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Real estate industry still strong: Official

The local real property industry has withstood the shock brought about by the recent developments, particularly the earthquakes that rocked some areas in Mindanao, including the city, late last year, an official of an industry association said yesterday.

“There is so much growth in Davao City,” said Maria Luisa R. Abaya, Chamber of Real Estate and Builders’ Association (CREBA) Davao City Chapter president, during the Wednesdays @ Habi at Kape – Abreeza.

An indication, said Ms. Abaya, also the regional head of real property consultancy company Prime Philippines, was that the value of the Board of Investments-approved investments last year went up to about P4 billion, and some of these investments were in the industry.

Abaya said they are positive that the economy of the city, including the industry, will continue to be rosy as investors, including those based in Manila, have continued to invest even in high rise buildings like condominiums.

“We are still going to grow. In spite of (the recent earthquakes), Davao will continue to grow. It is really the next mega destination of the Philippines in terms of commercial and investment opportunities,” she said.

She said Manila-based companies have continued to look into where they can invest in the city, while those in the city have continued to expand their footprints.

She said earthquakes are common, but the incidents have served as wake-up call to the industry so that stakeholders, both the investors and the government, have considered ensuring that projects can withstand these occurrences.

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