In its Real Estate Market Report for 2015, Lamudi Philippines stated that in a survey they conducted, 88 percent of real estate brokers confirmed that the Internet was frequented for house hunting. Real estate professionals are experiencing an increase in real estate inquiries made via online means – through email, their social media accounts, or through property portals. 8 out of 10 Filipino homebuyers also cite the Internet as their starting point when researching about properties. According to the study, the future of the real estateindustry is online.
The Philippines’ Internet landscape is growing and changing. Internet penetration rate has increased by more than 630 percent since 2008, a time when a mere 6 percent of the Philippine population were Internet users. The figure was expected to cross the 50 percent mark by the end of 2015, thanks to the proliferation of smartphones, especially cheaper Android devices. This dramatic increase in Internet penetration in the Philippines has affected how brands and businesses market their products and services, and the real estate industry is no exception.
In as a little as less than a decade ago, online property platforms were unheard of, as buy and sell websites were geared more towards products that could be transported and were a lot less expensive. The existence of online marketplaces for industries as complex and unpredictable as real estate serves as a testament to the continued trend of businesses moving more and more into the online arena. To an extent, new businesses are being created and old industries are being revolutionized thanks to the proliferation of the internet in the Philippines.
To read more about the Lamudi Philippines research report, visit http://www.lamudi.com.ph/research/whitepaper-2015/
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