Local agents clinch P100M property sales deal in the US

CEBU, Philippines - Cebuano real estate agents clinched an estimated P100 million sales deal with condominium buyers in the recently concluded Cebu property roadshow in the United States.

The seven-day promotional campaign organized by Leuterio Realty and Brokerage Inc., composed of 60 property brokers and agents, noted the strengthening  interest among Filipino-Americans, and even American nationals to invest in real estate, specifically condominium properties in Cebu.

"Cebu [for them] is a cheaper second home, and retirement destination. Besides, the fast growing economy of the province fuels the appeal of Cebu to buyers who are interested not only to acquire for personal use but also investment purposes," said Anthony Leuterio, president and chief executive officer of Leuterio Realty in an interview yesterday.

Leuterio said Cebu continues to fascinate buyers despite the obvious infrastructure and traffic problems. Most of them, he said understood that these concerns are part of the "birth-pains" of a fast growing urban economy.

The delegation visited the states of Las Vegas, Angeles, and San Diego, Leuterio said the P100 million worth of deals exclude the partial deal for acquisition for properties that have been reserved.

Aside from Filipino-Americans who wants to own properties here for retirement or vacation purposes, American nationals have also indicated their interest to live in Cebu in their retirement age due to cheaper cost of living.

There are over 6,000 condominium inventories in Cebu that are up for sale, including those that are scheduled to complete in the next two to three years.

This year alone, a number of developers launched new condominium projects, some have ventured into providing the luxury segment.

Leuterio said buyers profile now have widened from both sides of the market spectrum. From the economic condominium units to the expensive and luxurious buyers.

Foreign buyers are also looking at acquiring multiple number of units for rental investment purposes, noting the growing demand for rental services here. (FREEMAN)