Increase In Demand For Condo Units A Result Of Heavy Traffic

According to HLURB or Housing and Land Use Regulatory Board, the reason why there is an increase in the number of developing condominiums is because of the traffic problem that is tormenting the Cebu, Philippines.

The director of the HLURB in region 7, Francis Ordeniza, has said that the number of approved applications for condominium’s CR/LS or certificate of registration and license to sell has increased by 128 per cent last year.

Ordeniza added that the CR/LS applications for subdivisions have started to increased back in 2013 where they have seen a rise of 24 per cent. It was recorded to have increased 50 per cent in 2014, 65 per cent during the following year and as of September of this year, the increase is at 51 per cent.

In the last several decades, the local residents of Cebu have been used to various subdivision projects that are built with the usual single house design that comes with a lot.

Aside from the fact that Ordeniza saw an increase in the CR/LS applications for subdivisions, he also noticed a rising trend in the industry of condominiums. The increase in 2013 was at 17 per cent, 22 per cent the following year, while 2105 showed a 25 per cent increase. As of September of this year, the increase is already at 20 per cent.

The cost of the condo being developed was also recorded by the office and in 2013, developers spent P5.67 billion, in 2014 it was P13.8 billion. The following year the cost went down to P8.3 billion but picked up once more for this year until the month of September the cost is already at P12.1 billion.

Ordeniza has high hopes that because of the number of CR/LS that were approved for condo projects, the 25 per cent recorded last year will be surpassed by this year’s total record cost.

The major reason they are seeing as to why this increase is attributed to the traffic congestion that the residents have to endure. People tend to buy condo units near the place where they are working.

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