Filipinos based in the United States seem to be more enamored to owning free-standing houses than high-rise condominium units despite the apparent boom in condo market.
In a research conducted by Lamudi Philippines, an online property portal, more than half of property searches (58 per cent), conducted by users from US locations associated with high percentage of Filipino population, were related to houses while only 17 per cent of keyword searches were related to condominiums. The data was obtained for the first half of 2015.
Lamudi Philippines managing director Jacqueline van den Ende said that the data indicated that US-based Filipinos retained a traditional mindset that a landed property is a safer form of investment.
“This, I think, is akin to the Filipino mindset that landed property is a safer and more viable investment vehicle, as land values rarely stagnate, especially when its location is highly sought after,” Van den Ende said.
From the same data set of website users, Quezon City was the most search location with 20.3 per cent of serch results, followed by Makati (8.5%) and Manila (5.3%). Further away from the National Capital Region, Tagaytay (5.10%) and Baguio City (4.91%) also earned search queries.
The research also revealed that US-based Filipinos prefer to buy than rent properties, with two out of three property search indicate desire to acquire properties.
Van de Ende believes that the research findings are helpful to property developers planning on marketing strategy geared towards the Filipino-American market. She emphasized that Fil-Ams are a consumer market with “formidable size and potential” given the large number of US-based Filipinos and their purchasing power.