Experts advice: Do not sell yet

MANILA, Philippines - Time heals all wounds as well as real estate perceptions. While some industry observers are predicting a sustained decline in real estate prices in areas adversely affected by Typhoon Ondoy, analysts at Jones Lang LaSalle Leechiu (JLLL), a global real estate services firm with 50 years experience in Asia Pacific, caution against sweeping judgments.

According to JLLL research head Claro Cordero, “Any significant downward movement in prices immediately following a disaster would only be temporary.” After more than eight years of observing the industry, Cordero holds the position that prices will most likely normalize over the medium term. After all, the valuation of these properties in the past already account for the propensity of these areas to flood, according to him.

While many Antipolo, Cainta, and Marikina homeowners are now considering disposing of their properties, Cordero reminds them to review the fundamental attractions of their areas. Marikina, for instance, is likely to continue to appeal to families because of its proximity to major educational institutions and transport links like the LRT 2 line. Moreover, it has a proactive local government that has consistently been responsive to residents’ needs. Under the administrations of Mayor Bayani Fernando and, after him, Marides Fernando, Marikina has thrived and will most likely continue to benefit from sound programs and relevant infrastructure projects.