Lamudi cites 15 million website visits
The availability of better internet service has given Filipinos a more convenient way of looking for the right property they want to invest in. And the heavy traffic happening in many highly urbanized areas in the country hinders even the most serious buyers from going on trips to property sites or visiting showrooms.
As proof of the growing number of users shifting to property tech (PropTech), or online property window shopping, online property portal Lamudi Philippines said in 2017 they received 15 million user visits on their site, making it one of the go-to websites for online property listings. Lamudi Philippines CEO Bhavna Suresh also revealed that 60% of the traffic in their platform, www.lamudi.com.ph, is organic compared to traffic achieved using paid advertisement. It included repeat searches, which meant consumers are being serious about making an investment in a property.
“In this day and age, not everybody wants to get in a car and get stuck in traffic for hours just to visit a property or showroom. The click-and-discover or property window shopping online has become very common in the real estate industry and Philippines is no exception,” Suresh said.
With Lamudi’s platform gathering big data, Suresh said they were also able to identify the growing participation of millennials in property window shopping. “Even if they have relatives who are brokers, they really would go online and research for themselves about a property they or their relatives are interested in. It is also becoming a standard for brokers and other professionals to use online property platforms to showcase potential projects.
Top properties and locations
Based on Lamudi’s data, Quezon City has the most number of property listings, with 18 percent of the total postings, in their site. It also has the highest number of property searches, accounting for about 15 percent of the total online views. Makati falls second in both criteria.
Perhaps what’s interesting is the growing number of searches in established cities like Cebu and Davao as well as emerging locations like Iloilo, Bacolod, General Santos and Cagayan de Oro.
Houses are still the top choice for most property hunters, accounting for 59 percent of the total searches. Condominiums are next with 14 percent.
House and lot properties having a value of P5 million and below make up 49 percent of the overall searches, which reflects the property seekers in the Philippine market.
Last year, over 100,000 property listings, translating to 1.1 billion square meters of properties for sale or for lease were posted at the Lamudi Philippines site.
The growing interest in PropTech encouraged Lamudi Philippines to recently forge a partnership with the Housing and Land Use Regulatory Board (HLURB). Suresh said once the HLURB issues a license for a certain property, seekers are assured of a safe and sound decision when they purchase the property. “Anyone looking at properties listed at the Lamudi’s website can always verify with the agency if it is a licensed HLURB property or building.”