Philippine security concerns fail to deter property buyers

CEBU, Philippines - The recent peace and order disturbance in the Philippines has failed to wane the interest of property buyers from local and overseas markets.

Anthony Gerard Leuterio, president of Philippine Allied Chamber of Real Estate brokers and Licensed Salesmen (PhilAcre), said his network of agents from across the country, has so far not felt any immediate effect from the Davao City bombing incident adding that there have been no purchase cancellations or slowdown of inquiries from local and overseas clients.

In fact, Leuterio said most buyers and even those that are still considering to buy properties in Davao or in Cebu, have expressed confidence on the way the President is handling the situation.

Leuterio's real estate brokerage company has a strong network in Davao, Cagayan de Oro, even General Santos, and he said the real estate sector up until this day remains upbeat with strong demand coming from both local and international buyers.

In the past, when peace and order is being threatened, what usually follows is fear and temporary slowdown in the buying interest, however this time, although buyers raised questions about the incident, but definitely there have been no cancellations.

Leuterio added that aside from the unaffected interest of buyers to acquire properties in Mindanao, including Cebu and the rest of the Visayas, developers also remained confident of the country's strong economic prospects and expansion plans for Visayas and Mindanao are still intact.

Likewise, Cebu Real Estate Board (Cereb) president Samuel O. Lao confirmed Leuterio's observation, saying buyers especially those from Davao are not distracted by the recent blast.

Although, Lao said that it is still too early to see the real effect of the recent incident, what is clear a few days after the bombing is the sustained property buyers' interest including those from abroad. (FREEMAN)