Koreans, Chinese pump up condo sales in Cebu

Aside from making Cebu their get-away destination, Koreans and Chinese nationals are buying condominium properties here, pushing the demand for residential products in Cebu.

This was the observation made by Colliers International Philippines research manager Joey Roi Bondoc, saying these foreign markets have pulled up the demand for residential condos in Cebu, as they are also joining the bandwagon of making Cebu as their second home.

Instead of renting residential units, these nationalities, especially those who fall in love with Cebu's perfect combination of urban and resort ambiance, have decided to own one or more units, the reason why residential condominium developments are seen to sustain its appeal in the long term.

"Some foreign visitors who initially stay in Cebu for short vacations eventually decide to retire and invest in the city and its neighboring areas due to the comforts of an urban landscape balanced with natural attractions," concluded the latest survey made by Colliers Philippines on Cebu's property state.

According to the survey, these foreign retirees and investors contribute to the higher take up of residential condominium units in Cebu.

Colliers also sees the development of residential condominiums being sustained by the implementation of pivotal infrastructure projects such as the proposed light rail transit (LRT), Bus Rapid Transit (BRT), Metro Cebu Expressway, Cebu subway, Cebu Cordova Bridge, and the Mactan-Cebu International Airport expansion.

"These public infrastructure projects should further unlock opportunities for residential developments in Metro Cebu," it added.

Overall, condominium living is gaining traction in Cebu due to significant increase in land values making single detached or even low-rise formats financially less viable. Plus, prime sites within the city are harder to obtain.

Expansion of the BPO sector, resulting in employees choosing to stay close to areas of employment; sustained increase in OFW remittance fueling end-user demand; and low interest rates making monthly amortizations more affordable, are few of the strong factors that make Cebu a long-time darling of property developers.