Sustained BPO investments to support Metro Cebu’s residential demand
A series of sustained investments in the Business Process Outsourcing (BPO) sector, as well as regional economic growth and inflow of remittances, could support the recovery of the residential property market in Metro Cebu, said property consultant Colliers.
According to a report, Colliers revealed that Metro Cebu attracted buyers for 2,767 condominium units for the first half of 2022, up 67% from last year.
At the same time, about 10,141 new condominium units are expected to be completed in the area by year-end, while 5,160 units will be completed annually between 2022 to 2026.
Colliers stated that “this growth should be sustained as national developers assess Cebu’s viability for higher-priced units.”
For her part, Colliers Director of Advisory Services Karla Domingo said that developers should prioritize offering “attractive promos and flexible payment schemes as well as exploration of alternative locations for residential development” to attract more buyers.
In terms of prices, Colliers recorded a nine per cent increase in condominium prices. Mid-income and luxury projects covered about 79% of new launches for the period.
