Subdivision and Housing Developers Association Inc. (SHDA) governor for the Visayas Rey Ralota credited the upward trend of the industry to the strong surge in overseas remittances from Filipinos abroad, a reliable market for property developers.
He also cited the strong business process outsourcing (BPO) industry in Cebu, which led to an increased demand for housing facilities like condominiums and office buildings, as well as Cebu’s positioning as a premier business and tourism destination.
“Cebu has always been regarded as the second biggest market after Manila. This factor alone makes Cebu an attractive destination for business activities,” Ralota said.
Philippine Association of Realtors Board Inc.-Cebu Realtors Board Inc. (Pareb-Cereb) president Emily Cabillada said the industry’s resurgence was felt after the Asian financial crisis that began in 1998, a period that challenged the real estate industry.
Cabillada also pointed out public investments of the past administration for Cebu like road improvements, among others, which opened opportunities in the real estate sector.
Cabillada said there is an equal increase of both vertical and horizontal projects in Cebu this year.
Vertical developments such as office buildings and condominiums are in demand to serve the growing BPO market, while horizontal developments such as subdivisions strategically located in the city continue to grow.
The housing backlog was estimated by SHDA 7 at 50,000 units.
Cabillada also noted that infrastructure projects such as road improvements in South Road Properties and Tayud Coastal Road in the north have also paved the way for more projects. Developments now reach areas like Consolacion, Liloan, Minglanilla and Naga, among others.
Cebu-based developer Taft Property Venture Development Corp., in particular, sees a stronger market for residential developments in Cebu because of its robust economy.
Taft Property chief operations officer Manuel Colayco Jr. said that despite the tough competition in the market today, there remains a stronger market, especially in the lower-to-middle category, which the industry should maximize.
Colayco said the company is confident about expanding its projects, giving more housing options for the growing Cebu populace.
Business leaders of Cebu have also identified the real estate industry as one of the sunshine industries that fueled the economy of the island this year, aside from the BPO and tourism industries.
Mandaue Chamber of Commerce and Industry (MCCI) president Eric Mendoza said the construction industry alone has helped the local economy in creating jobs.
Cebu Chamber of Commerce and Industry (CCCI) president Samuel Chioson said the real estate industry has created a multiplier effect benefiting other sectors in the economy.
Cebu Business Club president Dondi Joseph said real estate developments in Cebu also signal the continued confidence among investors, a trend which he hopes will continue in 2011.
Society of Cebu Realty Firm president Samuel Lao said four major factor give real estate what is it now increase of ofw remittance, tourism, BPO industry, and population growth.
But for the industry to sustain its growth, the business chambers said a strong public-private partnership should be fostered to maintain the industry’s momentum. To learn more about Cebu real estate updates call (+6332) 3181589 | +639173236123.
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