‘Strong demand’ for property seen in high-income market

APPETITE for residential properties has remained strong within the high-income market in the Philippines as buyers continue to look for their next houses during the pandemic, global realtor Santos Knight Frank reported.

In its latest report called the Global Buyer Survey 2021: The Philippine Edition, the consultancy firm said as demand for new and second homes continues, low-density environments and wellness-related features such as indoor air quality and green spaces are now important considerations in buyers’ search for their next residential property.

The Philippine survey focuses on results from local responses, where half of the local respondents are of ages 40 to 60 years old and 83 percent live in the city.

The survey findings further suggest that 49 percent of local respondents said their budget for their next home has not changed since the start of the pandemic. There is also a noted growing interest for the suburbs (40 percent), while the city still remains ideal for 33 percent of local buyers.

Overall, these findings suggest that the demand for homes remains but it also continues to evolve in light of the pandemic.

Marie Gimena-Villanueva, associate director for residential services at Santos Knight Frank, said: “The pandemic has amplified buyers’ concerns on their health, wellbeing, comfort, and safety, and we see this clearly reflected on the shifting preference in acquiring new or secondary homes.”

“As we see recovery from the pandemic over the next months, buyers who want to acquire residential property should need to make a decision soon amid the discounts we see today. Our survey suggests that 39 percent of owners expect the value of their property to increase between one percent to nine percent over the next 12 months from the start of the survey, reflecting increasing market confidence.” (with PR)