How Many Condos Were Built in Cebu in Q2 of 2018?

buildings in Manila

If you’re looking for an affordable condo in Cebu City, you likely noticed more choices during the previous months due to an increase in construction projects.

The Philippine Statistics Authority said that there were 1,754 projects in the province between April and June. And the number might continue to increase in the near future, as more property developers will file for housing applications in the remaining months of 2018.

Property Values

The National Capital Region still accounted for the biggest value of residential property projects in the country. These projects cost P33.3 billion and accounted for more than one-third of project values nationwide. However, prices in the region have become too steep, particularly in Makati and Quezon City.

This led many investors and even individual buyers to look for alternative places, which brought them to Central Visayas. Those who are still thinking about a potential purchase should expect more properties to be launched, as the Housing and Land Use Regulatory Board (HLURB) expects developers to submit more applications for housing projects.

Residential Developments

The HLURB provided home builders with 16 licenses-to-sell for condominium projects during the first six months of 2018. While stand-alone houses remain popular, many Filipinos have become interested in owning a condo unit.

Millennials are among those who preferred to buy or rent units in high-rise buildings, particularly because most of these properties charge a lower price compared to traditional houses. Since they make up a significant portion of the working class, it’s unsurprising that property companies have launched projects that solely cater to this demographic.

A bigger supply of residential development projects means that it could be more confusing to choose the best project. So it’s important to find an experienced realtor who would connect you to the right property development.