Lamudi sees boost in property demand in Cebu

FILE: Bhavna Suresh, CEO at Lamudi (Photo: Bhavna Suresh/LinkedIn)

MANILA — Lamudi, an online marketplace for properties, has reported strong demand in Cebu with its booming tourism industry and growing business operations.

Lamudi Chief Executive Officer and Managing Director Bhavna Suresh said Monday developers are busy developing projects — condominiums, subdivisions, townships, as well as business parks — to meet the growing demand in the province.

“The massive growth of Cebu City has prompted real estate developers to catch up and supply the much-needed residential, commercial, and retail spaces for home and business relocators,” Suresh said.

Lamudi noted that Cebu was the top travel destination of local and foreign travelers, who came to Central Visayas in 2017 based on data from the Department of Tourism. Total visitors in the region last year reached 6.3 million.

The newly-opened Mactan Cebu International Airport is also projected to boost tourist arrivals and business investments in the province.

Aside from tourism, information technology and business process outsourcing (IT-BPO) companies are also bringing their operations to Cebu, away from crowded Metro Manila.

Lamudi said the local government of Cebu targets employment in the IT-BPO sector to hit the 200,000 mark, adding jobs to about 160,000 IT-BPO jobs at end-2017.

“As we have witnessed so far, many of the most prominent names in the property industry have already made a mark in the province through various projects — from condos and subdivisions to townships and business parks,” added Suresh.

Taking advantage of this trend in Cebu, Lamudi will be holding a housing fair at the Ayala Center, Cebu City on Sept. 8-9, bringing property buyers and sellers together.

“Lamudi believes that now is the best time to be the stage upon which buyers and sellers can interact and explore the opportunities presented by the flourishing Cebu real estate landscape,” the Lamudi executive noted.

Lamudi will also bring in UnionBank and RCBC Savings Bank to offer home loan assistance to buyers.

The Land Registration Authority will also be giving updates on the agency’s initiatives to protect land owners.