Property market still in doldrums – Zobel

The real estate market continues to remain in the doldrums due to the general slowdown in economic activity.

According to Fernando Zobel, scion of the wealthy Ayala family which controls vast tracts of prime real estate property in Metro Manila, "there is still no turnaround in the real estate market."

However, Zobel noted that "there are parts of the market which show some signs of activity," adding that "real estate buyers are very selective these days."

Zobel said that those who buy "look at the amenities, at the people behind the project, lot size, financial packages and if they are comfortable with the development."

While most other developers are experiencing some difficulty, Zobel claimed that the Ayala Group’s real estate arm, Ayala land Inc. (ALI) continues to enjoy success in its real estate development projects.

"Our developments continue to sell," Zobel said.

ALI’s most recent project, together with the Unilab and Campos family, is the Ayala Greenfields Estates in Laguna.

Zobel confirmed that the Greenfields project has done well since it has been launched, adding that "it’s a unique property as it offers a championship golf and leisure club."

But while the real estate market remains slow, Zobel optimistically said that "we are pushing it (Greenfield Estates project) even at a time like this."

"Interest rates are at their lowest in a very long time which is good news for property buyers," Zobel said.