Cebu shows promise in the housing segment, with 2,767 condo units sold in Q1 2022

Key players in the Philippines’ real estate market stated that the next three years will be “very rosy”

Key players in the Philippines’ real estate market stated that the next three years will be “very rosy,” according to Manila Bulletin.

During the forest Real Estate Salesperson Congress, Chris Malazarte, president of ACRES-Cebu South, mentioned that the redeployment of overseas Filipino workers (OFWs) will give the sector the push it needs to be on its way to recovery.

“Personally, I would like to say that we are up for better times ahead because we are seeing a recovery already. The recovery has already started sometime in 2021 and I am very, very happy to say that despite what has happened from 2020, the growth of the real estate did not really get into the dumps, we did not have any nose dive or anything,” added Malazarte.

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Meanwhile, SunStar reports that Cebu is likely to benefit from a recovering housing market and is well-prepared for post-COVID demand.

Cebu has an array of developments that cater to the housing demands of both young employees and more critical investors. In light of this, residential demand is expected to increase in the years to come, underpinned by regional economic expansion, remittance inflow, and continuous business process management investment.

In H1 2022, 2,767 condominium units were sold in Cebu, up 67 percent YoY. Economic to mid-income developments continue to be the key drivers of the demand for condominium units in Cebu, accounting for 86 percent of the total take-up in the first half of the year.

Karla Domingo, director for advisory services at Colliers, noted that Cebu is the biggest residential market outside Metro Manila and that it is projected to recover in the coming years. Its strength as a residential site stems from the wide range of market segments it services. Buyers, on the other hand, have become more sophisticated and complex, therefore developers must be able to deliver value-for-money facilities and services to attract Cebu buyers.

The Property Report editors wrote this article. For more information, email: [email protected].