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TRAIN 2 Concerns Won’t Slow Down Cebu Property Boom

Cebu real estate boom is expected to continue in the coming years.

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Officials of the PAREB-Cebu Real Estate Inc. (Pareb-Cereb) remain optimistic that the burgeoning property sector will retain its growth in the next three to five years, despite some concerns.

“We see three or five more years of this real estate boom especially with the opening of the new airport terminal and the coming third bridge project,” said Marie Fe Acusar, public relations officer of Pareb-Cereb.

“Although there is a downtrend. All the talk about TRAIN 2 may affect the Cebu real estate industry but not so much. There is still the very basic need of a home to live in,” added Acusar who is also the committee chairman for the coming 8th Real Estate Expo organized by the group.

The proposed Tax Reform for Acceleration and Inclusion (TRAIN) package 2 is expected to “rationalize and modernize” the government’s tax incentives system which may affect some investors including those in the real estate industry.

But pending its passage and implementation, real estate players still see big opportunities in the sector.

This is why the Pareb-Cereb is holding the 8th edition of their Real Estate Expo at SM City Cebu on September 11 to 17.

The organization is allocating 26 slots for local developers as well as those in other areas like Manila, Davao, and Iloilo, among others.

At the same time, they will also be allocating some slots for other real estate players including interior design suppliers, furniture stores and landscapers, as well as banks for the expo for it to be a one-stop shop for those interested to own properties.

“What makes our expo different is that participants and customers are supported by 400 credible real estate brokers. They will be there to support the developers businesses as well as help customers,” Acusar said.

The Cereb is an organization with around 400 licensed real estate brokers, appraisers, and consultants.

It was formed in 1960 and was instrumental in the forming of the Philippine Association of Realtors Boards, Inc. (Pareb) – the largest organization of licensed real estate professionals in the country with at least 62 local boards and almost 4,000 individual members.

Licensed brokers

As part of their advocacy, the Pareb-Cereb has been pushing for end users to transact with licensed real estate brokers amid the proliferation of colorum brokers.

“We started a campaign on anti-colorum so the real estate business is professionalized. We encourage people that are not licensed to be licensed under a licensed real estate broker,” said Ma. Lucylyn Whysall, president of Pareb-Cereb.

According to the organization, licensed brokers should be able to present certification or identification cards from both the Professional Regulation Commission (PRC) and the Housing and Land Use Regulatory Board (HLURB) which are the two government agencies assigned to regulate this.

For their part, Whysall said their group has been conducting seminars and continuing education to customers to make sure that they are aware of whom they are dealing with.

At the same time, she said they have also been talking with some of these brokers who are not licensed and helping them comply with the requirements.

These kinds of seminars and consultations will also be available for free during the 8th Real Estate Expo where lawyers and other staff from the Pareb-Cereb will be available.

The lawyers will also be able to help possible customers and buyers during the expo to be enlightened on some of the contracts and legal requirements that they would be needing when they purchase properties from the participating developers.

“We are always there to guide the buyer. First we ask why are they buying? Is this their first home? Investment? Home for their children? Everything will be guided accordingly. We have bank partners. Before they sign up or choose which development they want, we tell them this is the equity needed,” said Fiona King, former Pareb-Cereb president and now a member of the board of advisers.

By Jose Santino S. Bunachita | Cebu Daily News | August 15,2018

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