Filipino Homes eyeing Luzon expansion

CEBU, Philippines —  Cebu-based real estate solutions provider Filipino Homes is now looking at Luzon area as primary focus for expansion.

“Luzon is a big market that we are excited to serve. The next thing to do is go up and help more developers become successful in Luzon,” said Filipino Homes founder Anthony Leuterio said in an interview.

He said even with the pandemic, the Visayas and Mindanao market remained dynamic, more so in Luzon.

Having been able to establish itself in the Visayas and Mindanao regions, Leuterio said Luzon has become even more attractive under the new normal environment, as people from major urban areas in Luzon are now buying houses in the countryside, described as “bedroom communities.”

Surprisingly, with the turns and shifts of events brought about by the COVID-19 people are thinking to invest in buying homes in the countryside, noted Leuterio.

The lucrative Luzon market for real estate, Leuterio believes is also fuelled by the government’s push of Balik Probinsiya Program, and the improvement of infrastructure connecting urban cities to other provinces in Luzon.

Leuterio explained that the move to penetrate Luzon was also buoyed by the immense opportunities and the huge market potential of the island being a host to more information technology-business process management companies and big presence of overseas Filipino workers (OFWs).

Filipino Homes is set to open more offices in Luzon this year, he said.

Meanwhile, in a separate interview with RJ Ledesma, board governor of Subdivision and Housing Developers Association, said 70 percent of the 5.7 million housing backlog in the country is in Luzon.

“This is one of the many factors which make Luzon an attractive destination for developers to put their money into and build more affordable residential projects,” said Ledesma, who also hosts CNN’s Philippine Realty TV.

“Pre-pandemic people splurged their money maybe in expensive, non-essential investments like cars, gadgets, and others. Now, the pandemic has brought the shift of priorities, buying a property like a house, is now on their top priority list,” Ledesma added.