc., Hoppler, Lhoopa, San Jose Builders, Shang Properties, Greenfield Marketers One, Property 101 Inc., Dataland, Sky Residence, Castille, Damosa Land and RCBC Savings Bank.
The property listing site said the three-day housing fair is expected to attract around 5,000 attendees.