Consumer Preferences for Residential Real Estate Properties among Interested Buyers in Laguna Province, Philippines, before and during the COVID-19 Pandemic

Abstract

Purpose – This study assessed the consumer preferences for residential real estate properties among interested buyers in Laguna, Philippines, before and during the COVID-19 pandemic. Design/Methodology/Approach – Interested property buyers in Laguna were randomly selected and characterized based on their socio-demographic and economic characteristics, and their COVID-19 experiences were described. Consumer preferences for different aspects of housing units were examined descriptively and using McNemar’s test, changes in preferred attributes of residential units before and during the pandemic were compared. Findings – Single-detached economic housing with three bedrooms was the most preferred type of unit of interested buyers. It was found that the higher the monthly income of respondents, the higher the property value they preferred to purchase. Los Baños is the preferred municipality to live in because of its proximity to the metropolitan capital. The preferred mechanism of ownership is either rent-to-own or via a loan. Those earning a monthly income of PhP 131,484 (USD 2,708.77) to PhP 219,140 (USD 4,514.63) preferred to purchase residential property in cash. As for attributes, proximity to highways, proximity to community services, proximity to houses of family and friends, presence of swimming pool, presence of sense of community, secured and guarded community, quiet surroundings, presence of panoramic views, and pet-friendly home and community are statistically significantly different. Research Implications – Residential real estate developers should respond to various differences in consumer preferences. To continue satisfying prospective buyer demand and successfully close sales, it is vital to consider these consumer preference changes relative to residential projects.