THE real estate industry in Cebu has been doing well despite the economic slowdown, said brokers during the opening of a housing project in Lapu-Lapu City last.
“People are cautious now. We all have learned lessons from the Asian crisis. We did our homework and that was to correct the wrong things done in the past. That’s why we (industry) are not that much affected by the crisis,” said Guy Teves of Teves Realty.
Post your prayers and condolences for Cory Aquino's family
He said the industry has implemented stringent policies in granting loans. “We don’t just allow people to get a loan unless they are qualified borrowers,” added.
The real estate industry experienced a slowdown during the Asian financial crisis in 1997, when real estate projects were temporarily put off.
Despite the present economic crisis, brokers consider real estate to be a worthwhile investment and Cebu City as a strategic location.
“In times like this, instead of putting your money in banks, we find practical ways to secure our money and putting up houses or residences is a more practical way because there will always be end-users who need homes,” said Gladys Ceniza, of Market Works Asia Inc., the marketing arm of property developer Simon Enterprises Group.
Teves said Cebu is practically next to Manila in terms of market potential. People from neighboring provinces seek employment in industrial companies in Cebu and they would need homes, he added.
Source: The Sunstar Daily Cebu
