Cebu Condo Demand Still Strong Amid Pandemic

The condominium housing demand in Metro Cebu is still doing very good, in fact it was labelled as “strong” despite the COVID-19 pandemic.

According to Cebu Landmasters Inc. (CLI), the strong demand on condo units mostly comes from mobile professionals and entrepreneurs.

Cebu’s condo stocks as of the third quarter of last year was 45,000. 74% of which is from Cebu City alone.

By the end of 2023, condo stocks are expected to increase to 70,500 units and 67% will still be in Cebu City.

The first nine months of 2020 including the months where it was at the height of the pandemic, the condo take ups and launches were 54% and 80% lower at 4,000 units and 2,000 units respectively.

Lamudi also projected growth on the Philippines’ real estate industry as more people continuously look for condos and houses even amid the pandemic as projections show that houses, condos, and foreclosed properties may see a spike in pageviews in 2021 from 2020.

The number of people looking at houses is also forecasted to spike by 3.01 percent, and 17.62 percent on condos.

Foreclosed properties are estimated to experience a surge of 31.53 percent in 2021 compared to the same period last year.

The second half of 2021 will likewise be optimistic for houses and condos, as the number of house seekers is seen to grow by 8.01 percent, and condo seekers by 0.92 percent. (MLC)