Real Estate Industry in Naga City during the implementation of ECQ and Stringent Physical Distancing Measures due to COVID-19
Real estate industry in Naga City slows down due to the implementation of the Enhanced Community Quarantine (ECQ) and the stringent physical distancing measures of the national government throughout the islands of Luzon. Real estate professionals are unable to close sales effectively, inquiries are down to a minimum, and real estate developers’ offices are closed – these are only some of the reasons why real estate sales are down in Naga.
Some real estate professionals cannot further accommodate meet-ups with clients after the enforcement of the ECQ, thus lesser transactions are being closed. Naga City has been in total lockdown since March 14, 2020, after President Rodrigo Duterte has officially announced the Luzon-wide ECQ. The ECQ has forced people, including real estate professionals, to stay at home and exercise stringent physical distancing measures.
According to CRB Jerwin A. Rojo, Vice President for MIS of Real Estate Brokers Association of the Philippines Naga City and Camarines Sur Chapter, Inc. (REBAP Naga-CamSur) and the head broker of Young Achievers Realty, real estate inquiries in Naga are down to 20% from the usual number of inquiries per day. Mr. Rojo only receives inquiries either through online or SMS.
Ms. Rosilma T. Parrera, manager for the sales and documentation department of LYRR Realty Development, Corp. – one of the largest local developers in Naga, said that they have closed their office and stopped accepting reservations as soon as the ECQ has started. In addition, the company has stopped all its operations, which includes visiting sites and manning booths.
“Our first priority po is the health of each and every one. We are helping the Government po na matapos na ang crisis natin na ito,” Ms. Parrera said.
Resiliency through the ECQ
Real estate brokers and salespersons have taken creative steps to cope-up with the current situation of our country. Real estate professionals are now using various communication channels both online and offline to advertise and present real estate properties to interested clients.
On the other hand, some real estate developers in Naga also shifted to online in advertising, presentation, and even reservation of properties. Camella Naga has released its Camella AR3D, where clients can view the house models online using Augmented Reality technology. BellaVita Naga has launched its Digital Sales Team to assist clients online. Bria Homes Pili and Camella Naga both have an online reservation system where clients can pay and reserve units without the need to go to the office.
The real estate industry in Naga is expected to grow even more as developments and job opportunities in the city increases. The first PEZA Economic Zone is already on its way giving more jobs to Nagueños and its neighboring municipalities. Therefore, housing will be in demand as soon as factories start employing workers.
Check Government Real Estate Advisories related to COVID-19 here.