Real estate stakeholders: Expect property boom in Cebu in 2024

By: Katlene O. Cacho, Sunstar
Published: May 11, 2023
Full Article: Real estate stakeholders: Expect property boom in Cebu in 2024
Snippets: STAKEHOLDERS in Cebu’s real estate industry predict a property boom in 2024 as developers race to build new projects to sell to the market.

However, while this presents abundant opportunities for real estate-related businesses, it also poses a threat to the industry as the boom could potentially give rise to more “colorum” salespersons targeting the industry’s top buyers—the overseas Filipino workers (OFWs).

“In 2024, we will be having the biggest boom ever in the real estate (industry),” said Anthony Gerard Leuterio, national president of A Better Real Estate Philippines (Abrep). “If there’s a demand, there might be people who will take advantage.”

Abrep is the largest organization of real estate brokers and allied professionals in the real estate industry.

Real estate projects were put on hold for the past two years due to the Covid-19 pandemic. Leuterio said there is now a diminishing supply of units to sell to the market, as these are still the projects launched and built in the pre-pandemic years.