Outlook Quarterly 1Q2023 | Lamudi Philippines

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Table of Contents
3-4 5-7
1Q 2023 in Numbers
1Q 2023 News Round Up
Build Better More A Guide to the 2023
Infrastructure Priority List
8-15
Property Demand in Southern Cebu Climbs Amid
Transit Development
16-20
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Key Takeaways
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1Q 2023 in Numbers
by A. H. Chiongbian
The Outlook Quarterly highlights the latest
online real estate search trends on Lamudi, the
PH's 1 source of real estate demographic trends
3) Condos and houses attracted the bulk of
inquiries from property seekers searching
Lamudi. Commercial 9 Condo
1) Listings priced above 20M attracted the most
inquiries from property seekers out of all price
segments. 30
27
Apartment 16.3
20
10
0
Land 21.3
House 26.3
Source Lamudi.com.ph
Price Segment
Source Lamudi.com.ph
2) Majority of rental inquiries were for
properties in the more affordable end of the
price spectrum, with rentals priced under 30K
attracting the most leads. 30
4) Administrative centers continued to be the
most searched cities in each of their respective
island groups.
Metro Manila Luzon Visayas Mindanao
1 Quezon City Baguio Cebu City Davao City
2 Makati Antipolo Lapu-lapu Cagayan de Oro
3 Taguig Tagaytay Mandaue General Santos
4 Manila Nagulian Bacolod Tagum
5 Pasig Angeles Talisay Island of Garden Samal
20
10
0
Price Segment
Source Lamudi.com.ph
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1Q 2023 in Numbers
by A. H. Chiongbian
The Outlook Quarterly highlights the latest
online real estate search trends on Lamudi, the
PH's 1 source of real estate demographic trends
5) Property seekers from Singapore contributed
more leads than any other city outside the
Philippines
6) There were a large share of searches for
amenities related to ventilation and leisure
Singapore
of amenity searches were related to ventilation
(e.g. air conditioning, balconies)
Dubai
Doha
of amenity searches were related to leisure (e.g.
swimming pool, gym)
London
Sydney
Los Angeles
Riyadh
of amenity searches were related to connectivity
(e.g. wifi)
Abu Dhabi
Dublin
of amenity searches were related to security
(e.g. 24-hour security, alarm system)
Toronto
0
2
4
6
8
Lead Share
Source Lamudi.com.ph
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1Q 2023 News Round-up
Stay up to date on the latest real estate
industry news in 1Q 2023. Here are the highlights

• Boosting Tourism VAT Refund
• Program and E-Visa Rollout
• E-Visas and the Value-Added Tax (VAT) Refund
  Program for foreign tourists were approved for
  implementation last February. E-Visas, visas
  applied for and processed online, will be rolled
  out this year. Foreign tourists will receive a
  refund on the VAT they have paid for their
  purchases in the Philippines, which they would
  bring back to their home countries. These
  programs are aimed at boosting tourist arrivals
  in the country and promoting tourism investments.

Economist Urges PH Government to Focus on
Manufacturing, Infra BPI global market economist
Rafael Alfonso Manalili sees manufacturing and
infrastructure as growth drivers and cushions to
the increasing inflation rate. The upward
inflation trend means that property seekers may
need more time to think when taking out loans
from banks as the cost of money increases.
Manalili advises that focusing on investment
spending, manufacturing and exports will allow
the country faster growth and protection from
external shocks.
9 Years of Lamudi Celebrating Broker Wins and
Industry Milestones
The Rise of AI in PropTech Among the most notable
emerging real estate tech trends are the use of
blockchain, artificial intelligence (AI), and
virtual and augmented reality. For developers and
investors, AIs Internet of
Things (IoT) plays a huge role in construction by
eliminating manual developers access with
real-time
speeding the process of inspection and providing
monitoring. Transactions
between developers and clients are also made
easier with blockchains smart contracts, AIs
omnichannel engagement, and the Metaverse.
Virtual reality (VR) and augmented reality (AR)
make property hunting and selling more efficient
for both parties.
Lamudi honored outstanding brokers who adapted to
the ever- changing digital real estate market
during the Lamudi Broker Awards Night 2023 last
March. Brokers were rewarded for their post-COVID
action plans, innovative lead generation
strategies and customer-centric mindset.
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1Q 2023 News Round-up
Stay up to date on the latest real estate
industry news in 1Q 2023. Here are the highlights
e-Travel The New App Streamlining Travel Entry
Requirements in the Philippines The Philippines
launched a new e-Travel app on December 5, 2022,
which streamlines the process of obtaining travel
entry requirements, provides real-time updates on
COVID-19 testing and quarantine protocols, and
offers other important information about the
destination. The app aims to improve health and
safety measures for travelers and the community,
streamline the process for both travelers and
authorities, and enhance the travel experience in
the country.
PEZA Investments Surge in 1Q 2023 The Philippine
Economic Zone Authority (PEZA) reported a 54
increase from 1Q 2022 to 1Q 2023. As of 1Q 2023,
approved investments were valued at P12.53
billion. The growth was by buttressed by a steady
flow of investment in the semi-conductor and IT
industry, and complemented by investment in
emerging sectors such as vaccines and life
sciences, electric vehicle batteries and
financial technology, among others.
Nowhere but Up REITs in PH Continue to
Expand Philippine Real Estate Investment Trust
(REIT) companies announced portfolio expansion
plans throughout 2023. Ayala Land's AREIT
announced plans to acquire six office buildings
in Cebu this year, while Megaworld's MREIT is
expected to add 220,000 sqm of gross leasable
area by 2024.
Contact Center Industry Sees Remote- Onsite Work
Ratio Balancing Out The Contact Center
Association of the Philippines (CCAP) sees hybrid
work arrangements becoming the standard work
operation model, as reported by BusinessWorld in
March. CCAP board member Tonichi Achurra-Parekh
expects the current 60 on-site, 40 remote ratio
evening out in the future, towards hybrid models.
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1Q 2023 News Round-up
Stay up to date on the latest real estate
industry news in 1Q 2023. Here are the highlights

