By Rhia de Pablo Updated June 19, 2009 12:00 AM
CEBU, Philippines – Maria Luisa Properties noted a positive development with the surprising upward trend in take-ups and rentals of their high-end projects.
In an interview with Maria Luisa Properties sales and marketing manager Jovy A. Beltran, he said that it has been a “surprising” observation that amidst the negative prospects of the economy due to the global crisis, clients from the high-end segment of the market are now starting to invest again in real estate.
He said that indication of this positive development in the market is the fast movement of their high-end projects such as the Maria Luisa Estate, Park Mahogany Place and the 8 Maria Luisa properties.
Beltran said that their clients who have bought lots in their properties are now starting to build their houses as if unabated by the threats of the global economic crisis.
“People are not getting much from banks because they are given minimal interests for their savings so most consumers are now investing in properties and real estate products to grow their hard earned money,” said Beltran.
He said that they have started to notice this positive movement in the market just a month ago and they were surprised because normally investors would tend to hold on to their money during times of economic difficulties.
Beltran also noted that at these times, a lot of foreign companies have come to the Philippines specifically to Cebu to expand their businesses in the area after having realized its huge potential as a growth area.
He said that this influx of both local and foreign investors in Cebu has been helping the real estate sector stay afloat at these tougher times because these companies have taken and rented several units in their properties for the use of their executives.
“Investors are coming in to Cebu and a lot of our houses and lots are moving fast even rentals in the high-end segment. We have noted there has been an influx of housing construction going on in our properties as well,” said Beltran.
He said that in the previous months, the take outs of their properties were not as fast as it is now and there has even been a decrease of sales and inquiries.
Beltran said that this influx of investors and the positive development in the high end market segment could reflect the first stages of the recovery period for real estate because during the height of the crisis, the high-end segment were the first ones affected because of exposures in the collapsed financial sector.
“Real estate is starting to move upwards and is starting to show signs of recovery that is why we are very positive considering the influx of investors which has gradually increased compared to the past months,” said Beltran.
He said that although the middle-end market is still slowly moving at this point, they are still pushing their latest middle-end development project Red Stone Village in Talamban as well as their socialized housing project Dancing Sun Subdivision in Carcar because they continue to see a demand in these segments.
Beltran said that with Maria Luisa Properties’ continued optimism in Cebu’s real estate market, they will soon be having a new project in Jagobiao in Mandaue that will be started in the last quarter of this year.
“There is still a lot of optimism on our part because we are getting good indicators that the market is slowly moving up and is on its way to the first stages of recovery,” he added.
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