WITH the current infrastructure developments in Cebu, a top official of a real estate broker association sees a favorable condition for the real estate industry.
Sigmund Estreba, president of the Real Estate Brokers Association of the Philippines Inc. (Rebap)-Cebu chapter, said they expect more housing projects to crop up in the province that will pave the way for a busy real estate selling among brokers.
“With new highways being constructed, traffic in the metro area will ease and there would be big developments soon in Mactan, Talisay, and Minglanilla,” Estreba said.
He added that as economic opportunities spread from urban to rural areas, demand for housing will go up.
The Duterte administration is embarking on a P8.4 trillion infrastructure program. Cebu stands to benefit from this through the construction of bridges, roads, new international port, and mass transport bridges, among others.
Likewise, rapid urbanization in the province will also boost real estate development.
“When there are more people, there will be more housing requirements,” he said.
Estreba pointed out that as Cebu’s population continues to go up, the province may need to reclaim more lands to address the need for shelter.
“Maybe in a five-to-10 period, the map of the island will really change,” he said, adding that the South Road Properties will also be fully-developed by that time.
Cebu Province has a total population of more than 3.85 million. A report from Japan International Cooperation Agency (Jica) study, on the other hand, said the current 2.5 million population of Metro Cebu is anticipated to double by 2050.
Remittances
Moreover, real estate brokers in Cebu are cashing in on the contribution of overseas Filipino workers (OFWs), considering the current foreign exchange rate, said Estreba. Overseas remittances in the first nine months of the year stood at US$23.7 billion.
The industry is also banking on the healthy growth of the country’s economy that resulted in high consumption spending and expansion of the middle-income class.
“With the economy growing by about six plus percent every year, you can expect that with about four million Filipinos graduating from the middle class to the upper class, the affluent sectors of the society, there will really be changes in the real estate industry,” Estreba said.
Rebap national president, Rene Jularbal, also identified Cebu as one of the areas in the Visayas where investments, both local and foreign, will spur growth in the economy of the region.
“The National Capital Region is crowded and there are areas in the Visayas that can be options for the backlog in Metro Manila in terms of housing or various use,” he said, citing Iloilo, Bacolod and Cebu as potential real estate investment destinations.
Rebap officials were in Cebu on Thursday, Nov. 15 for the three-day national convention at the Waterfront Cebu City Hotel and Casino. The organization discussed key issues that have huge impact on the real estate scene, including legal challenges, property appraisals and individual mindsets for every member.
Rebap is an association of licensed real estate brokers with about 1,200 regular and associate members in over 27 chapters in the country. (JOB)