The results from 2018 are in and it looks like the Cebu property market had a banner year. Local buyers, OFWs and international investors were all active last year, scooping up residential real estate of all shapes and sizes. Cebu property sales last year surpassed the expectations of many developers.
“The year 2018 is the best year for us compared to previous years. Our sales registered the highest since we entered the real estate business in Cebu,” AppleONe Properties’ President Ray Go Manigsaca told Philstar.
Tourism has been one of the key drivers of the Cebu property market. The opening of Terminal 2 at Mactan-Cebu International Airport helped bring even more visitors to the island. The airport is located on Mactan Island and this is one area of Cebu now targeted by overseas buyers.
“Mactan is a great weekend spot. It’s a short flight from many cities in Japan and South Korea as well as Hong Kong. The airport is right there and the beaches are 20-minutes away. And Cebu is easily accessible too,” Ryan Bernard Go, Grand Land President, told Dot Property.
The developer’s Amani Grand Mactan project has been an extremely popular choice among international investors thanks to its location and value for money. Buyers are able to benefit from Cebu’s impressive tourism growth and demand for units on Mactan Island while also being able to take advantage of the company’s outstanding property management.
Another reason for the outstanding performance of the Cebu property market? The economy continues to power along. The region’s rapidly growing BPO industry has brought with it more jobs. Additionally, multinational companies continue to expand to Cebu.
Cebu property market not limited to small condo units
Unlike other cities in Southeast Asia, which are dominated by studio condo units, the Cebu property market has a diverse range of residential types available to buyers. Local developer PrimaryHomes has been at the forefront of this movement, creating low-density projects that reimagine condo living.
The developer’s latest project is Almond Drive. The strategically located development can be found in the emerging South Road Properties district of Cebu. Almond Drive contains 182 walk-up condo units and 72 townhouses with each one featuring a modern, sleek and elegant Asian Contemporary vibe.
What’s more, all units, including the townhouse, have condominium titles. This means OFWs and international clients, as well as local residents, can legally purchase these. This is a rarity in the Philippines and has helped PrimaryHomes become one of Cebu’s leading developers.