OLX's Property24 has high hopes for real estate sector

April 16, 2019
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Property search engine, Property24, has high hopes for buying and renting to pick up in the coming year regardless of the steady increase in property prices.

OLX Group's online real estate portal Property24 is expecting to see growth in residential property listings and demand outside Metro Manila, amid the projected steady growth of the real estate industry for 2019.

Property24 head of real estate Tina Bautista explained that despite the steady increase in residential property prices, they still expect purchases and rentals to pick up "because of the intrinsic value of property."

"If you pick the right property, the value will just go up," she added.

Around 70% to 80% of the residential property listings are for sale, while the rest are for rent. Most of these listed properties are condominiums, followed by house and lots. 

In 2016, property listings from OLX merged with those from Property24, increasing both the listing volume and user interest.

As listings and inquiries from outside Metro Manila only take up 40% of the mix, Bautista said they want to double it this year.

"What we're hoping to see is growth, or even exponential growth, in inquiries outside Metro Manila," she added, noting that the Build, Build, Build program and other developments in key cities such as Cebu and Davao will spur the demand.

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April 16, 2019

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