The official e-newsletter of Megaworld International
Among the property investment hubs likely to anchor a strong recovery in 2021 is Cebu. Over the past few years, analysts have observed the transformation of Cebu’s skyline with large-scale residential, commercial, retail and hotel developments. The property boom in Cebu offers an alternative metropolitan-paced business lifestyle at a discount to Metro Manila.
Its real estate sector is actively participated in by both local and national developers. This is particularly true for Cebu’s residential market. The “invasion of giants” has complemented the rising demand for integrated communities and upscale, resort-oriented condominium developments. Meanwhile, demand for house-and-lot, and lot only projects remains stable.
As of the second quarter of 2020, condominium projects in Cebu have sold 90% of the total inventory. For the house and lot market, about 3,550 units were launched annually in Cebu from 2011 to 2019 while close to 3,600 units were sold per year during the period.
Over the next few years, Colliers believes that the competitiveness of Cebu residential market will primarily hinge on Metro Manila-based businesses’ continuity plans, development of integrated communities, and public infrastructure projects.
Source: Colliers International Philippines