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Manila Bulletin devider Philippines devider Luzon devider Philippine real estate developers unite to solve housing backlog

Philippine real estate developers unite to solve housing backlog

Published Oct 22, 2024 09:43 am

CEBU CITY – The country’s giant estate developers agreed to join hands to help solve the nation's housing backlog.

The commitment was made during the National Real Estate Convention on Oct. 21 to 22 at the posh Nustar Resort and Casino. 

CEBU HOUSING MEET.jpeg

OVER 30 developers and 600 agents attend the National Real Estate Convention on Oct. 21 to 22 at Nustar Resort and Casino in Cebu City. (Calvin D. Cordova)

The convention, which drew 30 top developers and over 600 agents, was organized by Filipino Homes, the largest real estate network in the Philippines.

Carson Choa, chief operating officer of Weecom Developers, said they are targeting to develop houses for middle income earners in Manila, Iloilo, and Davao. Weecom will also soon venture in Bacolod and Cebu

It was noted that the interest by overseas Filipino workers to own houses has increased.

Based on study, 30 to 40 percent of the income of the more than 18 million OFWS goes to real estate investment.

“The goal of a developer is always what? To balance the land value and to be able to create a product that is still within reach by the market. Although we can't really tap the entire market or the spectrum, I feel it is the bulk of the income earning segment,” said Choa.

Top developers and agents were recognized during the convention.

Filipino Homes founder Anthony Gerard O. Leuterio said the annual national convention was aimed at creating property products that better meet customer needs and address the disconnect between what developers produce and what the market demands.

“The problem is that a lot of developers create products for themselves, not for the market. That’s why we brought together the developers and the top sellers, so they can work together to create products that customers actually want,” Leuterio said.

Leuterio highlighted the need to train the agents and give best information about the market and projects. “This way, they can provide valuable insights to buyers, not just push for a quick sale,” Leuterio said.
 

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Cebu City National Real Estate Convention 2024
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