This article on real estate in Central Visayas appears in the Dot Property Group Philippine Real Estate Year in Review. Click here to download the full report.
Housing demand in Central Visayas continues to be strong, although there was a noticeable increase in interest for condominiums across the final six months of 2022. In both sectors, buyers were focused on residences priced at PHP10 million or less.
Overall, houses accounted for 63 percent of all Central Visayas residential inquiries made via the Dot Property Group network of websites last year with condominiums garnering the other 37 percent. The majority of interest came for residences located in the Cebu Metropolitan area.
Related: The Pros and Cons of Buying an RFO Condo Unit in the Philippines
Housing demand in Central Visayas actually peaked in the second quarter of last year which was due in part to several projects launching in the fourth quarter of 2021 and first quarter of 2022. Take up here continues to be strong and caused supply to drop which impacted demand over the final six months.
Homes costing PHP5 million and less received 34.7 percent of all interest in Central Visayas last year. It was followed closely by the PHP5-10 million price point which accounted for 30.6 percent of all demand.
Over in the condominium sector, demand rose steadily during the first nine months of 2022 before tapering off in the fourth quarter. Units PHP5 million and less garnered more than 55 percent of all interest and was by far and away the most in-demand price point.
The Central Visayas real estate market continues its impressive performance and was the third most popular location in 2022 behind only the National Capital Region and Calabarzon. The biggest challenge for developers in recent times has been ensuring supply meets demand. OFW remittances helped fuel growth over the past 18 months which has led to several projects selling out quickly.
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