• Areas of Pabahay Programs First 1 Million Houses
  Revealed at NREAs Online Forum
• The Pambansang Pabahay para sa Pilipino Program
  aims to build one million houses every year
  throughout the current administrations term or
  a total of six million homes to address the
  housing backlog of the country. Cities that are
  included in the first 1 million units like Quezon
  City, Angeles City, Cebu City, Cagayan de Oro,
  and Davao City are among the most searched
  locations on Lamudi.

Convenience is Key The Value of Customer
Feedback in the Real Estate Industry During
Lamudi's broker networking night of the year on
March 29, 2023, real estate players shared their
experiences navigating the digital landscape of
real estate. The event, held in partnership with
Tonik, covered the importance of personal
connections and adding a 'human touch' to online
marketing and sales strategies in an increasingly
automized industry.
Lamudi will be holding its 2023 property fair,
co-presented by IKEA, at Trinoma Mall from July 7
- 9, 2023. The event will be Lamudi's first
in-person property fair in three years. Learn
more here.
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Build Better More
A Guide to the 2023 Philippine Infrastructure
Priority List by A. H. Chiongbian
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What is Build Better More?
The Build Better More is the Pres. Ferdinand
Marcos Jr. administration's PHP9 trillion
infrastructure program. Similar to the Duterte
administration's Build Build Build, the program
consists of projects aimed at creating jobs,
encouraging business investment and spurring
economic development. 71 out of 194 projects were
continued from the previous administration.
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What kind of projects are in Build Better More?
Build Better More prioritizes physical
connectivity (e.g. road networks) and water
resource projects. There are nearly 3x more road
and bridge infrastructure projects in the current
list compared to the previous list published by
NEDA in 2021. It also includes more irrigation,
water supply and agriculture projects.
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Who are funding these projects?
projects priority
in the list were
40 of infrastructure funded via
Official Development
Assistance (ODAs), or grants administered to
promote social and economic development. These
are usually funded through multilaterals
and governments from foreign countries. Build
Better More also strongly promotes the use of
public-private partnerships (PPPs), a funding
agreement between the government and a private
firm. Roughly 25 of projects were PPPs.
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How will these projects impact real
estate? Property investors pay as much attention
to public infrastructure as they do real estate.
The development of roads, bridges, airports, mass
transit, railways, walkways, dams, and utility
infrastructure influences the shape of
communities and the value of properties situated
therein. The presence of a train station may up
the value of residential units located a brisk
walk away, while the construction of an airport
in a region previously accessible only through
land may signal more tourism and the development
of related markets. The establishment and
upgrading of utility infrastructure in provincial
areas improves the quality of life of its
residents, and encourages further investment.
These are the building blocks for services and
public amenities that transform spaces into
places where people wish to live, work and play.
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Where are these projects located?
The projects in the priority list were located in
various regions in the Philippines, but were most
heavily concentrated in the National Capital
Region (NCR) and Central Luzon.
Click here to explore the map
The following national projects either did not
have a specific geographical beneficiary or are
to be implemented across the country. Click here
for the full list.
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Luzon
4M Pageviews
520K Listings
Click here to explore the map
on Lamudi
on Lamudi
There have been heavy investment in easing land
and air travel throughout Luzon, with the current
infrastructure priority list including railway
extensions improving access from the north of
Luzon to the south of Luzon. This includes the
Metro Manila Subway Project the first
underground rail in the country. There were also
several irrigation and water supply
projects throughout Luzon, and three healthcare
facilities in the works. Regional Highlights The
allocated budget for the New Manila
International Airport was P740 billion, the
highest determined budget for projects in
Luzon. Three segments of the South Luzon
Expressway Toll Road 4 - extending from Sto.
Tomas, Batangas to Tiaong, Quezon - is expected
to be completed by December 2023. NCR had more
projects than any other region in Luzon, and the
entire Philippines.
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Visayas
610K Pageviews
50K Listings
on Lamudi
on Lamudi
Click here to explore the map
There are eleven road and bridge projects
throughout Visayas, with several aiming to link
islands and provinces. These include the
Panay-Guimaras-Negros Inter-Island Link Bridge,
the Iloilo-Capiz-Aklan Expressway (ICAEx), and
the 2nd San Juanico Bridge Project.
The development of these throughways may spark
more region-wide commercial and industrial
opportunities as logistical issues are eased.
Container projects in Cebu and Iloilo were also
