An investment in a condo in Lahug, Cebu, and other parts of the province seems a better option for individuals who are looking for properties outside of Metro Manila.
The National Capital Region (NCR) might still be a good investment destination, but more Filipinos have found it hard to keep up with rising prices. Heavy traffic also compels many to daydream about living in a decongested community.
In 2015, the average price of a condominium unit per square meter in Metro Cebu cost P98,000. While it was more expensive than the P48,000 average in Las Pinas, the situation likely changed today.
Some people would want to live near Makati or Taguig, where jobs are more diverse and well-paying. Hence, buying a residential property would only make sense if they are willing to pay the price in these cities, which cost more than P120,000 in that year.
Another reason Cebu is a good investment destination involves many mixed-use developments. The limited number of land in Metro Manila makes it difficult to launch an integrated community.
Property developers in the country have launched commercial-residential projects to meet the growing demand. In Cebu, locals have become a key market aside from investors and foreign buyers. Filipinos from other regions have become interested in the province, including those who plan on retiring there.
Colliers International Philippines said that this reflects a growing trend of home-buying activity outside Metro Manila. Other popular provinces include Cavite and Laguna, where different transportation links have made it easier to reach the metro.
The cost of living is also cheaper in these places compared with NCR. The Philippine Statistics Authority said that Metro Manila residents should ideally earn P25,000 per month to afford basic necessities alone.
When choosing a high-rise property for a potential investment in Cebu, pick a development that offers a mix of relaxed lifestyle with urban facilities. What do you look for when buying a condo?