It has been identified by the Philippine housing industry that the housing backlog continuously increases each year since 2012. It has been estimated that by 2030, the backlog will reach about 6.5 million households. Despite efforts to produce as many housing units annually and even with the projections of building at least 200,000 units per year, it is anticipated that the deficit in households will remain to exist in the coming years. Furthermore, it has been noted that economic housing sector accounts for the most requirement given the shortage in production between 2010 and 2011.
In this view, the National Shelter Program or NSP, being the government’s forerunner in maneuvering effective approaches to the challenges in housing production of the country, has exerted all efforts in providing solutions through its programs namely: production of housing units, mortgages, development loans, and community programs. NSP aims to focus its programs that will benefit end users, seeks to collaborate with private real estate firms in building reasonably priced and livable housing in order to address the pressing need, and prompts private banks and government agencies to provide assistance to end consumers.
Although, there are roughly 3,000 developers in this industry, a number of which have dedicated in other real estate developments apart from housing. This resulted to the constant rise in housing backlog nationwide. This will definitely pave the way for more housing developments in the country and in Cebu specifically. It is best to utilize available land investments and to develop them into residential units to somehow help alleviate the current challenges in the housing industry.
If you are a developer aspiring to expand or start or even diversify the course of your real estate development goals, talk to a Licensed Real Estate Consultant.
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