MANILA, Philippines - The Philippines is following trends in Europe and the United States where people become more serious in buying properties as they get older, a new report by global property portal Lamudi said.
The report showed there is an increasing preference among Filipinos to buy a property as they hit 35 years and their purchasing tendency further escalates as they grow older.
Lamudi data revealed there is an equal proportion of property hunters looking for for-rent and for-sale properties among 18- to 24-year-olds.
For this age group, Lamudi said 50.2 percent look for for-rent properties while 49.8 percent search for for-sale properties.
Among the 25- to 34-year-old age group, 57.3 percent check out for-sale properties while 42.7 percent look for for-rent properties.
Lamudi said the preference to buy is even higher in the 35 to 44 and 45 to 54 age groups as 70.8 percent and 72.6 percent, respectively, search for for-sale properties.
The 55 to 64 age group also posts strong eagerness in buying a property at 71.1 percent while only 28.9 percent look for for-rent properties.
Lamudi Philippines managing director Jacqueline van den Ende said the findings in the Philippines are consistent with observations made in Europe and the United States, where people have the tendency to buy as they get older.
“This seems to be the case among Filipinos. Younger people, those aged 18 to 24, probably prefer mobility and flexibility, which explains a higher search volume for for-rent properties in the Lamudi website,” Van den Ende said.
Van den Ende, however, said this does not mean the young generation are not planning to buy eventually.
“Almost half of searches in this age group are dedicated to for-sale properties, then this tendency significantly increases in the 25 to 34 and 35 to 44 age groups: stage when young people start to have stable jobs, consider getting married, and start families,” she said.
In terms of areas, Lamudi data showed Quezon City remains the Philippines’ most popular place to search a property, whether to rent or to buy.
Lamudi said 27 percent of property hunters looking for for-sale properties are checking Quezon City, followed by Makati, Parañaque, Tagaytay, and Las Piñas.