identified as priority projects.
Regional Highlights
The Panay-Guimaras-Negros Inter-Island Link
Bridge has an allocated budget of P189.53
billion, among the most heavily funded in
Visayas. Stage II of the Jalaur River
Multipurpose Project, the National Irrigation
Administration's flagship project in Western
Visayas, is scheduled for completion by December
2023. Cebu had more projects than any other
province in Visayas, including the Cebu Bus Rapid
Transit, Cebu-Mactan Bridge and Metro Cebu
Expressway.
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Mindanao
200K Pageviews
10K Listings
on Lamudi
on Lamudi
Click here to explore the map
Priority projects in Mindanao include three flood
control projects, three airports, three water
resource projects and two seaports. Completion of
such projects may encourage more tourism as
access is increased and utilities services
improve.
Regional Highlights The budget for the Davao
Public Transport Modernization Project increased
to P80 billion in 2023. It will involve 1,000
buses and bus stops spread across Davao
City. The Panguil Bay Bridge is roughly 60 done
as of 1Q 2023, and is scheduled to open by the
first half of 2024. Davao del Sur had more
projects than any other province in Mindanao,
including a port, a flood control and drainage
project, and public transport modernization
programs.
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Property Demand in Southern Cebu Climbs Amid
Transit Development
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In 2022, the most searched topics related to
Cebu by Google users in the Philippines were
all connected to travel and transportation. Terms
such as airline, airport, flight, ferry,
ticket, baggage were the words most
associated with Cebu, according to Google search
trends. Travel to and throughout the island
has been uptrending alongside the development of
infrastructure projects such as the the
completion of the provinces first tollway last
year, the CebuCordova Link Expressway (CCLEX),
and more recently, the groundbreaking of the Cebu
Bus Rapid Transit (BRT) project.
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Twenty-seven years since its initial proposal and
nine years since its funding was approved, the
Cebu BRT project broke ground on February 27,
2023. Unlike regular bus systems, a bus rapid
transit system operates on a dedicated road
network similarly to how light rail transit
runs on dedicated tracks. The project includes a
16 kilometer transit route traversing Cebu City,
Talisay, and other towns in Cebu Province. It
involves a total of 250 buses, 17 stations, 76
bus stops, a daily capacity of 60,000 passengers,
a roundabout facility in Cebu IT Park and a depot
in South Road Properties (SRP). The development
of the project is expected to give citizens and
visitors more quality public transportation
options around the south and central portions of
the city, as well as reduce travel time and
increase economic productivity. Phase 1 of the
project is expected to be fully operational by
the second quarter of 2025. 18 THE OUTLOOK
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238
36 Jan. 2023 vs. Jan. 2022 Year-on-year pageview
growth
10 Jan. 2023 vs. Jan. 2022 Year-on-year pageview
growth
Jan. 2023 vs. Jan. 2022 Year-on-year pageview
grrowth
Lamudi sees more interest in properties in areas
where BRT stops will be situated growing over the
next few years. Monthly pageviews in January 2023
increased 10 year-on-year in Talisay, 36
year-on-year in Mambaling and 238 year-on-year
in Bulacao. Cities in Cebu were among the most
high-ranking in Visayas from January 2022 to
January 2023, with Cebu City ranking first,
Lapu-lapu ranking second, Mandaue ranking third,
Talisay ranking fifth and Minglanilla ranking
ninth. With mobility for residents of these
locations improving, land values in these areas
are seen to improve along with more economic
activity and investment.
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Key Takeaways
Online property search behavior on Lamudi has
remained consistent. Luxury properties and
affordable rentals continued to perform
strongly. Major administrative hubs attracted the
most leads in 1Q 2023.
Singapore was the leading source of overseas
inquiries. Singapore was once again the overseas
location that contributed the most pageviews and
leads to Lamudi. Makati followed by Quezon City
were the cities most inquired by property seekers
from Singapore.
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Growth can be expected in the industrial and
hospitality sectors throughout 2023. These are
driven by more foreign direct investments
following the approval of Regional Comprehensive
Economic Partnership, and a revitalized tourism
industry supported by travel promos and eased
regulations.
Opportunities for real estate market abound as
government sets new infrastructure
priorities. The release of the 2023
infrastructure priority list signals prospecting
property buyers and sellers to closely observe
the progress of identified projects in the
locations they have interest in as they influence
the value of their prospective investments and
sales.
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Cebu Province has consistently been among the top
ten most inquired locations on the
platform Lamudi expects more interest from
property seekers in areas where the Cebu Bus
Rapid Transit stops will be located. Lamudi sees
more online real estate activity expand as
physical connectivity improves.
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