Real estate platform Lamudi said Wednesday it saw a boom in demand for rentals in the Philippine real estate market driven by a boost from overseas property seekers—a trend which has been on the rise since the last quarter of 2021.
In a statement, citing its The Outlook Quarterly report on the Philippine real estate market, Lamudi said that out of all property seekers abroad, Singapore was the leading overseas source of inquiries for condominiums and houses for sale, “proving yet again to be an attractive destination for OFWs and local expatriates seeking work opportunities close to home.”
Lamudi added that over half of all leads for residential properties for sale on its site were for listings priced P6 million and below.
For commercial rentals, the real estate platform said, the world’s largest service outsourcers such as the United States and Australia formed the majority of the market.
“These trends all tell the same story: that the Philippines is headed towards greater heights as the economy reopens in the post-COVID era. More and more developed countries are undoubtedly setting their sights on building a Philippine base, which means that the domestic real estate market is expected to be busier than ever,” said Lamudi Philippines country head Anurag Verma.
Property seekers from cities in the Middle East—Dubai, Doha, Riyadh, Abu Dhabi—and Singapore sent in the most inquiries for CALABARZON properties in the second quarter of 2022, Lamudi said.
It added that OFWS, with a majority hailing from Cavite and Batangas, are looking to purchase properties in their hometowns or invest in real estate in metropolitan areas nearby.
With the passage of amendments to the Foreign Investment Act, Foreign Investment Negatives List, Public Service Act, and Retail Trade Liberalization Act, the country is poised to receive more interest from overseas investors— paving the way for positive developments in industries, including the real estate market, according to Lamudi.
“Needless to say, if we maintain this upscale trend in the property market and other industries follow suit, no one can underestimate the Philippines in terms of economic development. We can only be excited about the future landscape of Philippine real estate,” Verma said.