Potential house buyers on the rise during lockdown period — Lamudi

potential house buyers on the rise during lockdown period lamudi - Potential house buyers on the rise during lockdown period — Lamudi

MORE property hunters are showing interest in buying houses during the time Luzon was under a strict lockdown, online property marketplace Lamudi found.

In a report on Monday, Lamudi said the traffic on its website for properties for sale rose to 68%-74% when the enhanced community quarantine (ECQ) was in place, making up 56% of the inquiries on its platform.

The island of Luzon was under ECQ starting mid-March to end-May to contain the spread of the coronavirus disease 2019 (COVID-19). Several parts of the country remain on a relaxed lockdown to date.

The rise in traffic on Lamudi’s platform reflects a change in behavior from property hunters, who used to view properties for sale but end up placing inquiries on properties for rent.

“Lamudi’s initial trend report (in May)… showed a renewed interest in house and lot properties after the ECQ has been implemented. This trend seems to continue on a climb to reach pre-COVID percentages on the platform during the start of the year,” it said.

Leads on house properties posted an average week-on-week growth of 3% during the first half of 2020. Leads on foreclosed properties saw the highest week-on-week growth at 4%, which Lamudi attributed to their affordability.

On the other hand, condominiums and apartments posted a 3% and 1% decline on leads during the six months, respectively. This may be due to seekers choosing to hold on to cash while the pandemic situation remains uncertain, Lamudi said.

It also noted that areas with central business districts remain the top pick of property hunters, as Quezon City, Makati City, Pasig City and Taguig City lead both the most viewed and most inquired cities on the platform.

“Since public transportation has been suspended from March to May and is on limited operations, property seekers may have looked for residential properties closer to their workplaces, especially those who have been deemed as essential workers and are at higher risk to the virus,” it said.

“This move can also keep their loved ones safe from the virus, especially if there are family members that are more susceptible to COVID-19,” it added.

Seekers are also paying more attention to amenities as most are working from home during the lockdown period. Lamudi said the most searched amenities during the first half were swimming pool, air-conditioning, Wi-Fi and balcony.

“Connectivity and quality of life are the two most important considerations for property seekers,” it said.

But as the Philippine government continues to adjust quarantine restrictions every two weeks, Lamudi said data might again change in the second half to reflect new trends in real estate. — Denise A. Valdez

Leave a Reply

Your email address will not be published. Required fields are marked *