REAL ESTATE REMAINS UPDATE

Both property developers and investors shall continue to enjoy and benefit from the robust real estate industry in Central Visayas, particularly in Cebu, that is projected to remain upbeat in the years ahead.

This is evident to the vibrant and continuous developments of both horizontal and vertical projects cutting across all market segments in the region.

The National Economic and Development Authority (NEDA-7) earlier reported that the real estate sector in Cebu alone posted a revenue growth rate of 18.8 percent in the third quarter of 2012.

Such progress in the industry, the agency cited, is primarily attributed to the aggressive expansion of the information technology and business process outsourcing sectors, retail trade and tourism.

Continued interest of overseas Filipino workers who are eyeing real estate properties as ideal investment also help fuel the vibrant sales take-up of most developers.

Further, the residential condominium market in Cebu is projected to expand further in the next years.

An additional 100 condominium are expected to rise by 2015 and another 170 to 200 buildings will be completed in 2017.

Based on the 2012 data of the Housing and Land Use Regulatory Board ( HLURB), the real estate market is dominantly composed of residential properties.

Records showed that there are 14 residential condominium projectswere issued licenses to sell. These projects, which were all located in Cebu, had 5 212 units that are valued at P5.17 billion.

Residential subdivisions, on the other hand, registered 22 projects in HLURB last year that cost P2.6 billion. 15 of which were located in Cebu while the rest were situated in Bohol and Negros Oriental.

As long-standing developers actively expand their presence across the country, a new breed of young players is noticeably making their own trademark and market niche in the fast- paced and competitive arena of property developments.

With all these being said, the real estate industry in Cebu is clearly foreseen by most economists and players to thrive further in the years ahead.