Property players expect an ‘explosion’ this year

Amid several challenges in regulations and tough competition, Cebu real estate players remain optimistic that 2018 will be an ‘explosion year’ for the sector as Cebu continues to attract property investors and second home buyers.

“Real estate sector will expect an explosion in 2018. We have been upbeat for the last few years, even surpassing the traditional cycle. The momentum is sustaining and even getting stronger now," said Anthony Gerard Leuterio.

Leuterio, who leads a company with over 13,000 property agents and licensed brokers around the country, noted a surprising expansion of buyer's interest for Cebu properties, not only Cebuanos but also foreign nationals who are also seeing good potential for property investments in the province.

“People will be excited to invest because of the new airport, new bridges, new roads,” said Leuterio adding that the government's promise of build-build-build drives further confidence that property investment in the urban province will provide higher yield in shorter span of time.

Aside from residential properties, rise of demand in the condotel units is expected to accelerate this year as tourism is tagged as the main economic driver for the province this year.

Condotel is a quick solution to the looming accommodation shortage in Cebu, which hoteliers already confirmed and have already felt in the last two years.

Beach condominium, may it be residential or for condotel investments, will also lead the demand category of the property buyers this year, Leuterio added.

Developer, Jose Soberano III, the founder of Cebu Landmasters Inc., (CLI) also expressed similar outlook, saying "it would be another exciting year for real estate.

In an interview with Soberano, he said that aside from residential and office-space demand, Cebu also offers good business opportunity for tourism related services.

Thus, CLI has partnered with an international hospitality management chain to capitalize on this opportunity.

The players' rosy outlook amid some threatening issues is also backed up by the positive projection announced recently by Colliers International, a global real estate services group, saying Cebu’s real estate will continue to see growth across all fonts. These are from residential, retail, office, to industrial developments.

Leuterio added that the bullish outlook for real estate, which is also driven by tourism, is also expected to give economic growth breaks in other areas in the country, especially in the emerging vacation destinations.

Destinations like Siargao Island in Surigao del Norte, for instance, is now one of the hottest targets for developers.

"Opportunities to also expand in other key cities and in the countryside will also abound this year," Leuterio added.

M. Dagooc