Cebu’s new condo inventory to increase this year

CEBU, Philippines — At least 10,300 new units of condominium will be delivered by different property developers in Cebu within the year.

According to Colliers Philippines, close to half of the new condominium units will come from Cebu City, followed by the cities of Lapu-Lapu and Mandaue.

The renowned real estate services organization considered this as record-high completion rate of condominium units in Metro Cebu.

Meanwhile, Colliers projects an annual completion of about 67,100 square meters (722,000 square feet) of office spaces from 2022 to 2024.

More than half of the new supply will likely come from Cebu IT Park, Mactan, and South Road Properties (SRP).

Early this year, top real estate brokers Anthony Gerard Leuterio, founder of Cebu-based Filipino Homes, expressed confidence that the year 2022 will see the resumption of planned projects and deliveries of more residential and commercial condominiums anticipating the market’s “revenge spending” from a two year health crisis.

Leuterio said developers will start to see the re-activation of two big markets—local and foreign buyers.

Additionally, the big comeback of tourism starting in 2022 will pave the way for a faster growth in real estate, especially since the industry is a by-product of tourism.

“Those who have positioned themselves in 2020 and 2021 will surely become big winners in real estate in 2022,” Leuterio noted.