Cebu, one of the Philippines’ most popular tourist destinations, has some of the best township developments. Herbertkikoy via Wikimedia Commons
Cebu’s stunning beaches, world-class dining, vibrant nightlife, and rich natural resources make it a top destination in Asia. Its historical landmarks, like Magellan’s Cross and the Basilica del Santo Niño, offer a glimpse into the past, as though time stood still.
Named as one of the world’s top 50 islands, Cebu continues to attract those seeking the perfect work-life balance, driving the popularity of its real estate market among investors and homebuyers.
At the country’s core
Cebu is at the core of the Philippines, with its inhabitants speaking Cebuano, Tagalog, and English. As a world renowned metropolis, Cebu allows easy access to the country’s many beautiful provinces and cities.
To visit neighboring provinces, take a ferry or a short drive. Driving to San Fernando takes 40 minutes; crossing to Bohol takes one hour and 30 minutes; and reaching Leyte takes three hours and 18 minutes. Most visitors take the opportunity of experiencing Cebu’s splendor.
The dramatic architecture of the Mactan-Cebu International Airport was inspired by rolling ocean waves.
The province is also home to the Mactan-Cebu International Airport, the Philippines’ second busiest airport—an iconic landmark that serves a constantly expanding passenger population.
Impressive economy
The economy of Cebu remains strong, driven by industries like the IT and business process outsourcing (BPO) sector.
Cebu is, in fact, Southeast Asia’s leading location for BPO services. In the 2018 Tholons Services Globalization ranking, Cebu City was named one of the world’s top outsourcing “super cities”, surpassing Tokyo, Singapore, and Seoul in terms of digital technology for outsourcing services. The growth of BPOs in Cebu further explains the increase in demand for office space.
Mercato de Mactan caters to the youthful, lively working community in Mactan.
Also vital to Cebu’s economy is its tourism sector, supported by many commercial and recreational areas. Mercato de Mactan, an ultimate night market, is the newest hangout fad in Lapu-Lapu City. It’s an open food market with plenty of space for diners and merchants serving various cuisine and beverages. They also have live musicians to add to the atmosphere.
As more people move to Cebu due to its popularity, the region’s favorable business environment improves as the workforce expands, creating more sales opportunities for real estate in Cebu.
The BPO industry in Cebu draws from the province’s pool of skilled, English-speaking professionals.
Filipino workforce like no other
Starting a business in Cebu is advantageous for entrepreneurs looking to expand because of the city’s excellent labor pool.
Cebuanos are highly skilled due to their love for education, with many excellent training programs available. Furthermore, the growing economic opportunities have enticed talented individuals from neighboring regions to reconsider real estate in Cebu.
Residential real estate in Cebu
Cebu has long been an important location among businesses, across industries.
It makes sense to settle in Cebu because it has everything investors could need and want to live the fulfilling and productive life they have always imagined. Cebu City, like Metro Manila, has a wide range of urban amenities as well as numerous shopping centers, clinics, schools, offices, and transportation hubs.
Cebu City’s strategic position further allows residents to experience the area’s diverse tourist attractions, which will help them feel welcome and at one with the community.
At present, major developers are constructing residential and office skyscrapers within masterplanned communities or economic centers in Cebu. Mactan and Lapu-Lapu are ideal for these projects due to their natural beauty and enough territory for ambitious community ideas.
As the country’s real estate market gets better, prices in these township areas will keep going up especially as holistic suburban living becomes more popular and a new generation of real estate investors emerges.
In particular, high rise living is being increasingly favored in Cebu, which has the second-highest condominium density. Specific Cebu properties are even on the high-end scale. In the first half of 2022, the number of people buying residential condos in Cebu went up by 67 percent, which is a sign of a good market.
Greater appraisal values and ROI
Given the benefits of living in Cebu City, it stands to reason that real estate there is valuable and will provide a good return on investment.
The number of Cebu properties, both pre-selling and ready for occupancy (RFO), is increasing. Pre-selling rates in ongoing developments are always lower than RFO rates, so it’s worth investing in residential condominium properties in Cebu City with an exit strategy in mind.
To take advantage of the high demand for vertical villages in cities like Cebu, developers need to make their projects more diverse, determining which price points appeal to end-users and investors.
With big-ticket infrastructure projects fueling the region’s real estate, it’s an excellent spot in the Philippines to locate residential homes for personal use or passive income. Real estate in Cebu is worth considering, whether for a new permanent dwelling, a holiday home, or an investment enterprise with a high return on investment.
The author (at www.ianfulgar.com) is a leading architect with an impressive portfolio of local and international clients. His team elevates hotels and resorts, condominiums, residences, and commercial and mixed-use township development projects with innovative, cutting-edge design and business solutions that have garnered industry recognition, making him the go-to expert for clients seeking to transform their real estate ventures