Real estate industry posts 15% sales hike

CEBU, Philippines - The real estate industry in Cebu posted a 15 percent increase in sales this year despite the gloomy economic ambiance.

Cebu Realtors Board Inc. president Emily Cabillada said that they had a very good year for 2009 compared to 2008.

Cabillada said that they saw a general increase of 10 to 15 percent in terms of sales performance with a huge chunk of sales generated coming from the Overseas Filipino Workers.

According to Cabillada, OFWs see real estate as a good investment for their hard-earned money as it gives them the assurance that they have something good to see whenever they come back from work.

She said that most of the investments come from the United States but still the local market plays a vital role in the development of the real estate industry.

Cabillada said that this has also been noted as there is even more demand than the supply considering also the growing population of the locals plus the immigrants that come to Cebu.

She said that they also credit the growth of the industry through the easy payment schemes that realty developers are coming up with in order to gather more clients who appreciate the more convenient ways of paying and owning house and lots.

Cabillada said that they are looking forward for the coming year in which they are optimistic of the continuous growth of the industry. “We are seeing a better 2010.”

According to Cabillada, aside from OFW’s they mostly have starting up families as clients and the young professionals.

For the coming year, Cabillada said that they are focused on educating the people on the Real Estate law or the act regulating the practice of real estate service in the Philippines, which is created for the purpose a professional regulatory board of real estate service.

Also, she said that they will be having real estate seminars, forums and fairs to help the real estate agents and also to introduce further the industry to the public.

At present, PAREB-CEREB has around 145 active members and more than 2,000 members all over the country for PAREB.— AJ de la Torre