Outside Metro Manila, Cebu is one of the most attractive business and leisure destinations in the Philippines. Its pristine beaches and sunny tropical destinations are also worth the visit. With its growth, moving in to start a new life, do business, or invest in real estate should be straightforward.
Speaking of Cebu’s real estate industry, the rise is nothing short but exceptional. Condos for sale in Cebu, Philippines are equally attractive as Manila, but they are flying off the shelf faster.
Continuous real estate growth
As per Colliers International, an international real estate services firm, the growth in Cebu’s real estate sector will continue for the next few years. All subsectors, from residential to industrial, are expected to be on the green. From 2016 to 2017, there was a 183% growth in License to Sell (LTS) applications for condo projects. In the demand side, the total take-up of condominiums outran the take-up rate for houses and lots in 2017. And this will continue through to 2018 and the coming years.
Strong demand fueled by many sources
Strong demand is due to several sources. One is due to the sustained influx of remittances from foreign workers. The buying public is finding condos much cheaper to purchase.
This improved purchasing power is not even dampened by the fact that national condo unit prices increased by over 5% in 2017, and still growing by the turn of 2018. Another reason is the increase in the number of expats, high-spending tourists, young professionals, and retirees coming to the city. Cebu’s ever-productive outsourcing, industrial, and tourism sectors are as attractive as ever.
The real estate market in Cebu is fast becoming a worthy alternative to Manila. There are many reasons buying a condo now is the next great idea. Being the seventh most competitive outsourcing city in the world is one. Being a favorite tropical destination for both the lavish and the not so young is another. Cebu is truly one hot real estate destination.