Array
Money Matters

How Much is the Typical Filipino's Budget for Buying a House?

Find out how much the typical Pinoy (meaning, you) can afford to plunk down to buy a home

Shares
Photography: Miguel Nacianceno (Main Photo)

On average, Filipino property buyers allocate P1.5 million in their budget for purchasing a house, according to a study by real estate portal Property24.

The study, which surveyed 152 Filipinos nationwide, aims to profile the typical property buyer in the country. The data was compiled by the Philippine arm of Property24, a listings site for property developments. It is part of the OLX Group, which runs the country’s largest online listings manager.

“Based on the survey, the average budget of the buyer is between P1.5 million and P2 million,” said Ferdinand Perez, head of operations and real estate for OLX Philippines. “Yun yung sinasabi nilang willing silang igastos (That’s what they say they’re willing to spend).”

Property24’s finding coincided with recent data from real estate analyst Colliers International Philippines. In its latest report on the country’s residential market, Colliers found that 45 percent of pre-selling for residential condominium units in the first half of 2017 were in the affordable and economic categories, which refer to units priced P3.2 million and below.

ADVERTISEMENT - CONTINUE READING BELOW

Aside from average budget, the study also looked at the demographics of a typical Filipino property buyer. According to Property24’s data, 77 percent of those considering to buy property are female with an average age of 40 years old. A majority are married, employed and belong to the C2 socioeconomic segment or middle section of the middle class (See infographic)

Perez said that these findings point to mothers being the primary property buyers among Filipinos. He related this to how mothers are the typical decision-makers when it comes to matters of the household.

Property24’s network boasts the largest number of visitors for any real estate portal. Both Property24 listings and the property listings in OLX Philippines receive a combined two million page visits monthly, according to Perez. As well, the group generates more than 300,000 leads every month across both websites. (Property24 publishes listings from real estate developers, brokers and agents, while OLX lists properties being sold by other consumers.)   

*****

Lorenzo Kyle Subido is a staff writer of Entrepreneur PH.

This story originally appeared on Entrepreneur.com.ph.

* Minor edits have been made by the Realliving.com.ph editors.

More on Realliving.com.ph

Shares

Latest Stories

How to Correctly Clean Kitchen Counterops and Other Surfaces Your Child Touches

Your kitchen countertop is one of the dirtiest surfaces at home

Start The Year Right With These Decluttering Tips

Achieve a cleaner and brighter home with these handy hints

Sagada's Newest Art Hub Is a Sanctuary in the Mountains

It is called the Dogo Siwang Art Hub

You'll Feel Right at Home in This Hotel in Pasig City

We're definitely going back!

Welcome Prosperity and Positive Vibes Into Your Home with Feng Shui

Improve the positive energy in your home with these friendly reminders

Kids Can Enter Ayala Museum For Free This Weekend

Don't miss out on this!

Turn Your Bedroom Into A Comforting Space with These Colors

Sweet, calming, and neutral colors are our top picks!

Your Ultimate Guide on Choosing The Right Kitchen Tools

Shopping for appliances is really about making the right decisions

7 Beautiful & Peaceful Staycation Spots in Tagaytay

From cozy B&Bs to luxurious hotels, we give you a roundup of some of the best places to stay in for your next trip to this vibrant city

Family-Friendly Neighborhoods In and Around The Metro

These developments will help you make sure that you and your family live a peaceful lifestyle

How to Keep Your Sanity When Your Kasambahay Takes Time Off

Don't get overwhelmed by the amount of work that needs to be done when your kasambahay is away!

More Neighborhoods Close to Schools and Universities

We give you a roundup of remarkable developments that will surely cater to your needs, but this time, they're all outside the Metro
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!