Lamudi Outlook Quarterly 1Q2022.pdf

The real estate industry’s first quarter of 2022 concluded with optimism.
Spikes in rental inquiries and achieved vaccination targets are some
developments that have pointed to an improved business environment
that has adjusted well to the new normal. Lamudi looks into property
search and demographic activity in this quarter to identify new trends
and anticipate where the market is headed.
The property types that attracted the highest lead shares varied across PH island groups. In Luzon
and Mindanao, where horizontal developments composed the majority of leads, residential and
agricultural lots were among the most popular sub-categories. Metro Manila and Visayas, areas
where the share of leads for rentals had continued to increase throughout the last year, attracted
most leads for condo and apartment units.
1Q2022
in Numbers
Lead Growth by Property Type
Lead Growth by Property Type by Island Group
Lead Share by Sub-Category
1Q2022 IN NUMBERS
02 | THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 | 03
Condos and apartments saw the largest quarter-on-quarter increase in leads in 1Q 2022.
Condos attracted the largest increase in leads in Metro Manila and Mindanao, while apartments
garnered the highest increase in leads out of all other property types in Luzon and Visayas.
+5%
HOUSE
+14%
LAND
+29%
CONDOMINIUM +25%
APARTMENT
+13%
COMMERCIAL
0%
Metro Manila Luzon Visayas Mindanao
10%
20%
30%
40%
50%
60%
Source: Lamudi.com.ph
Condo House Apartment Land Commercial
+
+
+
Property seekers in Metro
Manila and Mindanao
showed increased
preference in condos
Rank Metro Manila
Top sub-categories
for condos, which
had the largest share
of leads in the area:
Top sub-categories
for land, which
Top sub-categories
for apartments, which
Luzon Visayas
Top sub-categories
for houses, which
Mindanao
1. 1-Bedroom Residential lot Room House and lot
3. Studio Commercial lot Loft Town house
2. 2-Bedroom Agricultural lot Bedspace Beach house

METRO MANILA LUZON
1 Quezon City
Makati
Taguig
Pasig
Parañaque
Manila
Mandaluyong
Las Piñas
Muntinlupa
Antipolo
2
3
4
5
6
7
8
9
10
VISAYAS
1 Cebu City
Lapu-Lapu
Mandaue
Makati
Quezon City
Bacolod
Talisay
Taguig
Manila
Iloilo
2
3
4
5
6
7
8
9
10
MINDANAO
1 Davao City
Cagayan de Oro
Cebu City
Quezon City
Makati
Manila
Taguig
Pasig
General Santos City
Pasay
2
3
4
5
6
7
8
9
10
1 Quezon City
Makati
Taguig
Pasig
Manila
Antipolo
Baguio
Santa Rosa
Mandaluyong
Dasmariñas
2
3
4
5
6
7
8
9
10
Lead Growth by Price Range for Properties for Sale Most Searched Places by Island Group
Lead Growth by Price Range for Properties for Rent
+18%
12M TO 20M
1Q2022 IN NUMBERS
1Q2022 IN NUMBERS
The PHP30,000 to 60,000 price range attracted
the highest increase in leads out of all other price
segments for properties for rent, attracting 40%
more leads in 1Q 2022 from 4Q 2021.
For properties for sale, the PHP12M to
20M segment flexed the largest uptick in
leads out of all other price segments. Leads
for properties within the segment
increased by 18%.
+40%
30K TO 60K
At least three cities from Metro Manila were among the top ten most searched places by each island
group in the first quarter of 2022. Quezon City and Makati in particular were top searched places that
were common to each island group.

