Re/Max opens two Cebu offices

As Cebu property values are projected to continue an upward trend, a global franchisor of real estate brokerage services wants to take part in the local real estate scene.

Re/Max Philippines opened two Cebu offices on Monday, citing Cebu as an ideal location for investment opportunities, it said in a statement.

“There’s a lot of infrastructure and property development happening in Cebu, not only in the local CBDs (central business districts), but in neighboring areas such as Talisay, Minglanilla and Naga in the south, and Consolacion and Liloan in the north. Joining Re/ Max will give us a competitive edge in marketing all these new developments,” said Von Jeric Tima-an, who opened Re/Max Pro at Rule65, Time Square 2 in Mandaue City.

The other Cebu office, Re/Max Properties, is headed by Harry Morris and is located at the Advent Business Center on Acacia St in Barangay Camputhaw, Cebu City.

“We want to be fully equipped to meet the influx of investors as we are seeing many areas in Cebu where the value of some properties could be double in the next five years,” Morris said.

According to Re/Max, property values in Cebu are expected to grow exponentially in five years.

Punta Engaño in Lapu-Lapu City is currently valued at P20,000 per square meter. In five years, it is expected to grow 300 percent. The rest of Lapu-Lapu City has a projected value growth of 200 percent in the next five years. Properties along the highway are valued between P15,000 and P25,000 per square meter while those in private roads are valued between P4,000 and P10,000 per square meter.

Southern Cebu properties range from P5,000 to P12,000 per square meter but are expected to grow by 200 percent in five years. Northern Cebu properties are valued at a similar range but are projected to grow 30 percent.

The boom in Cebu’s real estate industry is fueled by growth in the information technology and business process management sector, tourism, and increase in remittances and investments from overseas Filipinos, many of whom are first-time home buyers.

The two Cebu offices bring Re/Max Philippines’ operations to 27 franchises, with more than 200 brokers and associates nationwide. Re/Max Philippines began operations in 2012.

It was founded in the US in 1973 by Dave and Gail Liniger and now has over 120,000 agents in 100 countries. It was ranked fifth franchise company in the world, according to Entrepreneur’s Franchise 500 survey. /