Property boom heading towards smaller places

CEBU, Philippines – Smaller provinces and cities, particularly those that have strong tourism potential, are most likely to take the center-stage of every boardroom of real estate decision makers, as expansions will be directed towards these places in 2017.

New territories of expansions will emerge as buyers from all over the world are also looking for properties outside of the urban centers, either for investments or second home alternative.

"The world is looking at the Philippines, and the developers in the Philippines are already preparing for this. Online marketing is helping our real estate to reach out easily to interested buyers around the world," said National Real Estate Association, Inc. (NREA) chairman Alejandro Mañalac.

The year 2017 brings more exciting surprises for buyers as well as property builders, who were able to position themselves in 2016 in terms of land banking, and prepared bigger capitalization requirements, added Mañalac.

Property brokerage owner and founder of real estate solutions company —Filipino Homes Anthony Leuterio said cities like Bohol, Dumaguete, Iloilo, Bacolod, Davao, General Santos, Cagayan de Oro, among others will see more residential and commercial projects to rise in their respective cities and provinces in 2017.

He however added that the charm of Cebu and Metro Manila as preferred business and residential expansion areas will continue to be there.

In Cebu, modern residential units like condominiums offering affordable installment packages, given the cheaper interest rates of Pag-IBIG Fund, are expected to be launched starting this year.

Thus, 2017 is dubbed as "expansion year" for real estate, not only for developers building projects in unchartered locations or emerging provinces, but also expansion of market profiling which encompasses from all nationalities around the world, including Filipinos buying properties in their home country — in provinces or cities not necessarily their hometown.

While launching of more projects will be announced the whole-year round, developers — big and small, local and international will also start to craft strategic planning and innovative cutting-edge projects that are expected to consistently give profitable returns in the long term.

However, Mañalac warned that while 2017 is offering too much of favorable forecasts, developers should make their commitment to buyers true and sincere, otherwise, one failure may translate to loss of that golden chances.

On the other hand, online marketing will play a crucial role in selling, promoting any project in 2017, regardless of location, target market and cost. (FREEMAN)