Strong demand for residential properties noted

CEBU CITY – The demand for residential properties has remained strong within the high-income market in the country as buyers continue to look for their next homes even at this time of the Covid-19 pandemic.

According to the report called “Global Buyer Survey 2021: The Philippine Edition,” the Santos Knight Frank firm said as demand for new and second homes continues, low-density environments and wellness-related features, such as indoor air quality and green spaces, are now important considerations for buyers.

The latest survey focuses on results from local respondents - ages 40 to 60 years old that live in the city. The survey suggested that 49% of local respondents said their budget for their next home has not changed since the start of the pandemic last year. There is also a noted growing interest in the suburbs (40%), while the city still remains ideal for 33% of local buyers.

Overall, these findings suggested that the demand for homes remains but it also continues to evolve in light of the pandemic. “The pandemic has amplified buyers’ concerns on their health, wellbeing, comfort, and safety, and we see this clearly reflected on the shifting preference in acquiring new or secondary homes," said Marie Villanueva, Santos Knight Frank associate director for residential services.

Villanueva said as recovery from the pandemic continues over the next months, buyers who want to acquire residential property, should need to make a decision soon amid the discounts seen today. “Our survey suggests that 39% of owners expect the value of their property to increase between 1-9% over the next 12 months from the start of the survey, reflecting increasing market confidence,” she said. (Carlo Lorenciana)