Millennials and Gen Z dominate buying market in real estate

Tweet

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.

Djon Nacario, General Manager, Carousell PH (Left) and Shine Resurreccion, Head of Autos & Property, Carousell PH (Right)

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/

-------------------------

About Carousell

Carousell is the leading multi-category platform in Greater Southeast Asia on a mission to inspire the world to start selling and to make secondhand the first choice. Founded in August 2012 in Singapore, Carousell Group has a leading presence in eight markets under the brands Carousell, Cho Tot, Laku6, Mudah.my, OneKyat, Ox Street, and Refash, serving tens of millions of monthly active users. Carousell is backed by leading investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments, and Sequoia Capital India. In the Philippines, OLX joins Carousell to bring consumers a diverse range of products across a variety of categories, including autos, properties, lifestyle, electronics, and fashion accessories. Download the app for iOS or Android, and visit www.carousell.ph/ for more information.

Carousell sees dynamic growth in online property and classified ads business for 2022

Tweet

With the pandemic crisis accelerating the expansion of the e-commerce and online classified ads landscape, Carousell Philippines looks forward to 2022 with an optimistic and bullish perspective.

The fast-growing online buy-and-sell platform which closed 2021 with a USD 100M investment from STIC Investments, a leading Korean private equity that invests across Asia, and the acquisition of Ox Street, one of the leading end-to-end marketplaces for authenticated sneakers and streetwear in Southeast Asia, is all set to create innovations to strengthen Carousell Philippines’ proposition for 2022.

“The pandemic has provided customers with access to a significant variety of products from the convenience and safety of their homes. We see this shift as an opportunity and inspiration not only to make Carousell even better but most importantly, to serve Filipino customers better,” said Carousell Philippines’ new General Manager Djon Nacario, who discussed the upcoming plans, innovations, business prospects, and directions of Carousell for the year in a recent media event.

The pandemic scenario

During the pandemic, Carousell served as a helpline for a number of Filipinos when users set up community pantries funded by items sold on the Carousell app to aid those left most vulnerable by the crisis.

During the recent Typhoon Odette, sellers have also initiated a donation drive by selling secondhand items and donating the proceeds to families and communities that were heavily affected by the typhoon. Listing views and monthly active users have also increased in 2021 as more users turn to Carousell to buy medical supplies and secondhand clothing while some users have also started selling on Carousell to supplement their income.

“We are very heartened at some of the grassroot initiatives that our users have started on the Carousell platform which shows the true spirit of Filipino resilience and bayanihan, especially in times of crisis. Carousell supports these humble initiatives by our users to extend help to the most vulnerable and to ensure that people can continue on with their lives amid the pandemic,” Djon said.

Property 24 to merge with Carousell

A highlight development for 2022 is the merging of Property24 with Carousell which is set to happen on March 8, 2022. According to Djon, this will provide an effective online platform for leading real estate developers, agencies, and brokers to help them showcase their property listings to a wider audience of qualified prospective buyers including the 4.62 million monthly visitors on Carousell. In line with this, Carousell is also working on initiatives to improve the user's experience on its platform to ensure that customers are able to find every kind of home for every kind of family.

“This is something that we’ve been planning forever since OLX merged with Carousell Philippines. We have taken in various feedbacks from our partners, developers, and users to make our property category even better,” Djon added.

Recognition of excellence in the property industry

For the first time ever, Carousell will also bring together the country’s most recognizable real estate developers and their finest developments in the Carousell Property Awards to be launched in March 2022. Among the nominees are some of the most celebrated real estate brands in the Philippines including Suntrust, Camella, Crown Asia, and Lumina, among other leading developers.

Trust and assurance in Carousell Autos

With over 6,000 cars listed on the platform as of February 2022, Djon also expounded on Carousell’s recent tie-up with Premium Warranty Services Philippines, Inc. (PWSPI), the premier provider of used vehicle inspection and warranty services in the country, to launch the Carousell Autos Inspected and Warranty program which is designed to provide buyers of second-hand cars confidence and peace of mind when searching for vehicles in the Carousell platform.

“We recognize that knowing the real condition of the car is a legitimate concern for most buyers. Our partnership with PWSPI is a reflection of our commitment to promote quality listings on our platform. Carousell Autos Inspected and Warranty program will boost buyer’s trust in secondhand cars and will give them the assurance that the items listed on the platform are safe from hidden faults or defects,” Djon said.

