OFWs, local market take lead in buying properties
CEBU, Philippines — Overseas Filipino Workers (OFWs) and active local market are seen to lead the robust property buying activities in 2021.
Filipino Homes founder Anthony Leuterio said contrary to previous impression that OFWs are keeping their money while others are losing jobs, demand for affordable condo properties have expanded even during the height of pandemic last year.
Leuterio, whose network of brokers and real estate agents are spread all over the country and overseas, said most OFWs, who are healthcare workers have stable jobs abroad and that they are putting their money in properties.
Demand however is on the affordable segment, such as properties priced at P2 million and below.
Likewise, Cebu property market is also gaining strong interest from buyers coming from other provinces.
He noted active condominium buyers from Dumaguete and Bohol, as well
as other provinces. “These are buyers who are mostly investors.”
Amid the rebound of buyers’ interest, Cebu is facing a shortage of affordable condominium inventories, Leuterio stressed.
Thereby, he is urging developers to provide affordable properties—those that meet the buyers’ price.
If this demand cannot be met, this could also raise the country’s residential backlog, which now stood at six million.
Leuterio urged developers to “identify the backlog segment”. About 80 percent to 90 percent of the country’s housing backlog is in the P2million and below level.
He believes that Cebu is now facing a mismatch in terms of supply versus real demand.
From the hyper real estate developments in Cebu in 2018 to 2019, most developers stopped building in 2020 due to fear of the uncertainties.
Leuterio said surprisingly, buyers’ appetite continued to rise even during pandemic due to stable income of health workers abroad and realization of local buyers that property investment is one of the soundest investments during uncertainties.
He hopes that developers will see this “good problem” to further fuel the promising outlook for Cebu real estate in times of pandemic.
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