CEBU CITY – Bouncing back from the ill-effects of the Covid-19 pandemic, the property market is demonstrating a strong performance this year, an industry leader said.

LEUTERIO (FB)

Anthony Gerard Leuterio, founder of Filipino Homes, said the strong showing of the real estate industry is driven by a robust and steady economy.

Sustained growth of remittances from overseas Filipino workers and increased household spending also contributed to the industry’s strong showing.

Leuterio said national players are actively exploring prospective expansion locations in the Visayas and Mindanao.

"Developers have focused on land banking this year, anticipating that by 2024, which is just around the corner, it will present an excellent opportunity to initiate more projects in the countryside,” he said.

Ormoc City, Tacloban City, Camarines Sur, Dumaguete City, Iloilo, Bacolod City, Butuan City, Cagayan de Oro City, Ozamis City, Iligan City, General Santos City, Zamboanga, and Davao have been identified as promising sites for real estate expansion.

“These are the areas that have high market appetite,” he said.

Leuterio advised developers to focus on building houses with prices ranging from P3 million to P4 million.

Condominium developments, he added, remain the top preference for these markets, especially among overseas Filipino workers.

“My advice for developers is to build condos that will replace the house and lot but the price must be mid-range because that is the bigger pie today,” he said.

A mid-range condo is P120,000 to P135,000 per square meter.