Affordable residential real estate thrives amid pandemic
Fast forward to the third quarter of 2021, the Philippine real estate sector continues to be resilient and thrive despite a persistent 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 ensure the safety, health and safety of their families. Leading real estate platform Ohmyhome shares this vision, saying âwork from homeâ and distance learning setups have created a significant demand for affordable properties outside of the metro. To increase their options, housing seekers are now casting a wider net to include those for sale in neighboring provinces. âPotential buyers naturally look for homes that provide adequate space for work and / or distance learning,â said Julian Sison, Ohmyhome Marketing Manager. âThis explains why low-budget homes and land that can be expanded have become their home of choice. Industry reports also show that there is more demand for affordable housing. According to Ohmyhome’s figures, an estimated 62% of platform users are looking for properties that cost less than 10 million pesos, with 40% preferring homes listed in the 1-5 million range. pesos. In addition, 33 percent of inquiries are for projects that offer extensive fundraising award programs. Home loans are also at an all time high. The Home Development Mutual Fund or Pag-IBIG Fund announced in early June that home loans reached an all-time high between January and April 2021, with a total of 27.39 billion pesos in loans released during this period. Member savings under the modified Pag-IBIG 2 (MP2) voluntary savings program reached 8.65 billion pesos in those months. Pag-IBIG revealed that loans released and savings deposited were the “highest on record” organizations. This was validated by the Managing Director of Pag-IBIG Fund, Acmad Rizaldy Moti, who said: âThe amount of released home loans and MP2 savings collections for the first four months of 2021 was even higher than what we achieved over the same period in 2019. âThe Bangko Sentral ng Pilipinas also reported that residential property prices in the Philippines grew 27.1% in the second quarter of 2020, the growth rate on highest recorded since the first quarter of 2016. Ohmyhome says these are all positive indicators, encouraging more aspiring homeowners to buy affordable homes as soon as possible, even now, as the pandemic does not end. not yet in sight. Sison is dynamic and optimistic, he is moving forward. âAs the demand for affordable housing remains stable and economy homes become more accessible, Ohmyhome offers its efficient services to Filipinos who have yet to realize their dream of owning a home, regardless of the crisis ahead. ”
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