Demand for residential condos remain strong

CEBU, Philippines — Developers who are eyeing for possible projects in Cebu are encouraged to focus their investments on residential condominium projects to take advantage of the growing interest of tourists in making Cebu as their second home.

Real estate advisory and consultancy firm Colliers International Philippines said Cebu needs more inventories of resort condominiums, as most tourists are ending up buying residential beach properties while on vacation here.

Colliers market analysis revealed that active retirees, especially Japanese, are the eager buyers of resort condominiums. What are ample in Mactan however, are resort accommodations or hotels, condotels, not so much on residential resort condos.

Active Japanese retirees, with age ranging from 40 years old to 50 years, are the strong buyers of resort condominiums.

Of the 42,000 residential condominium stock in Cebu, only five percent are categorized as luxury—priced from P8 million.

As an urban resort destination, Cebu is always attractive for foreign nationals who are looking for second home properties outside their respective countries.

Residential condominium projects in Mactan with beach component include the Sheraton Residences, residential developments inside the Mactan Newtown, Tambuli, Mactan Plains Residences, among others.

By 2021, the residential condominium inventory in Mactan is estimated to reach 8,700 units. The supply is still relatively small as compared to the demand, which is shared by both local and foreign buyers.