Press Release: Lamudi Names Davao As Mindanao's Real Estate Hotspot
April 16, 2015 - Online property portal Lamudi Philippines has identified Davao City as Mindanao’s real estate hotspot. The global real estate marketplace cited the massive investment of major property developers in the city, the local government’s intensified efforts to boost security and stability, and the surge in the city’s property listings.
Lamudi data shows that Davao City has 2,471 listed properties for sale and 195 for rent, the second highest in any city outside Metro Manila after Cebu City.
A great majority of Davao’s listed properties are houses, which are a big drawcard for buyers. Price data from Lamudi shows that a good number of houses in the city are costing more than Php40 million, and 116 inventories have asking prices of Php10 million and up. The median house price in the city stands at Php4.147 million, while the average condo price per square meter stands at Php72,220, based on Lamudi price data. The price to rent a condo in the city currently stands at Php652 per sqm.
According to Colliers International, a total of 6,708 condo units are expected to be delivered in Davao City’s residential condo market between 2013 and 2017, while sales take-up of units surged 83 percent year-on-year to 2014, the highest recorded since the condo market started in 2009. Many of these condo projects are from the industry’s biggest players, such as Ayala Land, SMDC, and Megaworld, which is telling for the city’s buoyant real estate market.
New Service to Bridge the Gap between Online and Offline Real Estate Market
While the Internet has proven to be a powerful and effective tool in the house-hunting process, there is still a large group of homebuyers who prefer to look for property the old-fashioned way. Often they still prefer picking up the phone and calling a licensed real estate broker to searching online.
To cater to these offline house-hunters, Lamudi Philippines launches Dial 4 Home, a service where home-buyers can call the company’s hotline and talk directly to a customer care representative.
House-hunters can explain their requirements (such as property type, size, location and price) and Lamudi’s customer care staff will cross-reference these with the platform’s 90,000-plus property listings.
“This is one of the innovative solutions that Lamudi Philippines is offering Davao’s real estate market,” said the platform’s managing director, Jacqueline van den Ende. “What we are trying to do is bridge the gap between non-tech-savvy Filipinos and those who have already switched online to look for real estate.”
The new service will put offline property seekers in touch with a wide selection of property listings from Lamudi, be it residential, commercial, industrial, even raw and agricultural lands.
The service was designed to meet the needs of those who have not yet switched online to look for property, said van den Ende. Many older Filipino homebuyers, those aged between 40 and 60, are not heavy Internet users, although they have a relatively higher spending power compared to their younger counterparts.
“Most of these people are looking into buying investment properties or second homes, so they generally take their time before making their purchase decisions. For this reason, it is really important that a customer care representative is on hand to help them at the very early stage of their research,” she said.
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