Rising home prices in the Philippines have led online search inquiries to increase during the first quarter of 2018, and those inquiries mainly involved affordable housing.
By 2030, a report estimated that the industry would need to launch 12.3 million units to meet the current level of demand. As the population grows, however, that figure could easily increase over time.
Biggest Share of Demand
If you plan to buy a house or condo for sale in the Philippines in the coming months, the biggest share of online searches for affordable properties came from those who look in Quezon City. In terms of when people search for online listings, most of them make inquiries on a Tuesday, Thursday and Friday.
Real estate developers have responded to the increased need for affordable housing, including Rockwell Land. Despite being known for its luxury projects, the company has since announced its plans to develop more economical options for Filipinos.
Types of Affordable Housing
According to the Housing and Urban Development Coordinating Council, the three types of affordable housing comprise socialized developments, low-cost properties and economic projects. Properties in the first group cost at least P450,000, while the second and third one cost up to P3 million and P1.7 million, respectively.
Low-cost housing has been the top choice among online property hunters, partly because there’s a higher chance to finding a nice property in a strategic location. Money isn’t just the problem for many buyers, since there’s the tight competition from others who are willing to pay a premium just to live within or near Metro Manila.
High-rise living seems the best option to live in Metro Manila, as limited land supply causes developers to build more vertical developments. If you still want to buy an affordable stand-alone home, you’d need to set your sight beyond the metro to find more options.