CEBU’s strategic location as the central business district in the Visayas has helped real estate developments in the city prosper, officials of the Philippine Association of Realtors Board Inc. - Cebu Realtors Board Inc. (Pareb-Cereb) said yesterday.
Pareb chairman Tomasito Academia said the city’s strong tourism industry and the increased purchasing power of consumers have also helped spur developments, which now span the north and south areas of the province.
“One good thing about Cebu is that it is the center of activities. Its geographical location has attracted foreigners to come and stay here. You can take a tour all around and you will see buildings sprouting. This is an indication that Cebu is continuously growing,” Academia said in a press conference shortly after the opening of the 2nd Cebu Real Estate Expo 2010 at the SM City Cebu.
Preferred location
He said that although there are many developments going on in the north of Luzon, Cebu is still one of the preferred locations in the country because of its tourism and its accessibility to the business district.
He said that people who live in far rural areas need only to take a 20-minute ride to the city as compared with areas in Luzon where people need to travel for two to three hours.
Former Pareb and Cereb president Daisy Kokseng also said that the city’s strong export industry and its medical tourism helped in the uptake of real estate development.
Kokseng cited the local furniture industry, which earned for Cebu the reputation as the “Milan of Asia” or the undisputed furniture capital of the region. Its strong medical tourism industry as well as the presence of direct flights from neighboring islands also helped attract more tourists and investors to Cebu.
With the growth of the real estate industry in the province, Pareb-Cereb president Emily Cabillada said people will see more developments in the city following the paving of roads in the North and the South Road Properties.
Vertical development such as office buildings and condominiums are still in demand for investors while horizontal developments such as subdivisions will continue to grow with the huge housing backlog.
The housing backlog was estimated by the Subdivision and Housing Developers Association 7 at 50,000 units.
Growth
Cabillada said the real estate industry may grow by an average of 15 percent this year, buoyed by the strong inflows of remittances sent home by overseas Filipino workers and the continued emergence of business process outsourcing in the city.
She also said that the growth is also seen with the increase of the number of real estate practitioners. The group now has 300 members locally.
To further entice developers, Academia said Cebu should market itself more to stay ahead of the competition, while Kokseng said that red tape in the local government units should also be lessened as it hampers investors from coming in.
The 2nd Cebu Real Estate Expo 2010 opened yesterday and will run until Sept. 7. About 22 companies involved in mixed development, home furnishings, realty and construction are joining the exhibit. The expo aims to showcase real estate developments in Cebu as a good value for investment.
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