Millennials and Gen Z dominate buying market in real estate
The real estate property sector is gaining a strong and stable market among the yuppies and younger customers in the past three years.
This was further proven during the Property Expo 2022 held recently at the Palm Drive Activity Center in Glorietta Mall, Makati, organized by Carousell, the leading classified ads platform in Greater Asia. According to Djon Nacario, Carousell Philippines’ general manager, the property category remains to be the platform’s top search, of which 65 percent are millennials or those aged between 23 to 38, and 20 percent are Gen Zs or anyone born in 1997 onward.
Nacario explains that this purchasing power shift can be owed to the generations’ life stage: “The millennials are already moving up in their careers and becoming more affluent that’s why they are more bullish when it comes to purchasing properties or upgrading their places.” He also added that they are moving to a different life stage where some of them are getting married or building a family.
Meanwhile, he’s also seeing an emerging trend where Gen Zs will be the next “property intenders” or those looking to buy property in the next three years. “Gen Z are now entering the workforce and becoming viable customers and investors when it comes to property.”
“In the next three years, we are still expecting 43 percent of our users, which are millennials, to purchase a property but the more significant change is that 40 percent are Gen Z,” he further explained.
Aside from the millennials and Gen Zs, Carousell users very relevant to the property category include parents and students who are looking for places near schools with face-to-face classes now in full swing, the deal hunters, the working class with high spending capabilities, and families with kids.
While Shine Resurreccion, Carousell Philippines’ head of autos and property, admits that the real property sector took a hit during the pandemic, she anticipates swift recovery in no time. “While there was contraction in sales during the pandemic, three years after or at this point in time, we’re already seeing recovery. So based on Carousell data, there is a 40 percent increase in house and lot and more than 30 percent in condominium purchases.”
The Carousell Property Expo, touted as the biggest property event in the country, was held from November 7 to 18, 2022 with a hybrid set-up of online and on-ground activities.
From November 7 to 16, 2022, The Property Expo 2022 held a virtual webinar series discussing everything participants needed to know about buying property to unlock their #HomeGoals.
The webinar series featured renowned speakers consisting of entrepreneurs, thought leaders, and industry professionals including the country’s leading real estate broker David Lee Chiu, CEO of Leechiu Property Consultants Inc.; The Property Forum’s Managing Director, Noli Alleje; President and CEO of Conveyance Realty Services Inc., Hardy Lipana, and chief operations officer of Human Shelter Realty Corp., Chris Suarez
Meanwhile, the onsite expo held from November 16 to 18, 2022 gathered property agents and developers and participants where they were able to engage in educational and networking sessions.
- To know more about Carousell, visit https://www.carousell.ph/