The property market in Cebu is expected to stay buoyant beyond 2024, with most development likely focused in cities of Cebu, Mandaue and Lapu-Lapu.
Consultancy firm Colliers said, however, that with land values in Cebu City rising and development mainly focused on the residential segment, real estate developers should look at other locations in the Visayan province and diversify to other markets.
“The market for upscale and luxury residential units in Cebu is also likely to expand so developers should further test investors and end-users’ appetite for these units. Land values in Cebu City have been rising so property firms should look for alternative sites for development,” said Colliers research director Joey Bondoc in a recent report. “Developers should also explore launching more resort-themed projects,” he added.
Outside of Metro Manila, Colliers said, Cebu is a top-of-mind option for national property developers planning to capture demand outside of the National Capital Region but still able to corner the growing demand from a thriving, burgeoning upscale and luxury markets.
Colliers data showed that in 2023, about 5,600 condominium units were sold in Cebu, with the lower mid-income segment—units priced between P3.2 million and P7 million– accounting for nearly half of total take-up
Colliers also recorded the completion of 10,500 new condominium units in Metro Cebu in 2023, and from 2024 to 2028, Cebu City, Mandaue, and Lapu-Lapu will likely account for 97 percent of the new supply. Condominium prices are also expected to grow by 5 percent annually from 2024 to 2028.
