Residential prices in Cebu to remain ‘stable’ this year
PRICES of residential units in Metro Cebu will remain stable this year as developers are seen to be more considerate of the market, executives of Colliers Philippines said.
“If there are price increases, we think they would be minimal,” said Karla Domingo, associate director for advisory services at Colliers Philippines, during the Cebu Property Outlook briefing on Friday, May 28, 2021. “Residential prices in Cebu will remain stable this year. I think that the developers will be more considerate of the market. They will still give the same promos, same discounts and extension of down payment terms. This is so that their inventory will continue moving and to keep the interest of the market.”
According to Joey Bondoc, associate director for research at Colliers Philippines, while increase in prices is normally driven by supply and demand, land values within the key cities of Metro Cebu have increased, the reason there have been slower launches of new projects.
“Even previously we’ve already seen a stable increase in prices of house and lot and lot only projects, but of course the pandemic has disrupted that trend of increase in prices. But I think that recovery will be there—the recovery of the outsourcing sector, the rollout of the of Covid-19 vaccination, the stable demand. We believe that moving forward, once the confidence of the market is restored, the prices again will increase perhaps not as fast as compared to the pre-pandemic level but the potential would definitely be there,” said Bondoc.