QUARTERLY REAL ESTATE NEWS ROUNDUP
1Q2022 IN NUMBERS
TRANSPORT NEWS
MRT-3 Trains Run Twice as Fast
Following its rehabilitation funded by the Japan
International Cooperation Agency in March, the
MRT-3 trains now operate at 60 kilometers per
hour. The rehab project is one of several
government initiatives to reduce traffic
congestion in the metro. According to
Department of Transportation Secretary Tugade,
passenger numbers have already increased
from 260,000 pre-pandemic to 280,000
presently.
BACK TO THE OFFICE
NEDA Suggests 4-Day Work Week
To address rising oil and commodity prices, the
National Economic and Development Authority
(NEDA) suggested that businesses shift to a
four-day workweek during an event hosted by
Malacanang in early March. According to NEDA
MREIT Income Hits P2-B
Within its first six months of operations,
Megaworld Corp.’s REIT–MREIT–posted a
REAL ESTATE INVESTMENT
TRUSTS (REITS)
In 1Q 2022, Metro Manila-based seekers appeared to prefer staying within the metro as cities within
Metro Manila attracted the majority of their leads.
Nearly a third of all leads from Luzon-based seekers went to cities within Metro Manila. More than
half of the top ten most searched locations by Luzon-based seekers were for cities in Metro Manila.
Of the top ten most searched cities by Visayas-based seekers, four were from Cebu: Cebu City,
Lapu-lapu, Mandaue, and Talisay. The remaining six cities were split between cities in Metro Manila
and neighboring islands in Visayas.
Leads from Mindanao-based property seekers were generally consistent from 4Q 2021 to 1Q 2022.
A new addition to the top searched cities from seekers in Mindanao in 1Q 2022 was Pasay.
Stay up to date on the most exciting new projects, infrastructure updates, REIT news and
post-pandemic developments that happened this quarter. Here are the highlights:
Quarterly Real Estate
News Roundup
Metro Rail Transit (MRT) Line 3
Photo source: Department of Transportation (DOTr)
LRT-1 Cavite Extension Phase 1 viaduct completion
Photo source: Light Rail Manila Corporation
70% of LRT-1 Extension Complete
The Light Rail Manila Corp. announced that as of
March 2022, 70% of the LRT-1 extension had
already been completed. The extension, which
spans 11.7 km to Cavite, will be operational by
2024. Sixteen new generation train sets will be
added, bringing its capacity up by around 22,400
passengers.
30% of Metro Manila Subway Project Complete
30.55% of the Metro Manila Subway Project was
completed as of February, according to a
Department of Transportation announcement in
March. The project is presently on track to be
partially operational by the end of 2022, and fully
operational by 2027. Once completed, travel time
between Valenzuela City and Ninoy Aquino
International Airport Terminal 3 will be cut down
from 1.5 hours to 35 minutes.
head Karl Kendrick Chua, switching to a shorter
onsite work week will help conserve energy, save
gas, and reduce commuter expenses.
IT-BPO Firms to Return to Office
Following the Fiscal Incentives Review Board
(FIRB) resolution issued on March 9, Information
Technology and Business Process Outsourcing
(IT-BPO) firms operating within ecozones must
return to full onsite work by April 1 in order to avail
of the tax perks provided to them. Department of
Finance Secretary Dominguez clarified that
IT-BPO companies may continue implementing
work-from-home schemes but must give up the
tax holidays they enjoyed.
BGC Office Buildings Flex High Demand
A press release by Leechiu Property Consultants
revealed that Philippine Economic Zone
Authority (PEZA)-registered office buildings in
Bonifacio Global City (BGC) had a low vacancy
rate compared to buildings in other business
districts. BGC–where several new office facilities
have been erected–hosts the largest number of
multinational corporations in the country.

