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Friday, January 28, 2005
Retirees seen to boost real estate business
CEBU’s real estate industry will have a bright future if the province will position itself as a retirement destination in Asia.
The sector also plays a major role in helping Cebu promote the province as the place where the older generation all over the world can live for the rest of their lives, Susan Barlin of Barlin International Group (BIG) said.
During the recently concluded 3rd Global Filipino Networking Convention at the Waterfront Cebu City Hotel and Casino, she said this is the real estate industry’s chance to recover after experiencing slow growth since the Asian financial crisis in 1997.
Huge
Barlin said the retiree market is huge.
There are about 40 million senior citizens—those aged 65 years old and above—in the United States alone.
Cebu can also tap the eight million Filipinos living abroad to buy properties in Cebu.
“Inflation dictates that the younger generation goes to the west to earn money, while the older generation goes to the east to continue the lifestyle they are used to,” she said.
National Federation of Filipino American Associations chairperson Loida Nicolas-Lewis earlier said most Filipinos living abroad want to live the rest of their lives in their own country.
In another event, Filipino Chamber of Commerce in Hawaii member Joe Berardy said Cebu, and the Philippines in general, can take advantage of the strength of the US dollar and the other currencies against the peso and the Filipinos’ value of being good care givers.
“All over the world, people are looking for a place with friendly people where they can live for the rest of their lives, a safe environment, where the dollar goes the farthest,” he said.
Barlin said real estate developers in Cebu must also produce quality projects to attract the market and encourage marketers like BIG to promote their products because marketers also have the obligation to endorse quality products to their clients.
Selling RP
BIG has been marketing Manila real estate properties in the United States for two years now.
Barlin said her company has decided to start marketing selected properties in Cebu not only as a retirement destination but as a second home destination as well. (JBN)
(January 28, 2005 issue)
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