Metro Cebu has the potential to capture residential demand beyond 2022 — a recovery that will be supported by regional economic growth, inflow of remittances, and sustained investments in business process outsourcing, property consultant Colliers said.
“Developers should further explore opportunities in the market, but these strategies should revolve around the continued offering of attractive promos and flexible payment schemes as well as exploration of alternative locations for residential development,” said
Karla Domingo, Colliers director of advisory services, in a statement.
Domingo said Cebu-based buyers have become more sophisticated and complex so developers should provide value-for-money amenities and features to capture the eye of the Cebu buyers.
As of the first half of the year, Metro Cebu attracted buyers for 2,767 condominium units, up 67 percent from last year.
“Approximately 10,141 new condominium units are expected to be completed in Cebu in 2022, while from 2022 to 2026, approximately 5,160 units will be completed annually, with Cebu City covering nearly half of the new supply,” Colliers said.
In terms of price, Colliers recorded a 9-percent increase in condominium prices. Mid-income and luxury projects covered about 79 percent of new launches for the period.
“This growth should be sustained as national developers assess Cebu’s viability for higher-priced units,” Colliers said.
