By : Augusto "Gus" Agosto, REB, REA
What is the view of the real estate
practitioners on ASEAN Integration? The integration will bring both
opportunities and challenges to the 28,869 licensed real estate practitioners
in the country. It means bigger market and area for business, exposure to
different practices and culture, marketing strategies and plans. It should help
in easing the problems besetting the practitioners for several decades.
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| ASEAN Countries Map |
ASEAN is composed of 10 countries—Brunei, Cambodia,
Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and
Vietnam. It has a vast economic market of 600 million people, which accounts
for at least 8 percent of the global population, spread across 4.6 million
square meters of prime real estate.
The integration will result in stronger capital inflow and
investments, particularly in real estate industry. More industry players also
mean increased rate of construction activities where we will be seeing mixed-use
residential districts, retail, commercial and office hubs, and key
infrastructures—airports, sea ports and many others more—racing to dot the
skyline all at the same time.
We will also see more emerging economic hotspots in various
parts of the country, particularly in Mindanao—a region deemed as the
Philippines’s gateway to the rest of Southeast Asia. Small and new players will
venture other markets in provinces.
The free flow of goods and services will result in much
higher rate of consumer spending. This will then drive the development of more
lifestyle-centric developments, such as malls, retail complexes and properties
anchored on tourism, across the archipelago.
This will activate other industries in our country that will
result in job creation and lessening new entrants and “part-timers” in real
estate.
With ASEAN, foreign and local developers will rely on local
practitioners to market their properties and in exploring more properties in
our country. We will be seeing in the coming years of different realty business
thriving, forging alliances and cooperation in different levels.
This will play a significant role in fueling a stronger
exchange of best industry practices and ideas among practitioners of ASEAN
participants.
The above indicators should excite every real estate
practitioner rather than fret in the competition that it will bring. It will
push authorities in resolving the deadlock in the accredited and integrated
professional organization issue and strict implementation of Real Estate
Service Act (RESA) on the proliferation of “colurums” in the industry. It means
redrawing of our business plans, strategies and sharpening of our skills and
brand of service.
The inevitable entry of foreign practitioners demands a new
and higher level of capabilities, quality service, stronger real estate
organizations and cooperation to safeguard the common interest of
practitioners. The best preparation is to prepare ourselves, and it should
start…Now!
The
writer is a practicing real estate broker and appraiser. He is an AB Economics graduate and
recently completed the Comprehensive Seminar and Review for Consultants. He is
currently the president of Cebu South Real Estate Board, a local board under
Philippine Association of Real Estate Brokers.
If you want to read more articles by our guest writer : Mr. Gus Agosto, please visit his blog: https://appraisalcebu.wordpress.com/
