The prospect of Cebu's real estate industry this year is brighter, according to Cebu Board of Realtors (Cereb) vice president Raffy Toledo.
The optimistic Toledo said property development projects have mushroomed in the province and this is due to the confidence of several developers in the local economy.
"An indicator that the industry is growing is a spur in development of projects, such as residential condominiums, memorial parks, high-end to low-cost housing. And Cebu 's hosting of the Asean Summit in December is also a
"contributing factor" in the success of the industry," Toledo said.
He reported that several developers are looking at feasible sites in the northern part of Cebu as "progressive areas" for residential housing.
The average price for socialize housing is between P400,000 to P500,000 while high-end housing is priced at P3 million and up, said Toledo.
Overseas Filipino workers and Filipinos married to foreigners remain to be the industry's top market because of "their willingness to invest in quality housing," he added.
Toledo bared that Cebu still has many available lots for development. Even memorial park lots are considered 'good investments.'
He said healthy competition between memorial park developers in Cebu is a manifestation of the province's acceptance of the market.
Meanwhile, Cereb secretary Emily Cabillada said there is an increase in demand for residential condominiums in the metropolis, as well as in Mactan, due to limited space in these areas.
She also revealed that the real estate industry wants to have more "quality" professional property development managers to ensure continuous growth of the industry.
"These managers will make sure the building is in proper condition, and its staff is working efficiently," she said.
Cereb is set to conduct a seminar program on property management on Sept.30 and Oct.01 and is encouraging all building owners, property developers and real estate brokers to attend. The program will teach participants basic skills, knowledge and discipline needed to execute specific duties and responsibilities of building and property management professionals. (PIA)
Cabilla said the group is targeting 50 to 60 participants. (PIA)
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