Tourism fueling growth of real estate, says Creba

MANILA, Philippines—At the recent 20th national convention of the Chamber of Real Estate and Builders Association (Creba), industry leaders stressed the importance of the synergy between the real estate industry and tourism, whose growth naturally spurs the construction subsector.

In his speech during the first day of the convention at the Marriott Hotel in Pasay City, Jejomar Binay, vice president and chairman of the Housing and Urban Development Coordinating Council, said these two industries are indeed synergetic, stressing that tourism has partly been fueling since late 2004 the demand for residential condominiums and resort-style houses, hotels, resorts, wellness centers and retirement villages.

It is therefore important that these two industries “should create an effective synergy that will tap the opportunities…,” Binay stressed.

In an interview, Creba president Charlie Gorayeb said that the 20th national convention sought to address other areas of real estate including tourism, wherein the Philippines lags behind its neighbors Malaysia, Thailand, Singapore and lately Vietnam.

But Gorayeb is optimistic. He said that a re-energized tourism trade can partner with an equally robust real estate boom. He also said that with a resurgent leadership in the Department of Tourism, “there is plenty of ground to believe that visitors will be attracted to invest in residential buildings and real estate ownership.”

“We have 7,100 islands to offer,” he added.

Gorayeb said addressing the issue of foreign land ownership under our Constitution would propel tourism to its peak.

“As long as the mechanics of the law will protect the locals and the agricultural sector, we should do this and we must do this,” Gorayeb said, showing his bias for allowing ownership of land by foreigners.

But aside from some amendments in the technicalities of our laws, Gorayeb also recognizes the importance of marking a positive image to boosting tourism.

Gorayeb said that the country should first portray peace and orderliness in the country. “We won’t be able to entice them to come if we won’t have that kind of image,” he said.

Meanwhile, apart from security, Binay said that factors such as adequate infrastructure, accessibility, ease of transportation, quality of facilities and availability of support services are as important.

“Real estate developments showcase Filipino talents in building paradise destinations, while tourism presents the vistas of Filipino culture,” Binay also said. ” And these emerging developments will set the ground in enticing balikbayans (returning overseas Filipinos) to eventually stay in the Philippines for good.”

Being the flagship organization of real estate stake holders, Creba is at the forefront of efforts to leverage the country’s vast potential in the land and building development.

As Binay said during the convention, “Today’s convention… gathers individuals, businessmen and professionals from the sectors of housing, real estate and tourism, signifying our collective desire to improve not only our own sector, but also to find ways to bring our shared knowledge.”