THIS is the right time to invest in property as property sellers (developers and direct owners) are generous in giving discounts and flexible payment options as the supply is greater than the demand, according to leading online classified Carousell.
In order to get the best deals, Raffy Montemayor, country manager of Carousell, told the BusinessMirror in an e-mail interview urged buyers to first find a broker who can help them remotely by doing video calls and virtual tours. He said this will ensure buyers can find a great deal in buying a home that will meet their needs in the long term. “We hear from our brokers that a lot more property buyers are buying without physically visiting the property. Before the pandemic, this was limited to OFWs because they naturally had to buy while abroad,” Montemayor said.
Montemayor also observed a change in the buying patterns of local buyers when the pandemic struck. They shifted to the digital platform to check the projects being sold in the market. He added these are the experienced property buyers who are quite familiar with the details about the property they are planning to buy backed up a competent broker and a lawyer who will handle the due diligence.
Although the property sector has been experiencing a rough sailing in the past year, Montemayor noted there was a silver lining as inquiries in house and lots and lots only categories within Metro Manila grew more than 24 percent year-on-year and more than 42 percent year-on-year respectively, from January to February 2021. “That’s really amazing considering we’re comparing data with a pre-pandemic period. It’s clear that people are shifting from buying apartments in commercial business districts [CBDs] such as Bonifacio Global City and Makati and looking for bigger spaces even if it’s further away from the office,” he said.
Meanwhile, the Lobien Realty Group (LRG) concurred with Montemayor as a big number of buyers are settling in less congested areas opting for more open spaces and greener surroundings, basing its analysis on the latest Residential Real Estate Price Index (RREPI) of the Bangko Sentral ng Pilipinas which reports a 0.8-percent year-on-year growth in house prices for 2020. The BSP has attributed this largely to the increase in prices of all types of housing units in areas outside the National Capital Region (AONCR) which grew by 5.9 percent year-on-year. LRG sees the move to nearby provinces will grow further due to the numerous township projects which are currently being developed, as well as the completion of road infrastructure projects that are making travel to these locations easier and shorter.
“LRG has noticed that condo dwellers are transferring to single detached houses as they prioritize their need for more open and greener space. It projects that preference for less congested living areas may continue until herd immunity against the Covid-19 virus is achieved through vaccination,” the property management firm said.
Carousell wants to help in revitalizing the local property sector through the Carousell Property Online Expo, one of the biggest online property events in the country this year, happening from July 14 to 18, 2021.
The online expo is also expected to provide a much-needed boost to the real-estate industry, which is one of the many sectors badly affected by the pandemic. Through the event, developers, brokers and agents will have the opportunity to connect with buyers and showcase real-estate developments that are on sale. Buyers, on the other hand, will be able to check out and purchase properties such as lots, house and lot, and condos, in the comforts of their homes.
“We see this event as a great opportunity for sellers and buyers to connect safely and securely. The pandemic may have kept buyers from pursuing their goal of buying a new home, but with this event, they can get back on track and make their dream a reality. For brokers and agents, this is a great platform to secure leads, and showcase developments in their portfolio,” Montemayor said. “We’re bringing together property buyers and sellers in one virtual event to make purchasing property even simpler and safer especially during the pandemic.”
Montemayor said the expo will have the theme “Every type of home, for every kind of person,” as the event will showcase homes that answer the needs, predicaments and motivations of buyers today. Participants can go on a virtual tour of the expo in an immersive 3D format, allowing prospective buyers to check complete details of properties they want to buy.
Further, buyers can also look forward to informative discussions on new practices and trends in property buying and selling during the “new normal;” and have a look into the Philippine property industry today. A complete guide to your next home and making the right property choice for buyers will also be discussed during the event. Buyers can also expect great deals when they reserve a property at the expo.
RLC Residences, AboitizLand, Solar Resources, I-Land Properties are among the property developers that will be joining the expo.
The speakers joining the online expo include David Leechiu, CEO of Leechiu Property Consultants; Andy Mañalac, chairman and cofounder of Havitas Developments Corp. and currently the company representative to the Chamber of Real Estate and Builders’ Association; Gerald Evangelista, current president of the Philippine Association of Real Estate Boards Inc. and Noelle Alleje, managing director of The Property Forum Philippines, the leading auctioneer in the country today.