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REAL ESTATE – It’s been a challenging year for the Philippines since a pandemic sent business and trade reeling from the impact of lockdowns and community quarantines. However, while most local industries were hit hard, the property sector sustained minimal disruptions, with top real estate developers rebounding towards the third quarter of 2020. Noting the uptick in residential real estate sales, industry players credited the positive trend to low interest rates and stable exchange rates—factors that favor property investments.

Real Estate

Fast-forward to the third quarter of 2021, the Philippine real estate industry continues to be resilient—and to thrive—despite a lingering health crisis. Sales in the residential housing sector appear to be fueled by the aspirations of ordinary Filipinos who continue to believe that having their own home helps keep their families safe, healthy, and secure.

Leading property platform Ohmyhome concurs with this vision, saying that “work from home” (WFH) and remote learning set-ups have created a significant demand for affordable properties outside the metro. To boost their options, home seekers are now casting a wider net to include those for sale in nearby provinces.

“Prospective buyers are naturally looking at homes that offer adequate space for remote work and/or learning,” Ohmyhome Marketing Manager Julian Sison points out. “This explains why budget-friendly house and lot units that have room for expansion have become their residence of choice.”

Industry reports likewise reveal that there is more demand for affordable homes. According to Ohmyhome’s figures, an estimated 62 percent of platform users are looking for properties that cost less than Php10 million, with 40 percent of these preferring homes listed in the P1 to 5 million range. In addition, 33 percent of the inquiries are for projects that offer extended financing price schemes.

Real Estate

Housing loans are also registering an all-time high. The Home Development Mutual Fund (HMDF) or the Pag-IBIG Fund announced in early June that home loans hit a record high in the period January to April 2021, with a total of Php 27.39 billion worth of loans released during that time.

Moreover, members’ savings under the voluntary modified Pag-IBIG 2 (MP2) Savings program reached Php 8.65 billion in the aforementioned months. Pag-IBIG disclosed that the loans released and the savings deposited were the organizations “highest-ever.” This was validated by Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, who said,

“The amount of home loans released and MP2 Savings collections for the first four months of 2021 were even higher than what we achieved during the same period in 2019.”

The Bangko Sentral ng Pilipinas (BSP) also reported that residential property prices in the Philippines recorded a 27.1 percent growth in the second quarter of 2020, the highest growth rate recorded since the first quarter of 2016.

Ohmyhome says these are all positive indicators, encouraging more aspiring homeowners to buy affordable homes sooner rather than later—even now with the end of the pandemic not yet in sight.

Sison is buoyant and optimistic, moving forward.

“As the demand for affordable housing remains steady and with budget-friendly homes becoming more accessible, Ohmyhome offers its efficient services to Filipinos who have yet to achieve their dream of owning a home, no matter what crisis lies ahead.”

About Ohmyhome

Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.

Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.

Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down the choices and find the property that best suits their budgets, home needs, and lifestyle preferences.

The company’s Real Estate Agents not only help in the short-listing of options but also provide professional services throughout the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing regular updates to buyers. 

Ohmyhome helps Filipinos find their dream homes, all the while making sure each real estate transaction is complete and is an efficient and enjoyable experience. 

For more information, please visit: https://ohmyhome.com/en-ph or download the app at https://ohmyhome.com/download-app.

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raindeocampo

Writer, Wanderer, Child of God

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