COVID UPDATES
Metro Manila Exceeds Vaccination Targets
Metro Manila achieved over 106% of its
vaccination targets last February, with roughly
10.4 million people fully vaccinated against
COVID-19. As of February, NCR had also
achieved roughly 66% of its vaccination targets
for children receiving their first dose. The country
as a whole had already fully vaccinated 78.1
million individuals against COVID-19 as of
January’s end.
MRT-3 Offers Free Antigen Tests in January
From January 11 to January 31, MRT Line 3 started
offering free antigen tests to volunteer
NEW DEVELOPMENTS
New Data Center in Pasig
In February, Beeinfotech PH opened The Hive–a
PHP5.1 billion data center facility–in Bridgetowne
Destination Estate, Pasig City. The facility can
accommodate over 3,000 racks, 70% of which
intended to host at least three of the world’s
largest hyperscalers, according to an interview
with BusinessWorld. Other major players entering
the local data center space are YCO Cloud
Centers and Alibaba Group.
Cebu Ecotourism Park
Aboitiz Construction, Inc. announced last
February that development works for a new
ecotourism site–Magspeak Nature Park Inc.–has
been completed. The site, partly-owned by Cebu
P2-billion net income. The positive performance
may be attributed to an uptick in rental income and
contribution of four newly acquired properties in
the tail end of last year, according to a Manila
Bulletin article. As a result, total dividends for 2021
payable to shareholders had been brought up to
P0.48 per share.
PH’s First Renewable Energy REIT Makes Debut
The Citicore Energy REIT (CREIT) Corp. made its
debut in late February, making it the country’s first
renewable energy real estate investment trust. It is
also the Philippines’ first non-office REIT, with
proceeds from its sale being allocated to purchase
properties for solar power plants in South
Cotabato and Bulacan. Demand for CREIT was so
significant that its listing day had to be postponed
to process refunds to investors whose orders
couldn’t be allocated once demand exceeded the
offer size.
PH REITs raise PHP76-B in 2 years
Last January, the Department of Finance (DOF)
announced that REITs in the country raised over
PHP76 billion since amendments to the REIT Law
Landmasters Inc., is located in the hilly, forested
town of Balamban. Balamban is home to various
peaks, trails, and falls, including Mt. Manunggal
and Mt. Mauyog.
IKEA Opens Collection Points in Cebu,
Pampanga
IKEA Philippines has expanded to more cities in
the Philippines, as it opens two new collection
hubs in Angeles and Cebu City. Customers
outside Metro Manila may collect their online
purchases through the collection points. IKEA’s
Metro Manila store, located in Pasay, is its largest
physical store yet at 730,000 square feet.
Photo source: IKEA Philippines
Photo source: Metropolitan Manila Development Authority (MMDA)
Implementing Rules and Regulations were made
two years ago. As of November last year,
Robinsons Land Corporation’s Commercial REIT
(RCR) followed by Megaworld’s MREIT and
DoubleDragon’s DDMP netted the highest
amounts following their initial public offerings.
passengers. The tests, offered at random, were
conducted during weekday peak hours at North
Avenue, Cubao, Shaw Boulevard and Taft
Avenue Stations. Passengers who volunteered
for testing were offered a free MRT ride for
testing negative, and were otherwise disallowed
from boarding the train.
PITX Hosts 5-Day Vaccination Drive
Through a joint initiative between the
Metropolitan Manila Development Authority
(MMDA) and the DOTr, the Paranaque Integrated
Terminal Exchange (PITX) hosted a mobile
COVID-19 vaccination drive for transport workers
and commuters. The event, which transpired
from January 24 to 28, 2022, offered qualified
individuals Astrazeneca first, second, and
booster shots.

FEATURE: RESIDENTIAL RENTAL TRENDS IN CBDS
FEATURE
Residential Rental
Trends in CBDs
by: Ady Chiongbian
The first quarter of 2022 saw a spike in leads for residential rentals in central business districts (CBDs).
This came at a time when Metro Manila had achieved over 90% full vaccination against COVID-19, and
offices pushed return-to-office (RTO) initiatives and hybrid work arrangements. Lamudi data revealed
that leads for residential rental properties (apartments, condominium units, houses) overall attained
double-digit lead growth in cities with CBDs, particularly Makati, Pasig and Taguig.
1 What were the most inquired price segments?
2 Did demand for each price segment change from the previous quarter?
3 What kind of rental units are seekers looking at in CBDs?
Property seekers interested in renting at CBDs generally appeared to prioritize units that provided
them value for money. The low-cost (below PHP15K) and mid-cost (PHP15K to 60K) price segments
continued to contribute the most leads to residential rental properties in Makati, Pasig and Taguig.
Across the three CBDs, demand for residential rentals within the low-cost, mid-cost and upscale
(PHP60K to 200K) segments continued to increase from 4Q 2021 to 1Q 2022. Taguig exhibited the
largest increase in leads for residential rentals belonging to the upscale and luxury (PHP200K and up)
segments–a trend that may be influenced by returning expats and C-level executives amid an
improving business environment.
Leads for studio units, 1-bedroom, 2-bedroom and 3-bedroom units continued to increase across all
three CBDs quarter-on-quarter. Prospective CBD renters contributed significantly more leads to
2-bedroom rental units in 1Q 2022 compared to 4Q 2021, a trend that may be driven by increasing
preference for larger personal space following the pandemic.
Distribution of Leads for
Makati by Price
Taguig by Price
Below PHP 15K PHP 15K - 60K PHP 60K - 200K PHP 200K and up
Pasig by Price
Majority leads for
Makati residential
rentals were for the
mid-cost segment.
The low-cost price
segment contributed
the most leads for
Pasig residential
rentals.
The mid-cost price
segment contributed
the largest share of
leads in Taguig
residential rentals.
0%
Makati Pasig
Metro Manila CBDs
Taguig
10%
20%
30%
40%
50%
60%
70%
80%
90%
Lead
Growth
by
Price
Segment
Below PHP 15K PHP 15K - 60K PHP 60K - 200K PHP 200K and up
Lead Growth for Residential Rentals
in CBDs by Price Segment
(1Q 2022 vs. 4Q 2021)
0%
Makati Pasig Taguig
10%
20%
30%
40%
50%
60%
70%
80%
90%
Lead
Growth
by
Rental
Unit
Type
Studio 1-BR 2-BR 3-BR
Lead Growth for Residential Rentals
in CBDs by Sub-category
(1Q 2022 vs. 4Q 2021)
Metro Manila CBDs

