DEMAND for sustainable homes that can withstand calamities is expected to rise this year following the catastrophic Typhoon Odette (Rai) that damaged and destroyed billions of pesos worth of properties in Cebu last year.
This is the expectation of real estate broker Anthony Gerard Leuterio, founder of Filipino Homes, after his office noticed increasing inquiries for condominiums that are equipped with necessary facilities in case of calamities.
Leuterio said buyers are now on the lookout for properties, mostly high-rise, that would serve as their “escape home” or “second home” equipped with generator sets in cases of power outages and water pumps, among other essential needs.
“This is an emerging demand for residential products now,” Leuterio said.
Because of Typhoon Odette and its massive destruction, Leuterio said developers will now evaluate their projects to make sure their developments are sustainable and can withstand typhoons and other natural calamities.
Typhoon Odette was the strongest typhoon to hit the Philippines, particularly some areas in the Visayas and Mindanao, last year.
The Philippines is located along the typhoon belt and the Ring of Fire in the Pacific, making the archipelago highly exposed to various natural disasters.
Busy year
Leuterio said 2022 will be a busy year for the property sector with the ongoing rehabilitation and development of new projects.
He said the interest of acquiring second homes among local buyers will increase and foreign buyers purchasing condo units will make a strong comeback this year.
“Those who have positioned themselves in 2020 and 2021 will surely become big winners in real estate in 2022,” he said.
By this he meant that those who were able to scout ahead for potential locations and identify new real estate products while the economy is on a stagnant growth due to the Covid-19 pandemic and understand the new market preferences will be able to reap the opportunities this year.