PROPERTY marketers are calling on government to speed up road improvements so Cebu could take advantage of the strong real estate market.
According to real estate broker Anthony Gerard Leuterio of Leuterio Realty and Brokerage, end-users and investors abroad seriously look into the infrastructure progress of a city when buying properties.
He said it isn’t only the aesthetic and price components that buyers look into. They also take into account road networks and the traffic situation in a given area.
Leuterio said Cebu has been well-known as a top destination for real estate investments globally because of its thriving business and leisure spots. However, the metro’s traffic congestion has marred this positive image.
He noted reports of traffic congestion and the snail-paced road and infrastructure rehabilitation are tainting the country’s attractiveness in the global market.
“We should fast track the road renovations and road expansion projects. This is important to impress investors and buyers,” said Leuterio, also founder of Filipino Homes.
He and his team of over 13,000 real estate agents make frequent sales missions abroad to sell Cebu and its real estate products.
“It would help Cebu and the industry if we are able to tell them about Cebu’s real progress on all fronts, particularly on infrastructure,” said Leuterio.
He added that people want to invest in the Philippines, particularly in Cebu, and this prompted the industry to grab hold of this healthy buying appetite.
Leuterio also suggested that developers build integrated projects to lessen traffic congestion.
The Chamber of Real Estate and Builders’ Associations, Inc., (Creba) Cebu shares the same sentiment.
Creba Cebu president Herbert Buot said spreading economic opportunities is one way to decongest traffic.
He advised developers to consider other areas in Cebu for their planned real estate expansion, as this would encourage people to stay in their hometown and upgrade their lifestyle instead of flocking to the city to work.
Buot, who has been in the industry for 45 years, said he has seen how Cebu has transformed into a thriving metropolis. It, however, failed to address the infrastructure element of progress.
Most of the residential and commercial condominium projects are built within the highly urbanized areas, such as Cebu City, Mandaue City, Lapu-Lapu City and Talisay City.
Consulting firm Colliers International Philippines recommended that developers explore parcels of land, especially in the Mandaue and Mactan areas, that would benefit from the completion of major infrastructure projects.
Real estate builders are also encouraged to build new buildings, possibly within township projects, to help decongest traffic.