Cebu City is fast becoming the Philippines destination to watch for overseas property investors interested in the Far East country.
According to the digital real estate portal, Lamudi, Cebu City was among the top Filipino cities preferred by online property seekers for the year 2019.
Lamudi stated: ‘2019 was a strong year for the real estate sector. Major cities all over the Philippines have shown interesting performance, and this has led to more opportunities in the office, residential, and retail sectors nationwide.
Cebu City ranked fourth in their Top 5 most popular cities for 2019, next to Makati City. It’s the only city outside Metro Manila which made it to the list.
‘Cebu City is one to watch, as residents from this city account for 87.56 percent of page views generated in Visayas,” the report added.
Quezon City topped the list, which was followed by Makati City at 2nd, Manila City at 3rd, and Taguig City at 5th.
Lamudi cited high influx of tourists coming to Cebu City as one of the factors, as well as the demand for office spaces brought by Business Process Outsourcing (BPO) companies.
‘The high influx of tourists coming to Cebu City has also propelled a higher demand for condominiums in the area,’ it stated.
For the first 11 months of 2019, the Department of Tourism announced that Cebu is the second most preferred tourist destination for foreign visitors, next to Boracay Island. The Department of Tourism recorded 1.4 million arrivals for Cebu City.
According to Lamudi, Investments in Cebu City’s BPO and IT-related industries have also fuelled the demand for horizontal and vertical residential developments
They also revealed that millennials, who make up 43.98 per cent of pageviews for properties listed in Visayas, are also looking for job opportunities in the region, as well as potential property ownership, due to Cebu City’s continued economic growth.
Aside from Cebu City, Lamudi said cities outside the National Capital Region showing strong interest in real estate properties are Bacoor, Davao, Angeles, and Antipolo.
Condominiums were revealed to the most popular type of property in the Philippines, due to their flexibility.
The real estate portal stated: ‘Condominiums may be utilized as one’s primary residence or as a rental investment. With the increasing demand for condominium units in metropolitan areas, it is advisable to buy during the pre-selling period as the property value of condominiums increases near the development’s completion
British overseas property investors interested in the Philippines may want to take a closer look at Cebu City, as it seems to be the up and coming city to watch.