The COVID-19 pandemic has drastically changed people’s lives and priorities, including their housing preferences. In the Philippines, many Filipinos have been buying homes since the pandemic started, prompting real estate companies and experts to study the reasons behind this trend.
According to a survey conducted by Lamudi Philippines, a leading online real estate platform in the country, the pandemic has increased the desire for homeownership among Filipinos. The survey found that 82% of respondents said that owning a home has become more important to them since the pandemic started.
One of the main reasons why Filipinos are buying homes during the pandemic is the desire for more space. With quarantine measures in place, people have spent more time at home, leading to the realization that they need more space for their families, work, and leisure activities. Many Filipinos live in small apartments or houses that can no longer accommodate their needs, prompting them to search for larger homes.
Another reason why Filipinos are buying homes is the need for a home office or study area. With the shift to remote work and online learning, many people need a dedicated space where they can work or study without distractions. Homes that have an extra room or space that can be converted into a home office or study area have become more popular among Filipinos.
The availability of lower interest rates and flexible payment terms is also a significant factor why Filipinos are buying homes during the pandemic. The Bangko Sentral ng Pilipinas (BSP) has lowered interest rates to record lows to stimulate the economy and help consumers cope with the pandemic’s financial impact. This has made it more affordable for Filipinos to buy a home and pay for it over a longer period.
Moreover, real estate developers and banks have also introduced flexible payment terms and financing options to attract more buyers. These include longer payment periods, low down payment options, and discounted interest rates.
Aside from these factors, the pandemic has also accelerated the trend of people moving away from urban areas to more rural or suburban locations. According to a study conducted by Colliers International Philippines, a leading real estate services company, many Filipinos are buying homes in the suburbs and provinces, which offer more affordable housing options and access to outdoor spaces.
The study found that the pandemic has led people to prioritize their health and well-being, prompting them to seek homes in areas with access to outdoor spaces such as parks, gardens, and open fields. Moreover, people are also looking for homes that are closer to nature, such as those with mountain or sea views.
The pandemic has also highlighted the importance of having a safe and secure home, prompting many Filipinos to consider buying a home. With the uncertainty brought about by the pandemic, owning a home provides a sense of stability and security for Filipinos.
In response to the increasing demand for homes, the Philippine government has implemented several housing initiatives, such as the 20% discount on socialized housing for low-income earners and the Balik Probinsya program. The latter encourages Filipinos to move back to their provinces and provides them with financial assistance to purchase a home.
In conclusion, the COVID-19 pandemic has influenced Filipinos’ housing preferences and priorities, with many seeking more space, affordability, and access to outdoor areas. The availability of lower interest rates and flexible payment terms has also made it more affordable for Filipinos to buy a home. With the pandemic still ongoing, owning a safe and secure home has become more important than ever, providing Filipinos with a sense of stability and security amidst the uncertainty.
