Cebu’s real estate potential is fueled by large-scale infrastructure developments.
With billions of dollars in infrastructure projects underway in Cebu, the prognosis for real estate investment remains positive, according to an industry leader, and is anticipated to increase job opportunities in the construction worker pool.
Thanks to the big-ticket infrastructure projects taking form in the country’s hottest property market outside of the capital, Ramero Espina, vice president for sales and marketing of Cebu-based developer Primary Homes Inc., said returns on condominium and rental investment remain attractive.
“The future looks bright — new developments are underway, house buyers and investors are looking at residential projects, and interest in financial literacy has risen overall,” he said in an interview on Monday, October 4, 2021.
Apart from existing property investors, both domestically and internationally, Espina said that they want to encourage the younger generation to consider real estate investing because of the various financing options currently available from developers.
“We’ve also seen market acceptability for home investment in several of Cebu’s surrounding areas, which PrimaryHomes would want to serve as well. Panglao Island in Bohol, for example, has increased economic activity similar to Cebu,” he said.
When contacted for comment, Joey Bondoc, associate director for research at Colliers International Philippines, said that investors looking to buy residential properties should look for projects near upcoming infrastructure projects, such as the Cebu-Cordova Link Expressway, which is set to open in 2022.
Bondoc also encouraged developers to keep offering flexible and creative payment options in order to attract more customers and expand their market to include abroad Filipino workers.
Developers are using creative sales tactics to increase condominium sales, including extended payment periods and reduced down payments, incentives such as free appliances and hotel stays, and even gadgets, according to Colliers.
However, the condominium real estate sector’s revival is mainly dependent on the government’s immunization program’s effectiveness and the economy’s ultimate recovery.
Construction employment is anticipated to be in demand as the city’s residential and commercial projects continue.
According to Espina, Primary Homes has approximately 2,000 construction employees from its affiliates working on all of its projects in the provinces of Cebu, Bohol, and Negros.