Filipino consumers have exhibited a more sanguine attitude toward major purchases in the third quarter, according to a survey conducted by the Bangko Sentral ng Pilipinas (BSP).
The BSP report showed a notable decrease in consumer hesitancy regarding acquisition of big-ticket items in the next 12 months.
Specifically, the BSP noted that “the percentage of households that plan to buy/acquire real property within the next 12 months increased to 7.7 percent from 4.7 percent in the Q2 2023 survey results.”
In particular, there’s a heightened interest among households to acquire residential lots, duplexes, and condominium units compared to the previous quarter.
When questioned about the price range for real estate purchases they intend to make within the next year, the survey revealed that approximately 50.8 percent of households are looking at properties valued at P450,000 and below.
Meanwhile, 35.5 percent and 13.7 percent of households intend to invest in houses and/or lots within the price brackets of P450,001 to P1,700,000 and P1,700,001 and above, respectively.
The Consumer Expectations Survey (CES) canvassed the opinions of 5,404 households, with 50.6 percent or 2,736 hailing from the National Capital Region (NCR) and the remaining 49.4 percent or 2,668 residing in areas outside of the NCR.
The middle-income group constituted the largest percentage of participants at 38.4 percent, followed closely by the high-income group at 35.9 percent, and the low-income group at 25.6 percent.
This shift in consumer sentiment, marked by an increased willingness to invest in real property, signifies a potentially positive trend for the Philippines’ economic landscape and suggests growing confidence in the country’s real estate market.