Real estate generates "stimulus" for Cebu

CEBU, Philippines - Cebu will have its own “economic stimulus” in the form of real estate, as this is expected to shield the province from being contaminated from the global economic weakening, this according to Chamber of Real Estate and Builders Association Inc. chairman Jimmy Cura.

The “still” active real estate in the country, specifically Cebu is seen to provide more jobs for Filipinos, as industry projects could trickle down to more job opportunities.

Because of this, real estate developers through Creba, hopes that the government will immediately come up with an efficient housing program that will not only address the housing backlog of the country but also to create jobs, specifically for the increasing number of displaced workers.

In Cebu, Creba-Cebu president Jose Soberano said that there are a lot of emerging real estate opportunities in tourism that industry players can take advantage of, aside from the promising housing sector.

“Significant growth in annual tourist arrivals especially for Cebu, have led to more condominium and condominium-hotel projects, mostly owned by foreigners,” Soberano said.

Cebu will actively partner with the Department of Tourism’s (DOT) “Live Your Dream Campaign” that encourages foreigners to invest in condominium units in the Philippines instead of regularly paying for hotel accommodations during their visit here.

Moreover, Cebu Investments Promotions Center (CIPC) managing director Joel Mari S. Yu also said that Cebu can attract more foreign direct investments by exploring and improving the information and technology sector.

Cura, however, calls on the government to speed up infrastructure projects such as airports, bridges and road networks, which are vital to the real estate industry.

“Infrastructure for tourism is woefully lacking,” Cura lamented.

Coral Point Development Corp. president and Creba-member Efrain Pelaez pointed out that Cebu, in particular, is “missing a lot of tourism infrastructure” such as concrete roads to Cordova and around Mactan Island, as well as the lack of drainage facilities.

Also, Cura emphasized that the multiplier effect of developing the country’s real estate sector reflect on the jobs generated such as for instance a single house being constructed would employ 60 people.

Cura is confident though, that once the infrastructure projects are carried out, the Philippines could easily lure in 10-million tourists annually. — Ehda M. Dagooc