Recognition for Pinoy entrepreneurs

Finally, since many Carousell users are micro-, small- and medium-size entrepreneurs, the company is also set to launch the Caroupreneur Awards that will recognize the outstanding achievements of Filipino entrepreneurs over the past year. This will range from entrepreneurs who started or scaled their businesses online, to brick-and-mortar SMEs who digitalized their businesses, and everyday Filipinos who gave away good quality preloved items for free.

To celebrate Carousell’s decade of sustainability, Caroupreneur Awards will also have sustainability-themed categories such as Heroes of Green, and other categories including Best in Carousell – Autos (Used Cars), Autos Workshop and Services, Property, Home Services, and many more. Winners will be announced later in the year.

A most receptive Recommerce market

The event also highlighted the overview and insights from the Recommerce Index 2021 Report, which is Carousell’s Green initiative to highlight the importance of sustainability and recommerce in the Greater Southeast Asia region.

According to the report, the Philippines is the most receptive Southeast Asian market for recommerce, or the practice of buying and selling brand new and previously owned items. The report also shows how consumer behaviors have changed especially during the pandemic. Hence, Carousell Recommerce Index is a timely 'report card' on where consumers are now, and how we can make secondhand the first choice in our effort to practice a more sustainable lifestyle and support a circular economy. The report also covers findings from four Carousell Group brands namely Carousell, Chợ Tốt, Mudah.my, and OneKyat, across eight markets - Hong Kong, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Taiwan, and Vietnam, involving over 3,000 buyers and sellers.

About Carousell

Carousell is a classifieds marketplace that makes selling as easy as taking a photo, buying as simple as chatting. Launched in August 2012, Carousell began in Singapore. We are now one of the world’s largest and fastest-growing marketplaces in Southeast Asia, Taiwan, and Hong Kong. Carousell is backed by leading investors, including Telenor Group, Rakuten Ventures, Naver, and Sequoia Capital India. In the Philippines, OLX joins Carousell to bring consumers a diverse range of products across a variety of categories, including cars, lifestyle, gadgets, and fashion accessories. Download the app for iOS or Android and visit www.carousell.ph for more information.

Up to 1M Worth of Discounts at Carousell’s "Great Property Sale"

Tweet

Carousell (formerly OLX) , one of the world’s largest and fastest growing online classifieds, will be holding “The Great Property Sale”, a month-long campaign gathering the best real estate deals online. Up to one million pesos in discounts are offered to potential buyers as the world shifts to a work-from-home arrangement brought about by the pandemic. 

In the emerging world of digital ecosystems, the real estate sector is on the threshold of significant change. Traditionally, the industry was about developing, operating, maintaining, and selling assets. But recent global trends suggest a more welcoming shift towards customer centricity. With many buyers keen for solutions from a digital standpoint, massive value will be in play such as simplifying the tedious home buying journey of interested property buyers. 

Running from October 12 - November 12, 2020, “The Great Property Sale” offers a wide variety of selection in homes, properties, and condominiums with hundreds of fresh listings daily. It guarantees a hassle-free experience of browsing and buying properties online guaranteed with quality listings and convenience through the Carousell platform. Major property developers such as Suntrust Properties, Damosa Land and Zobelle 88 Construction and Development Corp. will be offering significant discounts during the promo period. Those looking for foreclosed properties will also find listings from BPI Buena Mano.

Shine Resurreccion, Head of Property at Carousell Philippines shared, “Carousell has witnessed the challenges of finding properties and homes, especially during these unprecedented times. A lot of Filipinos are trying to rise above the limitations this pandemic has posed; whether it's through relocation or investment opportunities. With “The Great Property Sale”, the nation will gain access to curated collection of properties from a trustworthy pool of real estate brokers, entrepreneurs, and property developers to help them kickstart their home journey.”

“The Great Property Sale” will be a curated collection of valuable properties available in Metro Manila, Cavite, Bulacan, Rizal, Laguna, Pampanga and Cebu City. If you are from the real estate community and would like to include your listings, you may email ask.phproperty@thecarousell.com for inquiries. 

For more information on “The Great Property Sale,” visit www.carousell.ph.

About Carousell

Carousell is a classifieds marketplace that makes selling as easy as taking a photo, buying as simple as chatting. Launched in August 2012, Carousell began in Singapore and is now one of the world's largest and fastest growing marketplaces in eight markets across Southeast Asia, Taiwan and Hong Kong. Carousell is backed by Telenor Group, Rakuten Ventures, Naver, Sequoia Capital, and Naspers. In the Philippines, OLX joins Carousell to bring consumers a diverse range of products across a variety of categories, including autos, property, lifestyle, gadgets and fashion accessories. Download the app for iOS or Android, and visit www.carousell.com for more information.