THE year 2020 was a tough time for the entire real-estate industry due to Covid-19 pandemic, but signs of recovery emerged in the latter part of the year, thus increasing market confidence for 2021, according to Lamudi.
This trend boiled down to the housing sector when demand fell due to uncertainties of the health crisis at the beginning of last year and then rose when investors and homebuyers with more buying power started to regain their confidence.
Based on the property platform provider’s latest study, the growth in the demand for all types of housing was steady from the first half (H1) to the second half (H2) of 2020.
Houses registered the highest pageviews at 33.03 percent, followed by land at 30.24 percent.
Foreclosed properties saw an uptick at 16.86 percent while condominiums posted a 5.37-percent hike.
Meanwhile, pageviews on apartments were at 0.22 percent only.
In terms of leads, foreclosures increased at 43.08 percent; land, 37.22 percent; house, 36.52 percent; apartment, 11.33 percent; and condo, 9.43 percent.
Given their improved performances, the outlook for the residential market is bullish this year.
Lamudi expects a spike in pageviews across all kinds of housing properties in H1 of 2021 from H1 of 2020.
Foreclosed estates are deemed to experience a surge of 31.53 percent during the two periods in review.
Likewise, the number of property seekers looking at condos listed on the site is projected to go up by 17.62 percent, apartments by 11.95 percent, and houses by 3.01 percent.
Even when the market behavior shown in the property portal was favorable last year, Lamudi believes that there’s still a lot of work to do, particularly in making property seekers confident and comfortable in engaging in transactions that largely involve digital platforms.
“The new year will be the time the new normal will settle,” the company said.
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