Friday, March 27, 2009
PROPERTY owners in Cebu are not lowering the rates of their projects despite the economic crunch, a real estate industry official said.
This is caused by a “balance” in the supply and demand of real estate in the market, Philippine Association Real Estate Board Inc. vice president for Visayas Tomasito Academia said.
“Cebu is better in terms of real estate compared to other areas in the country, like the National Capital Region where (most) property owners there are lowering their prices. People here know that the crisis is only temporary,” he said.
Even when the industry anticipates a “gradual” slowdown in the local real estate industry, stakeholders remain optimistic as real estate-related activities in Cebu are continually “moving.”
Migration
Academia attributed this to Cebu being a preferred point of migration by both locals—especially those from Region 9 (Western Mindanao)—and foreigners.
“Many are coming to Cebu because the commercial activities here are fast and are working. The peace and order (situation) is better here. And the tourism industry is very attractive,” Academia said.
The growing number of condominiums being constructed in the province manifests an “active market,” he added.
While Cebu still has a lot of room for property development, he asked developers to improve the quality and cost of their
products “from good to even better.”
Products
While all types of real estate products—residential, commercial, agricultural and institutional—have a fair share of demand in the market, he lamented the backlog in the availability of low-cost housing products, which are in demand due to their affordability through the Home Development Mutual Fund (Pag-Ibig Fund).
He noted that not many developers are coming up with more low-cost housing projects due to their low profit margins. (NRC)
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