Young women drive demand for Philippines property – The National

Young women drive demand for Philippines property – The National

Research from Lamudi and Colliers shows most of those interested in buying homes are in the 25-34 age bracket. Demand for property in the Philippines is being driven mainly by young people, with women more active in the market than men, according to a new survey.. Condominiums were the most popular property type searched for by renters, but for those looking to buy, houses were the most popular search item.. "Overseas Filipino Workers continue to play a major role in fuelling the growth of the country's property market," Lamudi's report said, adding that in the first five months of 2019 the total amount of cash remittances from overseas workers increased by 4.1 per cent, to $13.7bn (Dh50.3bn).. OFWs tend to favour high-end and mid-end condominiums, with population growth and the migration from rural to urban areas continues to fuel demand for both residential and commercial real estate, it added.. Colliers projects that 15,610 new homes will be built in 2020, outpacing the annual average of 10,700 between 2016-18, although it flags challenges in terms of a shortage in construction workers, as well as uncertainty brought about by proposed tax reforms.. Until train lines, expressways, and subways are completed within 2022