BPO workers driving real estate spending in Cebu

Cebu’s real estate industry continues to be robust due to the rising income and purchasing power of Cebuanos, especially those employed in the business process outsourcing (BPO) sector. According to real estate services firm Colliers International Philippines, the more than 100,000 BPO employees in Metro Cebu have propelled the strong consumer spending in the city. Colliers maintains a bullish short-term outlook on Cebu’s retail market. However, the outlook is not so good for the residential segment, where oversupply in both horizontal and vertical projects is causing a slowdown. Cebu’s BPO employment accounts for 7% of the total BPO workforce in the country.