The Accredited Real Estate Salespersons in the Philippines (ACRES Philippines) believes the future of the Cebu real estate market is bright due to a number of positive factors working in the region’s favor. Unlike other areas of the Philippines, the Cebu property sector avoided a major slump which is why many experts are bullish on its outlook.
“Personally, I would like to say that we are up for better times ahead because we are seeing a recovery already. The recovery has already started sometime in 2021 and I am very, very happy to say that despite what has happened from 2020, the growth of the real estate did not really get into the dumps, we did not have any nose dive or anything,” Chris Malazarte, ACRES-Cebu South President, was quoted as saying by the Manila Bulletin.
In particular, the recovery of OFW remittances is helping fuel property market growth in Cebu. The key to harnessing this is to make sure the region is able to support increasing interest from both end users and investors during the next few years.
“(OFWs) are always in the look, not only for residential housing, but also as well for investments,” Malazarte noted. “We would like to take advantage of the market sentiment which is very positive. Our outlook for the next two to three years is going to be very rosy.”
RLC Residences to expand popular Mactan development
Perhaps seeing the positive outlook for the Cebu real estate market, RLC Residences decided to launch a fourth tower at AmiSa Private Residences. The project, which is located behind the Dusit Thani Mactan Resort on Mactan Island, has already recorded strong demand.
The first three ready-for-occupancy towers at AmiSa Private Residences are close to being sold out. This is why RLC Residences decided to expand its popular Mactan development. The previous phases found success from those with changing requirements under the new normal.
“We’re seeing mostly people who are the business leisure type of investors. Those aged between 40s to 60s, those nearing retirement,” RLC Residences Marketing Head and Chief Integration Officer Karen Cesario told BusinessWorld. “With the pandemic, most people wanted to live and work in areas that are more calm and serene. This (project) is where they can combine both business and leisure.”
