Since 2017, rents in Cebu and Manila have increased, making them among the most expensive cities in Asia.
To afford a one-bedroom apartment in the city in 2017, Cebu residents typically set aside 114% of their average monthly take-home pay after taxes.
However, a survey published by the UK-based mortgage firm Online Mortgage Advisor estimates that in 2021, Cebuanos will have to set aside 182% of their monthly salary to cover housing costs. This indicates that since 2017, Cebu has lost 68.1% of its affordability for renters.
Purchasing land, a house, or other real estate is a terrific financial strategy, especially in the most advantageous locations. For various reasons, CEBU is a genuinely promising location for real estate investments, and owning a condo in Cebu is not that risky.
Here are the 7 top reasons that might answer the question: Why invest in Cebu Real Estate
1. One of the best places in the country
On the island of Visayas, in the center of the Philippines, is the city of Cebu. This means that living here gives you easy access to the nation's many stunning provinces and cities, including Bohol, Leyte, and Bacolod, which are also popular tourist destinations for residents and visitors from abroad.
Naturally, as a metropolis of international renown, Cebu City is home to Mactan-Cebu International Airport, the second busiest airport in the Philippines. This is great for frequent flyers and businessmen who want or need to fly.
It serves as a springboard for encountering new things and diverse people. You can take a ferry or a short drive to the adjacent provinces to discover them. It takes 40 minutes to drive to San Fernando, 1 hour and 30 minutes to cross to Bohol, and 3 hours and 18 minutes to get to Leyte. You get the chance to take in all the splendor of Cebu Island.
2. Well-performing Economy
Why invest in Cebu? This might be the answer.
The economy of Cebu has remained robust, particularly in the fields of information technology (IT) and business process outsourcing (BPO). Cebu is the top location for BPO services in South East Asia. In fact, according to the most recent (2018) Tholons' Services Globalization ranking, Cebu City is one of the top 11 "super cities" in the world for outsourcing. In terms of the use of digital technology for outsourcing services, it performs better than major cities like Tokyo, Singapore, and Seoul.
Additionally, the expansion of BPO multinational firms in Cebu is responsible for this trend, which also explains the rise in demand for office space. According to a 2018 (first quarter) survey on Cebu's real estate market, more than half of office leases come from BPOs.
It is anticipated that Cebu tourism will be crucial to the Philippines' economic revival. There is no question that there is a big demand for the retail sector to produce and sell more goods and services to locals and visitors along with a growing market.
As more individuals relocate to Cebu due to the city's popularity, the city's favorable business environment improves as the workforce grows - the more condo for sale in Cebu and the more pre-selling condo in Cebu.
3. Surprisingly Convenient
Because Cebu City has everything you could need and want to have the fulfilling and productive life you've always imagined, it makes sense to set up residence there. Like Metro Manila, Cebu City has a variety of urban amenities. This city has numerous shopping centers, clinics, schools, offices, and transportation hubs.
Due to its strategic location, Cebu City sees an increase in visitors who stay there and attract a growing number of enterprises that serve both locals' and tourists' needs and wishes.
More than just convenient access, Cebu City's strategic location also enables you to take advantage of the area's various tourist attractions, which will help you unwind and feel at one with nature. You shouldn't skip visiting Kawasan Falls, Bantayan Island, Sumilon Island, Camotes Island, Malapascua, and Osmea Peak when visiting Cebu.
Imagine owning a condo in Cebu and how convenient condo living is - it's to die for!
4. Globally competent infrastructure
Living in Cebu City is definitely a world-class experience thanks to the thrilling completion of the residential real estate development Royal Oceancrest Mactan as well as other new businesses and developments. Isla de la Victoria, SM Ayala Consortium, SM Seaside City Cebu, Il Corso LIfemalls, Cebu Ocean Park, and Anjo World Theme Park are a few of these constructions and facilities.
Before these projects are finalized, investing in Cebu real estate properties will greatly benefit you and your financial situation. The increased benefits these infrastructures provide to individuals would drive real estate prices in Cebu, whether commercial or residential, to soar once they are finished.
Once they are finished, they improve the convenience, affordability, and value of living in Cebu City. Therefore, if you have the cash, it would be wise to invest it in Cebu City right away before these new constructions drive up the cost of living there.
5. Emerging Condo Developments
The second-highest condominium density is found in Cebu. Be aware that certain condo developments are considered "upper end." This sums up the question: "Why invest in Cebu real estate?"
Condominiums are now more common in residential areas than "homes and lots." The cost of homes and lots decreased during the second quarter of 2017, but the rate of condo purchases increased. As a result, more people purchased 5,600 condominium units in 2017 than 1,100 house-and-lot units.
Additionally, Cebu has seen a surge in condominiums from 8,000 units in 2014 to around 17,000 units in 2018.
The cost of condominiums in Cebu is another important consideration when buying real estate. Cebu offers excellent yet affordable condos for overseas Filipino workers (OFWs) and foreign investors compared to condo units in other nations.
6. Skilled People
Why invest in Cebu? Because of their people.
Starting a business in Cebu is convenient for business owners wishing to expand there, not just because of the market but also because of the city's excellent labor pool. You can be sure that you will have enough workers to keep your business going, whether you are establishing a startup or a major enterprise in the city.
Thanks to the education received at the excellent training programs, Cebuanos are highly skilled. In addition, the expanding economic prospects have drawn talented people from neighboring regions to relocate to Cebu.
International businesses look for highly qualified workers, and Cebu has pledged to provide them with the necessary human resources.
7. Higher appraisal values and returns on investment
It is understandable why Cebu real estate homes have a high evaluation value and promise great returns on investment, given all the benefits of living in Cebu City.
The number of condos for sale in Cebu and pre-selling condos in Cebu are rising. While the nation's real estate market is recovering and more people are choosing suburban living, purchasing properties early will allow you to save more money. The price of the desired house has likely climbed dramatically in a short time if you wait too long to purchase your ideal Cebu real estate property.
The rates for pre-selling units are always lower in ongoing developments compared to RFO units, so if you're interested in owning a residential condominium in Cebu City, it's worth considering that.
Put your money where it belongs, in the "proper place." Cebu is undoubtedly the spot to be where your money should be placed to thrive due to its robust economy, tourism, and improvements.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.