The team at Dot Property Philippines is happy to admit that we love Cebu real estate. It appears we are not the only ones. New research from Santos Knight Frank found that new investments continue to pour into Cebu’s booming property sector.
“The growth of Cebu’s property sector this year solidifies the metropolis’ position as the leading investment destination in the Philippines outside Metro Manila,” Rick Santos, chairman & CEO of Santos Knight Frank, said. “With a strong economy, large pool of talent and new infrastructure in place, Cebu is well on its way to becoming a global city.”
See more: Soaring Cebu economy benefits the entire real estate sector
The first half of 2018 was lucrative for the residential property sector with prices increasing by double digits across the board. The affordable sector grew by 14.5 percent while the mid-range and high-end sectors each increased by 12 percent respectively, according to Santos Knight Frank. The price growth is nice, but it isn’t the only reason property investors buy Cebu real estate.
3 reasons property investors buy Cebu real estate
1) Business is booming
The Cebu economy continues to perform well and this can be seen by the increase in office space. A 47 percent growth in office supply will take place between now and 2020 with the region’s rapidly growing BPO industry a key driver of this. Multinational companies are also moving to Cebu thanks to the presence of a skilled labor force. This ensures a positive business outlook in the years to come and this will benefit the property sector.
2) More tourists
Tourist arrivals to Cebu increased regularly during the past few years and these numbers will keep improving thanks to the recent opening of Terminal 2 at Mactan-Cebu International Airport. International visitor arrivals to Cebu grew by 14 percent last year. Nearly 54 percent of the 4.9 million visitors who arrived to Cebu in 2017 came from overseas.
“The launch of Mactan-Cebu International Airport’s Terminal 2 is a particularly exciting development,” Santos stated. “While a number of cross-border transactions have recently been closed in Cebu, in particular from China, South Korea and Japan, the improvements to the airport will further increase tourism, facilitate greater inflow of capital and help continue the metropolis’ growth momentum in the coming years.”
3) Affordable condos
With a steady demand for rentals and double-digit price growth, property investors buying Cebu real estate are scooping up condos. The quality of developments in Cebu continues to rise with residents now being able to enjoy the same standard of amenities found in many Metro Manila projects.
A fully furnished unit on the 18th floor of Calyx Residences is currently being listed on Dot Property Philippines by Leohrine Real Estate Brokerage. The development has a range of modern amenities including a rooftop swimming pool and is only a five-minute walk from Ayala Center Cebu. Priced at PHP 3.7 million (USD 70,000), the unit is very affordable.
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Avida Riala Cebu IT PARK is a Cebu condo development popular among both domestic and international investors. The central location and high-quality facilities will see it be an in-demand place to live once completed. Crislen Omand, an Avida Land Corporation property specialist, is listing a one-bedroom unit in Avida Riala Cebu IT PARK for PHP 5.1 million (USD 96,000).
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Looking to buy Cebu real estate? Start your search here!
