Thursday, August 14, 2008 Real estate boom in Cebu
CEBU is now home to a booming and balanced real estate industry.
This was the assessment made by Philippine Association of Realtors Board Inc.-Cebu Realtors Board Inc. (Pareb-Cereb) president and realtor Gerry Yangyang.
Yangyang said in an interview during the opening of the First Cebu Real Estate Expo 2008 at SM City Cebu yesterday that high-end housing projects, often located in the cities, are balanced off with low-cost housing projects that extend to as far as Compostela in the north and Minglanilla in the south.
“These low-cost houses (are made affordable) to company employees through Pag-ibig Fund,” he said.
He also noted a demand for high-end projects by young urban professionals who prefer—and can afford—to buy a P1-million or P1.5-million bachelor’s pad through Pag-ibig, over a low-cost house that is located far from where they work.
Wait-and-see
Yangyang is confident that the high price of fuel and basic commodities will not discourage real estate developers from pursuing projects or deter potential buyers.
“A small percentage of them are in the wait-and-see state. But I believe these price hikes will only be for a short period.
Once they will stabilize, there is no stopping the real estate industry in Cebu from fully booming,” he told Sun.Star Cebu.
He pointed out that despite rising inflation, a number of housing projects are scheduled to be developed while some are already being constructed and others are nearing completion.
The real estate industry’s only low season, he observed, is May when families have to pay for enrolment and other things needed for the coming school year.
Yangyang said the factors that keep the demand for housing high include the presence of overseas Filipino workers and the entry of various investments into Cebu, which attract people from other areas to come, work and live in the province.
Complete
“Cebu, compared to Manila, is a small place but the facilities and amenities are complete. (There are) banks, hospitals, schools and recreation. Residents can go to where they want to go in such a short period of time,” he said.
He lamented, though, that several developers have increased rates by about 20 to 30 percent due to the rising prices of construction materials. However, he believed that this has not dampened the spirit and spending power of developers and buyers.
To provide potential buyers with a wide range of houses to choose from, Pareb-Cereb organized the weeklong First Cebu Real Estate Expo with the theme: “Only the best and dependable homes for Cebuanos and Cebuanas at heart.”
The expo features top local real estate companies, including AboitizLand Inc., Eastland Property Ventures Inc., Camella Communities, Taft Property Ventures, Club Ultima and MSY Holdings, Corp. Developers like Maria Luisa Properties, Pacific Land Ventures and Property Development, Syntech Properties, Nexland Ventures Estate, Anita’s Subdivision, Geo-Estate Land Development Corp.-Earth Hauz Inc. and VazBuilt are also participating in the expo.
Pareb-Cereb, which aims to professionalize real estate service practice in Cebu, has about 160 members. (NRC)