FEATURE: RESIDENTIAL RENTAL TRENDS IN CBDS
In each CBD assessed, the top sources of leads were roughly split between property seekers within
and outside Metro Manila. Seekers from Quezon City and Manila sent in the most inquiries for each city,
while Makati, Paranaque, Pasay, Pasig and Taguig were also among the most active seekers for the
CBDs.
A few cities in CALABARZON, right outside the metro, were also among the top CBD rental property
seekers. Antipolo, Bacoor, Calamba and Lipa contributed significant shares of leads to residential
rentals in CBDs in 1Q 2022, a trend influenced by employees abiding by RTO mandates and some
students returning to face-to-face classes. Baguio and Cebu City were also among the top sources of
leads for Pasig and Taguig respectively.
Data from the first quarter of 2022 also showed that unit preference varied by location of the property
seeker. Nearly 50% of all leads from the aforementioned cities outside Metro Manila were for rooms,
bed spaces and studio units. Seekers from these cities are likely renting as solo occupants or are
returning and re-adjusting to costs of living in the Metro and opting for smaller spaces to minimize
expenses.
Property seekers from within Metro Manila looking at the assessed CBDs generally preferred larger
spaces, with 1-bedroom, 2-bedroom and studio units contributing the highest shares of leads.
4 Where are potential CBD residential renters from?
1 Quezon City
Manila
Makati
Pasay
Parañaque
Lipa
Pasig
Angeles
Antipolo
Calamba
2
3
4
5
6
7
8
9
10
1 Quezon City
Manila
Pasig
Makati
Antipolo
Angeles
Parañaque
Taguig
Bacoor
Baguio
2
3
4
5
6
7
8
9
10
1 Quezon City
Manila
Makati
Pasay
Taguig
Antipolo
Parañaque
Lipa
Cebu City
Calamba
2
3
4
5
6
7
8
9
10
TAGUIG
Sources of leads
PASIG
Sources of leads
MAKATI
Sources of leads
AREA IN FOCUS
DAVAO REGION
Referred to by many as Mindanao’s center for trade and investment, Davao Region is among the
country’s leading real estate destinations outside of Metro Manila. Its capital, Davao City, is consistently
among the top searched cities beyond NCR, having attracted the third most number of leads out of all
cities outside of Metro Manila. The region is not only home to beaches and nature parks but also
beneficiary to a number of big-ticket infrastructure projects in the works. To uncover some of the
property search patterns shaping the region, Lamudi takes a look at demand trends in Davao Region
for 1Q 2022.
Houses continued to attract the largest share of leads in
Davao Region in 1Q 2022. Houses were also the most
inquired property type for sale in the region, while leads
for house rentals increased since the last quarter. After
‘house and lot’, ‘townhouses’ were the most inquired
house sub-category on Lamudi in 1Q 2022.
Properties for sale priced PHP6M and below
attracted the most leads out of all price
segments in Davao Region
1 Houses and land were the most inquired property types in Davao Region.
2 Demand for properties for sale in Davao Region was most concentrated in the
economic and low-cost segments.

