Cebu real estate is fantastic. The market is booming and developers continue to launch exciting, innovative projects. Last week, we took a look at some of the best residential developments in Cebu. Now, let’s explore the reasons why we love Cebu real estate.
Local economy supports residential market
The main drivers of the Cebu economy are tourism, business process outsourcing and household spending supported by remittances from overseas Filipino workers. All of these remain strong and investments, such as the expansion of Mactan-Cebu International Airport, will support the economy whilst also helping the real estate sector maintain its positive momentum.
“The presence of the new Cebu airport will boost foreign and local tourist arrivals in Cebu province. There is a positive effect on hotel and tourism markets as well as support industries. Of course, this will create a strong multiplier effect on employment sector and further investment interests in Cebu,” Claro Cordero Jr., local director of research, consulting and valuation of Jones Lang LaSalle Philippines, explained to the Cebu Daily News.
Promising rental and price prospects for Cebu real estate
Experts note that property prices in Cebu have not dipped recently. This means real estate is doing well and people are buying. The demand comes from local professionals and business owners, overseas Filipinos and expats with each group having a different preference in regards to property types. And with more workers and tourists arriving to Cebu, the rental market will likely benefit as well.
“With the anticipated completion of the New Cebu International Port in Consolacion, buyers can expect higher property and rental prices in the town as well as in the nearby municipalities,” Cebu Real Estate Board Inc. (CEREB) first vice president Eva Miñoza told the Sun Star Cebu.
Award winning developers
The developers behind the projects in Cebu are among some of the best in the country. Citrineland Corporation won Best Developer Cebu at the Dot Property Philippines Awards 2017 thanks in large part to its ability to create projects that capture the imagination of buyers.
Grand Land Inc. was behind The Grand Tower, winner of Best Hotel Development – Cebu at The Dot Property Philippines Awards 2017. Managed by Dusit Princess of Dusit International, the project features potential investment returns of 7 to 11 percent.
Primary Homes was another developer honored in 2017. With a perfect blend of innovation and affordability, the firm’s Brentwood development was the deserved winner of Best Condo Development Cebu at The Dot Property Philippines Awards 2017.