Cebu’s real estate market is attracting investor interest again

According to industry experts, CEBU is once again attracting interest from property seekers and investors.

High-end residential developments are now commanding high prices in Cebu as the pandemic reinvigorates nationwide demand for homes with deeper discounts.

The ramping up of transport infrastructure developments has also unlocked real estate values ​​across Cebu.

“With more players entering the market, projects have evolved and improved in Cebu. We have seen regional malls built as a consumer market and its purchasing power has increased,” said Richard Raymundo, Managing Director of Colliers Philippines and Independent Jury Member of the 10th PropertyGuru Philippines Property Awards (PPA) on Friday. .

Residential developments have also evolved from simple house and land developments to luxury high-rise projects in the city and Mactan. Apart from the local market, it is also attracting investors from the VisMin area and even buyers from Metro Manila looking to branch out, Raymundo said.

Today, Cebu is the largest real estate site outside of Metro Manila, with more than 1.3 million square meters of rental office space, according to data from Colliers Philippines. It is also the richest province in the Philippines in pure and net assets, according to a recent report by the Commission on Audit.

Transportation infrastructure projects are poised to benefit Cebu’s real estate sector. The new Cebu-Cordova Link Expressway (CCLEX) is driving interest in SRPs (South Road Properties) with projects from PropertyGuru PPA-winning companies Ayala Land, SM, Filinvest and Robinsons developing in the area.

Meanwhile, the upgraded Mactan International Airport has increased capacity for domestic and international flights to Cebu Province, which has led to more investment in leisure developments.

Raymundo said, “Much like the experience in Metro Manila with infrastructure developments unlocking land values ​​and property prices, recently completed and planned infrastructure projects would bode well for the real estate sector in Cebu. The new Cebu-Cordova highway frees up values ​​and facilitates inbound and outbound traffic from the airport to Cebu City. Going forward, you will see an increase in critical mass in the region and a greater variety of land uses. »

According to Colliers.

Due to the high land values ​​in Cebu, high-rise residential buildings are also a familiar development in Cebu. This has attracted major developers like Ayala Land, Rockwell, Filinvest, Megaworld, Robinsons Land, ArthaLand and HTLand to acquire land and start projects. Local developers like Cebu Landmasters, Innoland and BF Paray have also found their way into the market.

Riding on such a surge of reinvigorated consumer sentiment, PropertyGuru PPA organizers are seeking properties this year that represent the “gold standard” of real estate in Metro Cebu and the Greater Visayas region.

For its historic 10th edition in 2022, the PropertyGuru PPA program aims to recognize the best real estate companies and projects in the archipelago in 82 categories, including the sought-after title of best developer (Visayas). Other prizes up for grabs include Best Luxury Condo Development (Metro Cebu), Best Upscale Condo Development (Metro Cebu), Best Affordable Condo Development (Metro Cebu) and Best Housing Development (Metro Cebu). Cebu).

The program also seeks worthy candidates from Cebu and other world-class outsourcing destinations in the country for the best BPO office development.

“Cebu’s strategic location as an education center in VisMin has meant a talent pool that has attracted leading BPOs and KPOs,” Raymundo said. “Besides Cebu Business Park and IT Park, expect outlying expansions and new mixed-use developments from national and local developers.”

Real estate from Cebu and other major cities in the archipelago will be honored at the 10th PropertyGuru PPA on October 7, 2022 in the Main Ballroom of the Fairmont Makati. (CSL with PR)