Millennials Market: A Real Estate Opportunity

by Karol Christian Maglaya  October 21, 2016

Nowadays, young Filipinos who are becoming a part of the working sector have been interested in working nearer to their homes because of certain studies that people who spend more time in their commute to work experience more stress and anxieties in the work place and sometimes it affects their personal lives. That is why more and more people find ways to have their own space wherein they can live harmoniously with less stress at hand. According to one of the speeches given last July 28, 2015 of former National Economic and Development Authority (NEDA) Director-General and Philippine Competition Commission (PCC) Chairman Arsenio Balisacan, as of 2010, 48.6% of the Philippine nation lived in urban areas and will be expected to arise to 56.3% by the year 2030. He also stated that the population of Filipinos living in urban areas are expected to arise to 66% by the year 2050. That only means that the condominium and apartment sectors, especially in Metro Manila, will expect a large demand in terms of tenants who mostly are working professionals to want to live nearer to where they are working through the upcoming years.

 

According to the previous elections, the most number of voters belonged from the youth sector which comprises of youths coming from the age bracket of 18-35 years old. The numbers haven’t considered yet the number of voters whom abstained or did not register, which only means that there is a very large population of youth voters. It can also be concluded that we will be expecting a large number of young working professionals who will have been part taking their ways out their parents’ homes in search of their own while they earn for the betterment of their living. That is why it would be a great opportunity for both real estate developers, brokers, and other business sectors to build up here in Quezon City wherein there is a large mass area of land that could be turned into a land of opportunity for many. It would also create a chain effect by diverting the current employees residing in Quezon City who are working in areas such as Makati and Ortigas to move find an opportunity nearer. It would lessen stress and traffic both at the same time. Making young Filipino employees see the country better one step at a time.

 

Source: PRIME Philippines Property Market Report

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