Demand for residential properties has remained strong within the high-income market in the Philippines as buyers continue to look for their next homes during the pandemic, a global realtor said on Monday.
In its latest report called the Global Buyer Survey 2021: The Philippine Edition, the Santos Knight Frank 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 for buyers.
The Philippine survey focuses on results from local responses, where half of the said 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 in 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.
“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,” Marie Villanueva, Santos Knight Frank associate director for residential services, said in a statement.
As recovery from the pandemic continues over the next months, she said buyers who want to acquire residential property should need to make a decision soon amid the discounts seen today.
“Our survey suggests that 39 percent of owners expect the value of their property to increase between 1 percent to 9 percent over the next 12 months from the start of the survey, reflecting increasing market confidence,” she noted.