The Philippine real estate landscape is undergoing changes with developers and agents adapt to changing consumer habits in the Philippines as millennials move in, according to a Manila Times report.
“Home buyers are now utilizing property portals during their search for a new home, disrupting one of the country’s last remaining offline-focused industries,” the report stated.
For one, it noted that Dot Property Philippines recorded over one million visits in both May and June of this year, indicating that the market has become more IT-savvy.
“Millennials in particular are leading this shift,” said the Times report, adding that More than 60 percent of property searches on the Dot Property Philippines site in June 2018 came from users aged 25 to 36.
Millennials, who already comprise the majority of the Philippine workforce today, will account for 70 percent of the labor force by 2030, the report noted.
“The real estate industry is moving online. This is a global trend and Filipinos have been quick to join, especially millennials,” it quoted Tanya Peralta-Yu, country manager for Dot Property Philippines, as saying.
“More Filipino home buyers, both domestically as well as those overseas, are now using online property portals. That’s because they are quicker and easier to navigate than offline methods. Portals also offer home seekers a better selection of homes to choose from,” she said.
Dot Property Philippines users aren’t simply “window shopping,” but are willing to reach out to a seller directly if they find a property they like. The number of leads (when a person inquires about a specific property) is up significantly this year. Leads coming through Dot Property Philippines rose 33 percent in May and 26 percent in June compared to the same period in 2017, according to the Times report.
The company expects both visits and leads to increase during the remainder of the year as the integration of real estate with internet and social media provides people with easier access to property listings.
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