Saturday, December 02, 2006 Brokers foresee more growth in real estate
THE real estate industry in Cebu will remain to be bullish in the next five years as demand for middle- and low-cost housing, and condominium units in the metropolis continues to rise, an official of the Real Estate Brokers Association of the Philippines (Rebap) said.
“Cebu is a very important real estate destination outside Manila. The market here is bullish and so are the investors,” Rebap national president Emily Duterte said.
Duterte told Sun.Star Cebu that the opportunities to invest in real estate properties in the province will continue to rise, especially with the development of new infrastructure projects, such as telecommunications facilities, roads and airports.
She said apart from Cebu, other potential real estate developments are found in Bacolod, Iloilo and other provinces in the Visayas.
Duterte said residential units will continue to be a trend in Cebu Province while condominium units are still “on its way to being popular.”
“Ang gusto kasi ng Cebu market may lupa talaga that they can call their own. (They’re) not so much (into) condominiums yet because prices are still quite expensive,” she added. (People in Cebu really want to have land.)
Duterte said, though, that condominium units with smaller floor areas will be affordable in the long run.
In a separate interview, Charles Sy, president of the Cebu Contractors Association Inc., said the construction industry foresees more or the less the same number of residential property development projects in the northern and southern parts of the province.
But he said the northern part of the province will have more commercial property development.
Overseas Filipino workers (OFWs) and their dependents will remain an important market in sustaining the growth of the real estate industry, said Rebap former national president Rey Duterte.
“A lot of our OFWs are starting to acquire properties. They don’t just buy houses and lots for their loved ones, they have also learned to invest their money well through real estate,” Rey said.
This is why most brokers have extended their marketing strategies by conducting “road shows” abroad to invite both local and foreign investors, said Rebap international director Vangie Yia.
She said several brokers have already tapped the US market and the sector is already planning to conduct road shows in Europe.
Rebap is composed of more than 500 active licensed brokers with 21 chapters nationwide. (MMM)
