Mar­ket ...

Cebu Daily News - - PROP­ERTY -

Filipino work­ers (OFWs) as their re­mit­tances have higher value when it reaches the coun­try.

Trend ex­plained

Joey Bon­doc, re­search man­ager of Col­liers In­ter­na­tional Philip­pines, said in a phone in­ter­view on Fri­day, that this trend was sim­i­lar to what we had been see­ing in Manila de­spite the in­fla­tion.

"The Cen­tral Bank is re­spond­ing to higher in­fla­tion by rais­ing pol­icy rates, but the ef­fect is not im­me­di­ately felt by the con­sumers. The 100 to 150 ba­sis points in­crease is some­thing the mar­ket can still ab­sorb," he said.

Bon­doc said that Cebu's real es­tate trend with devel­op­ers ex­pe­ri­enc­ing a higher take up on sales was ex­peri- enced by Manila devel­op­ers in the first half of the year with 31,000 units taken up in the pre-sell­ing condo mar­ket.

He said that this would in­di­cate a ro­bust de­mand in the real es­tate mar­ket.

"As to peso de­pre­ci­a­tion, OFWs are in fact tak­ing ad­van­tage of a de­pre­ci­at­ing peso by send­ing in more money to their fam­i­lies in the Philip­pines. This fu­els the OFW fam­i­lies' pur­chas­ing power and their ca­pac­ity to buy con­do­minium units," he said.

He also said that de­spite Cen­tral Bank's im­ple­men­ta­tion of anti-in­fla­tion­ary mea­sures, banks had re­mained com­pet­i­tive and so far we had not been see­ing a sig­nif­i­cant spike in mort­gage rates.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.