Highest Affordable Housing Supply Seen in Luzon,

Overseas Demand Visible in VisMin | Lamudi

A. Hernandez

• NCR, CALABARZON, and Central Luzon Led Affordable Housing Supply

• Affordable Condos Most In-Demand in NCR, Houses and Lots in CALABARZON and Beyond
• Overseas Property Seekers Equally Interested in Cities Within and Outside NCR

Last Updated on May 20, 2024 by

In the last quarter of 2023, adjusted price ceilings for socialized and economic housing were
announced, along with the modified income tax holiday (ITH) for mass housing developers. The
current administration has ramped up efforts to address one of the long-standing issues in the
property sector: the housing backlog.

For its part, Lamudi helps address the current demand for affordable housing by reporting the
latest updates on existing supply. Lamudi identified the locations of existing affordable homes for
sale as of January 2024, highlighting that making these units easy to find is part of resolving the
housing backlog.

NCR, CALABARZON, and Central Luzon Led Affordable

Housing Supply
On the Lamudi platform, the National Capital Region (NCR) had the highest count of affordable
home listings costing Php 6M and below for January. The most number of residential properties
costing no more than the new price ceilings for socialized and economic housing (Php 850K to Php
2.5M) were found in Quezon City, Manila, and Pasig.

Outside Metro Manila, CALABARZON and Central Luzon had the largest supply of affordable
properties, in that order. A whopping 90% of seekers in CALABARZON and Central Luzon
expressed a preference for houses and lots. Meanwhile, in Metro Manila, almost 70% of affordable
property seekers prefer condo properties.

Additionally, Central Visayas had the fourth-highest supply of affordable properties in January,
next to Central Luzon. Affordable home seekers in Central Visayas were almost equally interested
in houses and lots and condos.

Affordable Condos Most In-Demand in NCR, Houses and

Lots in CALABARZON and Beyond
Based on Lamudi data for 4Q 2023, NCR took the highest share of overall leads for affordable
housing for sale. Within the region, there was a stronger demand for condo properties (73%) than
houses and lots (27%).

CALABARZON was the second most in-demand region for affordable homes in 4Q 2023, followed
by Central Luzon, Central Visayas, Western Visayas, and Davao region. In all these regions, houses
and lots were the most preferred affordable residential property type.

In Visayas and Mindanao, affordable property seekers gravitated towards locations with bustling
hubs for the information technology-business process outsourcing (IT-BPO) industry. According to
Lamudi data for 4Q 2023, Cebu City was the most-viewed location for affordable homes in Central
Visayas, Bacolod in Western Visayas, and Davao City in Davao region.

To meet where the prospective buyers are, affordable home developers may consider strategic land
banking in Visayas and Mindanao.

Overseas Property Seekers Equally Interested in Cities

Within and Outside NCR
With OFW remittances showing a 3% increase from January to September 2023 versus the same
period in 2022 as per PNA, overseas workers are still considered a major demand source for
property.

On the Lamudi platform, overseas property seekers in Saudi Arabia and Dubai—the top two OFW
destinations in 2023 according to a BusinessMirror report—showed an equal interest in cities
within and outside Metro Manila.

Seekers in Saudi Arabia and Dubai were looking into affordable residential properties in Davao,
Cebu City, and Cagayan de Oro. The same three cities in Visayas and Mindanao were also among
the top picks of overseas property seekers in London, Canada, and the USA.

Demand in Cebu and Cagayan de Oro is partly driven by the cities’ economic growth and the influx
of BPO companies. Davao City, on the other hand, attracts attention due to it being the site of a
massive government housing project and modern mixed-use developments. Lower real estate
prices in these cities also make them great alternatives to Metro Manila.

Meanwhile, overseas property seekers in Singapore were predominantly interested in Metro

Manila cities, based on Lamudi data for 4Q 2023. Economically thriving cities in CALABARZON,
such as Antipolo, General Trias, and Imus, also caught the attention of overseas property seekers
on the platform.

There’s a possibility that overseas property seekers are investing in their hometowns, either to
provide financial security for their families or to establish a passive income source. Continued
overseas interest in PH real estate will only reinforce that the country is an ideal landscape for
property investment.

Stay up-to-date with the latest trends in the Philippine real estate market by visiting the Lamudi
Journal.