Rapid growth has landed Davao City a place on the Philippines top 20 grosser cities for real estate list. The metropolis ranked 12th among the top grosser cities in terms of collection fees from real estate property developers. Land Registration Authority (LRA) director in Davao Region and lawyer, Asteria Cruzabra said the city’s ranking puts them as number one among other cities in Mindanao and in Visayas. “We surpassed even Cebu City. Our real estate industry is booming,” said Cruzabra.
LRA Davao Region was recognised in the top six in terms of performance amongst 16 other regional offices, said Cruzabra. She commented that Davao’s industry has not reached its peak and that it is continuously growing today, and continued development will be expected in the future.
Davao has been able to gross P90 million (US$2.2 million) in registration fees from commercial, industrial, and residential establishments. Across the country, an overall total amount of P3 billion (US$72 million) was collected by the LRA. Year-on-year, this total increased by 50 per cent from P2 billion (US$48 million).
In terms of income, Cruzabra said real estate value never actually decreased.
Further enhancing the city’s performance is the recently implemented Philaris programmes, allowing LRA to generate land titles at a faster rate than previous years. The computer generated title processing started and has since generated an average of 480,000 titles per annum, reported the Sun Star.
The Voluntary Title Registration (VTR) enables land-owners to convert their manually issued land titles to a secured e-title, opened last month. To date, two VTR applications have been processed.
E-titles prevent the possibility of falsifying the documents, said Cruzabra. She said: “The advantage is it would be safer now because all information are there in the data-base.”