Real estate products top list of Pinoy "must-buys"

Real estate products remain to be the top priority investment for Filipinos as turnover of residential real estate products in Cebu is still picking up amid the perceived financial difficulties faced by the global market.

Demand for middle-range to low-end residential homes are still in demand these days, as the middle-earner market has continued to yearn to have their own houses, especially with the benefits offered by Pag-Ibig Fund.

Land Asia Realty and Development Corporation president Marissa S. Inting said that residential products ranging from P1.5 million to P4 million house and lot packages are the hottest products now in the real estate market, over condominium units.

Although, she said those luxury residential developments have sustained a good buying interests, offering of more middle-range to low-end residential products are not threatened by the projected "worst financial times" ahead.

 "There are still a large number of families and working population who are looking for residential products these times of crisis. Their Pag-ibig Fund benefits are intact and they can avail of the housing loan benefit, with or without crisis," said Inting, who had been in the real estate brokerage business in Visayas and Mindanao for the last 16 years.

She said there may be a slowdown in commercial building projects starting next year, but the demand for residential products is expected to increase, although, some consumers who are depending on the monthly income from abroad, may consider to postpone their house purchase plans.

Since the United State's recession broke early 2008, Inting said she has not seen a significant slowdown of interest from their potential consumer base, especially the professional working couples.

On the other hand, Inting said those residential buyers whose funds are sourced from overseas currencies such as US Dollar, Euro, and Pound still opt to buy lots that are near the beach or seaside residential developments, regardless of the costs.

There are foreign nationals married to Filipinas, who are now more interested to buy properties in the Philippines, pulling-out their investments in their respective countries, especially in US and Europe.

Inting noted that the primary option for their investments in the Philippines is real estate.

 In general, she said demand for residential units across the market segments is considered as vibrant in Cebu, while condominium demand may slowdown a little bit.

Meanwhile, Architect Benjamin Avila, president of Avila Architects, however said that there are several apprehensions of the possible economic hunches next year.

Full adverse impact of the credit crunch in the US will be felt by the economy in the first quarter of next year. But he believes the Philippines, especially Cebu, can pull it through.     

"Philippines can stand on its own. We (Filipinos) have proven our resiliency in the many crises that we have survived," Avila said.