“It is not your salary that makes you rich; it is your spending habits.” –Charles A. Jaffe
It has been said that to develop a better leverage over your purchases, you should carefully consider your buying motives. This tip rings all the truer for exorbitant expenses such as those that involve real estate and housing. For this reason, it is important to have a deeper insight on one’s spending habits—particularly one’s house buying and renting practices.
A typical Filipino who chooses not to buy the property would cite affordability as a constraint. In fact, more than sixty percent of renters would name cost constraints as the reason why they leased their homes. Global property website Lamudi has provided these findings in their new research which have released its initial report on real estate in the emerging markets with the Philippines included.
House hunters and real estate agents among the property sector in the sixteen emerging countries are tasked with doing the report which they have based on a series of online surveys. Their research would provide a comprehensive view of the various habits of those who seek property online and offer an insight into what could be the future of a particular real estate sector which would be based on the interviews and surveys with the local property experts. This very same study has examined the various habits of buyers and renters—particularly their house-hunting practices. The results yielded assert that for Filipino renters, affordability would be the main reason why Filipinos would choose not to purchase their own homes.
Among those surveyed, sixty percent of renters have said that they are not financially capable of buying property. On the other hand, those who do buy the property would cite security as their motivating factor when it comes to obtaining a home. It has also been shown by the survey conducted by the real estate agents that a country’s economic outlook would influence the property market seeing as it as a top constraint. It has also reflected present concerns regarding a likely slowdown in the future. But regardless, agents and brokers remain hopeful as regards the future of the market as shown by the ninety percent that would describe their outlook for the next twelve months marked as positive. The results shown by Lamudi’s customer survey in the year 2014 would indicate that 6.7 Filipinos would choose to rent rather than buy because 6.7 percent are concerned about fraud, 3.4 percent would not want to buy property, 29.2 percent have other reasons in mind while the majority 60.7 percent would cite financial constraints as a driving factor for opting to rent as an alternative to buying property.
Kian Moini, managing director and Global Co-Founder of Lamudi remains optimistic regarding the Philippines property sector despite citing financial constraints in acquiring the same as he has concluded from their research. According to him, two-thirds of the real estate agents they have surveyed remained positive and are expecting growth of eight percent or higher in the market. In fact, among the countries in the Asia-Pacific region, Philippine’s real estate market has proven to be one of the most promising. The primary challenge of the Philippine property market lies however in finding enough land to that is both adequate and sustainable to accommodate development.
Apart from the Philippines, the other fifteen countries covered in the report are Myanmar, Mexico Indonesia, Sri Lanka, Tanzania, Nigeria, Pakistan, Bangladesh Morocco, Ivory Coast, Jordan, Colombia, Kenya, Ghana and Saudi Arabia.
If you have plans in finally investing on property in the Philippines, there are many real estate developments in the country. Finding a house and lot in Laguna, for example, would not be so much of a hassle.