Expected to remain strong in 2024, Cebu's real estate market will continue to grow with increasing interest from both local and overseas investors. Challenges such as rapid price increases and high interest rates persist, but the market remains resilient, driven by the expanding middle-income group and robust remittances from abroad.
Despite global uncertainties, the Bangko Sentral ng Pilipinas projects stable inflation and interest rates for the year, encouraging developers to expand their projects. Overseas Filipino workers (OFWs) play a significant role in the market, investing in properties, particularly condominiums, driven by high land prices in Cebu City.
Developers are adapting to evolving trends, focusing on residential developments and emphasizing collaboration and wellness in office designs. However, concerns over government policies, such as permit moratoriums, pose challenges to expansion plans. Overall, government support and flexibility are crucial to sustaining the real estate sector's growth and its contribution to the economy.
BDRS Realty Management Services Co.
