Demand for beachfront properties remain strong

CEBU, Philippines - Property marketers remain optimistic that the recent tsunami scare will not in any way affect the high selling potential of beachfront properties.

The sellers believe that a strong tsunami is very unlikely to happen in Cebu as it is not an open island.

 Philippine Allied Chamber of Real Estate Brokers and Licensed Salesmen (PhilACRE) president Anthony Leuterio said in an interview yesterday that the demand for beachfront properties in Cebu remains strong, and that the Tsunami scare will not in any way discourage the market to buy beachfront properties, specifically in Cebu.

“We even have increased inquiries today, even after the tsunami false alarm,” said Leuterio.

Besides, he said investors have choice. “We are just lucky we don’t have open seas.”

Leuterio said earthquake, tsunami and other calamities could happen anywhere, it is not only limited to Cebu. He believes that investors do not have to stop their appetite in buying properties due to fear of the unknown.

“Business as usual” for the real estate industry in Cebu, he said adding that growth in the sector can’t be derailed just because of any calamity scare.

In fact, Leuterio said most of the buyers prefer the beachfront properties, specifically the foreigners while Cebu is likened to Hawaii, because of the beach and tropical environment.

Leuterio downplayed the impression that because of the tsunami scare, near beach properties for sale will experience a momentary decline of buyers’ interest.

Meanwhile, Cebu Business Club (CBC) president Dondi Joseph said that although the tsunami warning on Monday issued by the Philippine Institute of Volcanology and Seismology (Phivolcs) brought about business disruption in Cebu due to panic, he warned that the incident should serve as a wake-up call for the government, as well as the public.

“Cebu has been complacent about its exposure to earthquakes and even tsunami. We need to be prepared and vigilant,” said Joseph.

Because of what happened the business community in Cebu is calling on the government, specifically the Local Government Unit (LGU) to immediately set up a center information command that will provide proper information dissemination to the public, whenever there is a threat of any calamity, or natural disaster.

“It’s better to be prepared to avoid panic,” Joseph reiterated.

Earlier, Mandaue Chamber of Commerce and Industry (MCCI) president Eric Ng Mendoza said although the business disruption across industries in Cebu was just temporary and only affected half-day of the operation, still “business was disrupted.”

“We suggest that there should be a proper information dissemination. In the case of tsunami warnings, it should be explained well to the people so as not to create panic. Tsunami is new to Cebuanos, unlike typhoons. Most people do not know the extent of the tsunami level 2 alert,” said Mendoza. — (FREEMAN)