Demand for low-cost housing seen to surge

While demand for residential condominium units is steadily increasing, real estate development is seen to shift towards economic housing projects.

This is according to real estate marketing expert Anthony Leuterio based on his company's actual on-field observation from thousands of property agents under his company – Filipino Homes.

In an interview with Leuterio, he said an estimated 80 percent of property buyers at least in Cebu are end-users or families who have relatives or siblings working abroad.

Aside from the working class, who are also active in looking for economic housing units, Leuterio said OFWfunded market is also getting stronger.

Economic housing are house and lot packages priced withinanaverageofP1.2million, which can also be funded through Pag-IBIG loan.

However, Leuterio warned that developers should be careful in setting their price points, as the market now is too sensitive in pricing with too many options to choose from, including the growing inventory of affordable residential condominiums.

Starter house for young family, or for independent professionals, is a big market in Cebu and even growing exponentially.

He hopes that amid this demand, developers will not take advantage of the market by increasing the costs.

Demand for economic house and lot units is not anymore concentrated in Cebu, customers buy good properties even in far-flung towns within the province.

Aside from the end user market, real estate industry in Cebu is also constantly pulled up by the equally high demand for rentals. This in turn, encouraged investors to buy a unit or more for rental purposes.

Leuterio is the founder of Filipino Homes, an integrated and comprehensive real estate marketing and services providers, which ad over 13 thousand agents here and abroad.