OLX's real estate arm sees more listings, demand outside Metro Manila
MANILA, Philippines – OLX Group's online real estate portal Property24 is expecting to see growth in residential property listings and demand outside Metro Manila, amid the projected steady growth of the real estate industry for 2019.
Property24 head of real estate Tina Bautista told Rappler that despite the steady increase in residential property prices, they still expect purchases and rentals to pick up "because of the intrinsic value of property."
"If you pick the right property, the value will just go up," she added.
Around 70% to 80% of the residential property listings are for sale, while the rest are for rent. Most of these listed properties are condominiums, followed by house and lots. (READ: Buying a home in 2019? High interest rates will bite)
In 2016, property listings from OLX merged with those from Property24, increasing both the listing volume and user interest.
As listings and inquiries from outside Metro Manila only take up 40% of the mix, Bautista said they want to double it this year.
"What we're hoping to see is growth, or even exponential growth, in inquiries outside Metro Manila," she added, noting that the Build, Build, Build program and other developments in key cities such as Cebu and Davao will spur the demand.
"As the market gets educated, as they get online outside Metro Manila, that's where the inquiries will come from."
Aside from residential property listings, Property24 is also eyeing to increase listings generated from commercial properties.
"We're seeing the trend now in coworking, international chains of coworking coming into the Philippines and local developers setting up their own," Bautista said. (READ: Coworking, flexible workspace: An emerging driver of property demand) – Rappler.com