More and more millennials see real estate as a wise investment choice—study
A study conducted by online property portal Lamudi showed that more and more millennials have been on the hunt for condominiums online in the first quarter of 2021.
In the report titled “The Outlook on the Residential Market in 1Q 2021: Pandemic Spurs Digital Adoption in Boomers and Gen X,” it was stated that college students and fresh graduates aged between 18 and 24 are at the top when it comes to condo pageviews.
Additionally, those under the 25 to 34 age bracket had a significant number of pageviews for repossessed properties (47.19%). Such patterns, noted Lamudi, “reinforce millennials’ increased desire to manage their personal finances and pursue sound investments” and “indicates the age groups’ diligence in identifying opportunities to maximize their homebuying budget, or create other streams of income through short-term investment.”
Luxury units that cost over P20 million led the property page views at 21%. Listings between P1.5 and P3 million, however, had the most leads. “As more millennials look at real estate as a viable investment option amid the pandemic, first-time buyers may be pursuing more immediately accessible price points albeit showing a preference for aspirational residential options,” according to the findings.
“Sellers may add value by retrofitting units with aspirational interior designs and lifestyle-centric amenities such as sleek modern furnishings, smart appliances, and large windows,” it added.
A rise in demand for condominiums was also seen among parents and executives from 45 to 54 years old—“a trend driven by prolonged remote work and school.”
Overall, apartments ranked number one in the search for property types, mainly in Quezon City (36.74%) and Manila (23.74%). Outside of Metro Manila, Cebu had the strongest market with 34.14% of the leads.
As for the house and land market beyond Metro Manila, Antipolo turned out to be a top choice for the majority of property seekers in terms of location, covering 24.05% of the total number of pageviews outside the region. Furthermore, it had the largest share of leads for Q1 at 39.11%. “The city’s abundant green space and tranquility makes it an excellent option for seekers looking for a relaxed pace without moving too far away from family in the metro,” as highlighted in the research.