The real estate market throughout the Philippines has been impacted by the ongoing COVID-19 pandemic. However, there have been a few places that have managed to stave off decline during the past 18 months. According to developer Primary Homes, the Mactan Island condo market is one of the few to have bucked the trend.
The homebuilder has seen the resiliency of the Mactan Island condo market firsthand with demand actually growing during the lockdown. It was noted that projects in Lapu-Lapu City were among the best performing.
“The lockdown last year greatly affected businesses but surprisingly sales for condo units picked up, quite significantly considering the challenging times,” Primary Homes Vice President for Sales and Marketing, Ramero Espina, told the media. “With billions worth of new industrial and world-class developments, Lapu-Lapu City is arguably the perfect choice to settle or invest in Cebu.”
Primary Homes reported strong sales at Royal Oceancrest Mactan, a project in Lapu-Lapu City. According to Espina, more than 60 percent of the development has been sold during the COVID-19 pandemic. He added many buyers continue to look for value-for-money condo units in the region.
Related: Residential demand in Cebu likely to pick up this year
Mactan Island condo market to see price increases next year
Condo prices on Mactan Island, and the Cebu region as a whole, are predicted to increase in 2022 with pent-up demand being a key driver of the market. The mid-income segment continues to be popular with OFWs and local buyers eyeing properties in this price range.
“We expect prices to grow at a faster rate in 2022 as we project higher take-up from Mactan and Cebu City,” Joey Bondoc, Colliers International Philippines Associate Director for Research, stated. “From 2022 to 2025, we estimate a five percent annual growth in prices as Cebu City further recuperates from COVID-19. Stable OFW remittances should also support house-and-lot and lot-only price growth.”