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).”

ADVERTISEMENT - CONTINUE READING BELOW

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.

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.)   

ADVERTISEMENT - CONTINUE READING BELOW

*****

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

A Look Inside Baby Baz Go's Playroom

Hand-painted details and captivating colors complete the room's whimsical woodland theme

10 Storage Ideas to Organize a Cluttered Bathroom

You don't need to stop at just shelves and baskets when organizing your bathroom.

There's a Secret Trick to Keeping a Small Kitchen Neat and Clean

Many of us instantly think it's difficult to work in a small kitchen.

Look Forward to Laundry Day With These Nifty Hacks

Make this dreaded household chore more manageable with these must-dos

This 28sqm Studio Unit in Bacolod is Perfect for Staycations

The design team created a compact yet inviting small home with a warmth that matches the vibe of the City of Smiles

Make Your Home Smell Like a Fancy Hotel for Less Than P700!

Shop for scented candles, room sprays, and more essentials while maintaining your budget

10 Things You Need to Clean to Avoid a Stinky Home

We tend to overlook how scent contributes to the first impression our house makes on guests �" or on us!

Amoy Kulob at Mabaho? Here Are Ways to Keep Your Home Smelling Fresh

Because a beautiful house needs to smell good, too

Those School Buildings We Grew Up With Are Called Gabaldons

The President recently signed a law that mandates their conservation

These Are The Reasons Why You Have a Messy Home

Manage the clutter in your house with these tips from an interior designer

Which One is Best for Your Home: A Diffuser or A Humidifier?

Here is a quick guide between a diffuser and humidifier to help you decide which one is better for your space

6 Convincing Reasons Why It's Better to Rent Than Buy a Home

Paying monthly dues is less stressful compared to managing real estate taxes
Load More Stories

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