Cebu property market remains a bright spot

Cebu has sustained its spot as one of the promising real estate markets in the Visayas, with economic recovery expected to generate more jobs as it drives up property demand moving forward, an industry official said in a report by Philippine News Agency.

“The Cebu property market remains to be one of the bright spots in the region with sustained demand and highly resilient property values,” Cebu Landmasters Inc. (CLI) chief operating officer Franco Soberano said during the virtual topping off Tuesday of the firm’s PHP3.5-billion high-end tower, 38 Park Avenue, located at the heart of the Cebu IT Park.

He said the property sector in general here anticipates the quick recovery of Cebu and the rest of the Visayas and Mindanao regions with the return of greater global mobility, which is expected to boost employment.

“Covid cases in Cebu have been relatively well managed with medical facilities able to accommodate patients affected by the pandemic,” Soberano said.

He said demand for residential properties within the Cebu IT Park, deemed to be the highest valued location in Metro Cebu and among the most preferred residential locations here, continues to be resilient despite the pandemic.  

Soberano said premium residential offerings in Cebu’s highly active business district have also been in demand.

Sought for comment, Joey Bondoc, associate director for research at Colliers International Philippines, said Metro Cebu continues to be the largest residential hub outside of Metro Manila. 

“Covid has disputed the region’s economy and property market and we continue to see subdued take-up and completion in the region,” he said. 

Bondoc said completion of residential units is likely to pick up this year, as developers brace for pent-up demand beyond 2021.