1. The increased investment in the region, rapid population growth, and Increasing Smartphone Penetration are some of the major growth drivers in the market.
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Property owners in the Philippines are giving more flexible pricing to existing and prospective purchasers and renters after COVID. As a limited-time period offer, a number of developers are offering longer payment periods, lower down payment plans, and eliminated reservation fees, giving financially prepared purchasers an advantage. Additionally, in terms of keeping up with e-commerce, the real estate sector has been a somewhat slow runner.
However, during the three-month shutdown, more dealers were compelled to go digital, offering virtual 360-degree showrooms and virtual tours. Because of the increased quantity of resale choices on the market, buyers are in a better position to hunt for appealing financial prospects. Furthermore, with the safe haven of living in low density and the much sought-after idyllic environment, houses in the provinces near Metro Manila, especially beach homes, continue to attract the wealthy.
2. Philippines is the emerging market for Property Classified in ASEAN growing at a CAGR of 20.3 % during 2016-2021.
The Philippines, with a population of 109.5 million in 2020, is one of ASEAN’s most profitable and fastest-growing economies. A digital tsunami is spreading over the Philippines’ real estate value chain, altering how buyers and sellers engage with one another. The Philippines property classified market is expanding at a double-digit CAGR of 20.3% (2015-2021), with the majority of property-classified enterprises effectively implementing easy and seamless digital integration.
Despite Covid-Impact, most full-stack property classified companies in the Philippines have stayed concentrated on the residential property market, owing to the rising housing crisis, rapid urbanization, and urban migration patterns. The emphasis on sustainability, affordability, and comfort has emerged as a trend among recently completed and pipelined projects by real estate developers.
However, because of its complexity, reliance on technology, and interaction between stakeholders and third parties, the sector is especially prone to fraud. Companies like Lamudi, DotProperty, and Hoppler are positioning themselves to profit from existing pain points in the Philippines’ property classifieds sector.
3. Growth of Residential & Commercial Demand, Value-added services, and financing support offered by Property Classified companies are some of the key trends witnessed in the market.
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Loan availability is increasing, and programs like as smart cities for industrial assets are assuring that residential and commercial real estate continues to dominate the online market. Additionally, through background checks on projects, builders, and brokers, as well as screening and cleaning out duplicate listings, portals are enhancing trust, credibility, and responsibility. Moreover, due to the vast market size, fragmented current condition, and chance to get a larger portion of customer wallets, major online horizontal classified and retail businesses are aiming to focus on this category.
Furthermore, in order to gain a greater portion of the market and bring more people online, portals will need to address specialty sectors in the future. Portals may get into segments like luxury homes, short-term rentals, only rentals, only buying, etc. with disruptive and well-differentiated offerings. In addition to this, key players along with the basic offerings may add value-added services such as expert advice, financing support, agreements drafting, interior designing, furniture, packing and relocating assistance, and others.
4. There are several challenges facing the Philippines property classified market, including fraudulent activities, profit constraints, and high customer acquisition costs.
Because of its complexity, reliance on technology, and interaction between stakeholders and third parties, the Property Classified market is especially prone to fraud. Property Classified firms invest in scalability, brand trust, long-term technological development, and acquiring and keeping people. However, the majority of these businesses are not profitable for a variety of reasons, including the fact that they have not yet properly monetized their operations. Additionally, impulsive purchases based on offers and discounts have yet to emerge in the digital classifieds arena. Customers who are activated by marketing and activation have a high acquisition cost. Furthermore, most of these portals have a long-time lag between two transactions from the same client, which limits their unit economics.
For more insights on the market intelligence, refer to the link below:-
Philippines Property Classifieds Market
