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Condo glut in Cebu may induce a price war

CEBU, Philippines - While the market for condominium units in Cebu is significantly increasing, the battle now for developers is on attracting these interested buyers through value-for-money price packages.

“A lot of people love Cebu. This is one of our edges, over other cities. The reason why, despite the increasing number of condominium inventories to be available in the next few years, the market interest is also getting stronger,” said Philippine Allied Chamber of Real Estate Brokers and Licensed Salesmen (PhilACRE) president Anthony Leuterio.

At present, Leuterio said most developers are “over-pricing.” However, buyers now are becoming wiser, and that condominiums developers may experience a fiercer price-war in the next few months, as inventories are increasing.

“Prices may be changed as buyers demand for reasonable cost with careful attention to quality and details,” he emphasized.

Leuterio who leads hundreds of real estate brokers selling properties from all over the country, said that Cebu now is one of the hottest destinations for real estate investments. Condominium is the easiest way to own a property in Cebu. Over-pricing may discourage buyers, including foreigners.

The market attraction of condo-living in Cebu is also prompted by the fast moving prices of lot properties, which price rate increases at an average of 50 percent in the last two years.

According to Leuterio based on a study conducted by his Real Estate brokerage company, about 40 thousand to 50 thousand Cebuanos are now active in buying condominium as alternative home, or for investments. About 60 percent to 70 percent of which, are working abroad.

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