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Female Millennials Dominate Philippine Property Market

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Property Portal Lamundi.com.ph announced that the property market is now being dominated by Female Millennials, as it released the results of its Real Estate Market Report for 2017, in a press conference held last June 9, 2017.

 

Lamudi Philippines Content and Research Head Rodel Ambas cited Google as the source of the Market Report’s data:  “Google… can tell the gender of a particular internet user and when they go to our website, we know if the particular user is a male or a female.”

The Lamundi Real Estate 2017 Market Report” states that:

·        65% of its site users are women who are looking for condominiums for both rent and purchase.

·        35% of its site users are men.

·        41% of its site users are between 25 to 34 years of age.

Ambas went on to state that the Philippines unique in Asia because other countries – such as Bangladesh, Sri Lanka, Pakistan, Indonesia and Myanmar, were dominated by men.  The Philippine Market had more in common with Latin America countries such as Mexico, Colombia and Peru where women also dominated the property market.

Ambas added that these Female Millennials were “Probably are looking for halfway homes, getting married or they want a more convenient location. Many of them are working in Metro Manila so they want a more convenient location for their next property purchase.”  

The Market Report mentioned Quezon City  - particularly the Novaliches and Fairview areas – as the most searched property locations on Lamundi for House and Lots. However Makati was able to eke out Quezon City as the favored location to rent or buy Condominiums.

Bhavna Suresh, Lamundi Managing Director said that only 31 percent of the market wishes to make a purchase: “For the younger generation, in particular, renting allows flexibility, less commitment, and less investment than making the big decision of buying a property”.

They went on to suggest that while Millennials indeed are now a driving force in the Philippine Property Market, their purchase habits are different from previous generations. Millennials are more dynamic and are less likely to stay employed in one company or settle down as soon as they can.  This dynamism makes them more inclined to rent rather than to buy property.