AREA IN FOCUS: DAVAO REGION AREA IN FOCUS: DAVAO REGION
3 Demand for rentals in Davao Region was most concentrated in mid-cost listings.
4 Davao City was the most searched city located in Davao Region.
5 Outside of the Philippines, pageviews for Davao properties were mostly from
North America followed by Europe.
Properties within the economic segment–particularly listings within the PHP1.5M to 3M price
band–attracted the largest share of leads out of all other price segments in Davao Region in 1Q 2022.
Leads for properties priced below PHP1.5M had the most significant quarter-on-quarter growth during
that period, increasing by 154% from 4Q 2021 to 1Q 2022.
Properties priced between PHP15K to 30K attracted both the largest share in leads and the highest
quarter-on-quarter increase in leads in 1Q 2022.
Lead Distribution by Price Segment for
Properties for Sale in Davao Region
1Q2022
Economic
Below
PHP3M
Low-cost
PHP3M to
6M
Upscale
PHP6M to
12M
Luxury
PHP12M
and up
Lead
Breakdown
by
Price
Segment
100%
Low-cost
Below
PHP15K
Mid-cost
PHP15K to
60K
High-end
PHP60K to
200K
Luxury
PHP200K
and up
100%
Lead Distribution by Price Segment for
Rental Properties in Davao Region
1Q2022
Rank Metro Manila Luzon Visayas
1. Davao City
5. Panabo
4. Island of Garden
Samal
3. Tagum
2. Mati
Davao City
Panabo
Island of Garden
Samal
Digos
Tagum Tagum
Davao City
Panabo
Magsaysay
Island of Garden
Samal
Island of Garden
Samal
Tagum
Davao City
Digos
Panabo
Island of Garden
Samal
Davao City
Digos
Panabo
Tagum
Mindanao Overseas
Property seekers across the Philippines as well as overseas were generally interested in the same
cities across Davao Region. Other than Davao City, the cities of Tagum, Island Garden of Samal and
Panabo were also among the top five most searched cities in Davao for each island group. Digos,
where Mt. Apo is located, as well as the beach town of Mati were also among the top searched cities in
the region.
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
On the other hand, the overseas
city that contributed the most leads
for properties in Davao was
Edmonton, Canada - wherein
roughly 4% of its population were
Filipinos as of 2016, according to
the Department of Foreign Affairs.
This was followed by Brisbane,
Singapore, Dubai and Nagoya -
locations with significant overseas
Filipino worker (OFW) presence.

AREA IN FOCUS: DAVAO REGION AREA IN FOCUS: DAVAO REGION
6 Seekers looking into Davao were most concentrated in the 25 to 34 followed by the
35 to 44 age segments.
8 The most popular amenities searched by Davao City-based seekers in 1Q 2022 were
wi-fi, air-conditioning and built-in wardrobes
7 Davao City was the top search term by Mindanao-based seekers in 1Q 2022.
Leads for Davao listings were
split almost evenly between
males and females.
A year earlier, their most searched amenities were wi-fi, swimming pool, and carport.
Other amenities that increased in popularity in 1Q 2022 were home features with dedicated spaces
such as ensuites and study rooms. The intercom was also an amenity that had not previously been
among the most searched in Davao, but leads for such have increased in the last quarter - possibly
driven by the convenience it provides to those accepting deliveries for online purchases.
With the completion of Davao City’s 54.74 km bike lane network in 2021 and talks of an expansion
underway, Davao Region continues to progress as one of the most livable locations in the country. Real
estate investment prospects in the region have grown, with cities such as Tagum being awarded by the
Philippine Chamber of Commerce and Industry as the country's most business friendly LGU in 2021 and
real estate activities being the top source of investments in the region as per the Board of Investments.
As more developers, sellers and brokers meet the increasing demand for low-cost housing and house
rentals, property seekers looking at Davao Region can expect entry into an area committed to growth
as a healthy, business-friendly, and inclusive place to live.
Cagayan de Oro
Cebu
Davao
Davao City
Makati Antipolo
Pag-ibig House
and Lot
Laguna
Manila
Quezon City
Pasig
Rush Sale
Cebu City Baguio
Siargao
CaviteButuan
Taguig San Fernando
Mandaluyong
Marikina
Bulacan
Parañaque
Pasay
Davao del Sur
South Cotabato
BGC
Bukidnon
Tagaytay

Lamudi Outlook Quarterly 1Q2022.pdf

Lamudi Outlook Quarterly 1Q2022.pdf

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Lamudi Outlook Quarterly 1Q2022.pdf