Younger Filipinos prefer buying property over renting homes.
A property data showed that Filipinos, including the younger ones, are now keener on buying property than renting, a trend similar to what has been happening in other global regions like Europe and United States.
Global property website Lamudi Philippines looked into its third quarter 2015 search data and found out that among 18 to 24 years old, there is an equal proportion of property hunters looking for for-rent and for-sale properties.
Moreover, the data showed that there is a tendency for property hunters to check out for-sale properties online as they get older.
Lamudi said that among 25 to 34 year old users, 57.3 percent are checking out for-sale properties in the website, compared to 42.7 percent of users who look for for-rent properties.
The preference to buy is even higher in the older age groups of 35 to 44, 45 to 54, and 55 to 64.
Lamudi Philippines managing director Jacqueline van den Ende said these findings are consistent with observations made in Europe and the United States, where people have the tendency to buy as they get older.
"This seems to be the case among Filipinos. Younger people - those aged 18 to 24 - probably prefer mobility and flexibility, which explains a higher search volume for for-rent properties in the Lamudi website," Van den Ende said.
"However, this does not mean that they are not planning to buy eventually. Almost half of searches in this age group are dedicated to for-sale properties, then this tendency significantly increases in the 25 to 34 and 35 to 44 age groups. [This is the] stage when young people start to have stable jobs, consider getting married, and start families," she added.