Recently, the real estate industry had a busy but very productive week.
The delegates from Asian American Real Estate Association (AAREA) visited the country for a trade mission to Manila, Cebu, and Bohol. Hosted by CREBA, the delegation’s mission was to foster a strong partnership and camaraderie between them and CREBA.
The visit was highlighted by the business meeting and forum between the two groups last March 18 at Intercontinental Hotel in Makati. After their fruitful visit, the group went to Singapore for their next stop in their trade mission.
Congratulations to Charlie Gorayeb, Shonee Henry, Evangeline Yia, and CREBA for their efforts to bring AAREA to the Philippines. This visit will make a strong impact to Asian American investors who want to invest in our country.
Over in Singapore, the 1st Asia Pacific Real Estate Convention and Expo (APRECE) 2013 is currently ongoing and will end today.
Organized by The Institute of Estate Agents (IEA) of Singapore, this 3-day event will have a convention that started last March 20 and will end on March 22 and an expo that started today and ends on March 23. The alliance of more than 15 cooperating real estate associations from Asia will learn and explore about Real Estate skills from international speakers and from 1000 real estate professionals composing of realtors, developers, architects, consultants, and marketing tools providers.
This event also will help the Singaporean Real Estate Professionals because according to the latest news, Singaporean investors are currently in the Philippines, checking the country and to see for themselves the economic climate of the country.
The event showcases the properties, products, and services of other countries and a venue for professionals to network and market their properties and services to other real estate professionals.
According to Moby Arquiza,the Philippine Association of Real Estate Boards (PAREB) has the most number of delegates in this event supported by the National Association of Realtors (NAR) comprising of 53 official delegates out of 150 total international delegates from 17 countries.
Also, according to him, PAREB inks memorandum of understanding during the event with Taiwan Association of Real Estate Brokers for participation in the 2014 Real Estate Global Summit on 28 April – 01 May 2014.
We would like to give special mention to PRC-PRBRES Chairman, Eduardo Ong for his outstanding presentation and exemplary speech he gave during the convention about the Real Estate Service Practice under the Philippine RESA Law or RA 9646. His presentation gave insights on real estate practices, legislation and licensing of real estate agents in the Philippines.
Aside from RESA Law, Mr. Ong presented the prospects of the real estate industry:
- Demand in residential sector remains strong
- Market liquidity enabling developers to provide more affordable terms
- Low-cost of borrowing spurs development expansions
- Single-digit mortgage rate allowing Filipinos to buy rather than just being lessors for life
- Monthly rent for typical household dwelling in Metro Manila now at par with house-and-lot or residential condo
- Modern household becoming attuned to urban living within a live-play-work environment.
- Most property developers shifting to development of reasonably priced condo units around Metro Manila
Effects of OFW Investments
- Fuel boom in the real estate market back home
- Estimated US $20.116 Billion remitted as of 2011, about 11% of GDP. (Probably understated since an average of 30% is sent to local beneficiaries through other means
- Growing appreciation of global community of Filipino excellence on several fronts: entertainment, business, architecture, tourism and BPO.
- Changing needs of Pinoy Expatriates – from low-cost housing to mid-range homes, house-and-lot packages, townhouses, or condo units Million
- They are also more aware of higher value considerations- such as higher resale or lease value and the importance of location in prime sites.
Main Factors for Strong Real Estate Performance will be:
- The increasing spending power of the middle class
- A strong and conservative banking sector
- A stable homebuyers market that is free from speculators
- Billions in remittances from the OFWs
CREBA National President, Charlie Gorayeb’s presentation will be on laws governing the land ownership in the country and laws on foreign ownership of land. He will also give insight on the Philippine government’s programs on foreign investments.
Also, we would like to congratulate RACuervo member, Dr. Kirby Salvador for being recognized as outstanding professional.
Congratulations to Moby Arquiza for tireless effort to bring PAREB delegates to Singapore. These recognitions and the PAREB as the most number of delegates show that the Filipino Real Estate professionals are one of the best in the world and working together as a whole. This also shows the global competence the Filipino Realtors have especially that the Philippines is one the top investment destination for real estate investors.
Mabuhay ang mga Filipino Real Estate Professionals!
Photos courtesy of: Moby Arquiza and Raphael Torralba