AFFORDABILITY KEY DETERRENT FROM BUYING PROPERTY: REPORT
Global property portal releases new research on real estate in the
Philippines
MANILA, 26 NOVEMBER
2014: Affordability is top of mind for Filipinos who choose not to buy
property, with more than 60 percent of renters in a recent survey of online
house-hunters citing cost constraints as the primary reason they leased their
home.
The findings are contained in new
research from global property website Lamudi,
which today released its first report on real estate in the emerging markets.
The report,Real Estate in
the Emerging Markets, provides a comprehensive overview of
the property sector in 16 emerging countries, including the Philippines.
The report is based on a series of
online surveys conducted with house-hunters and real estate agents in each
country, as well as onsite data from Lamudi’s global network of websites. The
research examines the habits of online property-seekers, while offering
insights into the future of the property sector based on interviews and surveys
with local property experts.
The customer survey examined
house-hunting habits among buyers and renters. For renters, affordability
emerged as the key reason why many Filipinos choose not to buy their own home.
More than 60 percent of renters surveyed said they could not afford to buy
property. For buyers, the main driver for owning property is security. Nearly
three-quarters of buyers cited security as their primary motivation for
purchasing a home.
According to the survey of real estate agents, the country’s
economic outlook is seen as the top constraint on the property market,
reflecting current concerns about a potential slowdown. However, agents and
brokers remain overwhelmingly optimistic about the future of the market. More
than 90 percent describe their outlook for the next 12 months as positive.
Lamudi’s Global Co-Founder and
Managing Director, KianMoini, said: “The primary conclusion that we have drawn
from our research is that the future for the Philippine property sector is
extremely bright. In fact, two-thirds of the real estate agents we surveyed are
expecting growth of eight percent or higher in the property market this year.
The country’s real estate market has emerged as one of the most promising in
the Asia Pacific region.”
The report
features a series of in-depth interviews with key figures from the property
industry of each country, including Jose Romarx Salas, Head of Research and
Consulting at Pinnacle Real Estate Consulting Services.
Mr Salas said the key challenge for
the Philippine property market was finding enough land to accommodate
development. “In Metro Manila, that’s the challenge: looking for suitable land.
Some developers are even willing to bid high, which pushes up already skyrocketing
land prices in the capital,” he told Lamudi.
The 16 countries covered in the
report are:Indonesia,the
Philippines,Myanmar,Bangladesh,Pakistan,Sri Lanka,Jordan,Saudi
Arabia,Nigeria,Kenya,Tanzania,Morocco,Ghana,Ivory Coast,Mexico
andColombia.
The full report is presented in an easy-to-read online format,
available for viewing on the Lamudi website.Visit www.lamudi.com.ph/research.
visit our website : www.expertbroker168.com
Comments