The appeal of the South
Real estate in the Philippines has been affected by exceptional events in recent years.
The pandemic, the closure of offshore gaming operations, and the rising popularity of house and lots have all shaped the real estate market today.
While some segments in Metro Manila have been experiencing temporary challenges, projects in the Southern islands seem less affected. In fact, places such as Cebu and Davao are experiencing a rise in demand for projects. What do these destinations offer that make them resilient in these difficult times?
Today, let us explore the reasons why the South remains as alluring as ever. Why are Cebu and Davao properties, in particular, prized by budding homeowners?
Peaceful environments
Every year, Cebu and Davao welcome a healthy influx of tourists to their shores.
In fact, Cebu is often recorded as the top destination in Central Visayas, catering to one million visitors in Q1 2024 alone, based on a report by the National Economic and Development Authority (Neda). Davao, meanwhile, logged 1.8 million tourists for the same period.
These two cities attract visitors easily due to their gorgeous sceneries, warm locals and great reputations. They are considered relatively safe, with crime rates lower than other places. Many of the locals can also easily switch from Cebuano to Tagalog and English, making communication a breeze.
Competitive economies
In terms of job opportunities and work-life balance, Cebu and Davao can compete with most Metro Manila cities.
Cebu, for example, has steadily maintained its position as the country’s wealthiest province for 10 years now, based on the report of the Commission on Audit (COA). The city takes pride in its modern industries such as shipping, furniture and handicraft manufacturing, and business process outsourcing.
Davao, meanwhile, ranks 9th in the country in terms of assets and equities as stated by a COA report. The province has been cited to be debt-free, attesting to its wealth and its local government’s effective economic measures. Its service sector is the primary source of its wealth, with industrial, agricultural, forestry and fishing businesses also making significant contributions.
Low costs of living
Cebu and Davao are also great places to save a buck.
The costs of basic essentials are relatively lower in these provincial areas compared to Metro Manila. You can rent a condominium in downtown Cebu at a fraction of the price it would usually cost in Manila. The price is even lower if you decide to live in Liloan or Banilad.
For Davao, the costs are also lower compared to Manila and Cebu. Monthly wages can stretch longer here, with the average condominium monthly rental around P5,000 to P25,000 according to Lamudi.com.
Davao is awesome if you’re looking for a place where you can frequently visit tourist spots, hang out at commercial centers and still save some money.
Infrastructure developments
Cebu and Davao also have great facilities, utilities and infrastructure.
Cebu, for example, has seen a lot of infrastructure improvements in recent years. The Cebu-Cordova Link Expressway and the Mactan-Mandaue Bridge have been pivotal in easing business transactions and increasing economic growth.
Davao is upgrading many of its transportation modes. Some of its exciting developments are the Davao City Bypass Road Project, Samal Island-Davao City Connector, and the Davao (Sasa) Port Modernization
project. These will help shorten inter-island travel for both tourists and locals alike.
Increasing number of investors
With all the great features offered by Cebu and Davao, it’s no wonder why many big developers are making their mark on the two cities.
Even local real estate
players are on the rise, as there is truly a potential for cities in the South to serve as alternative settings of business, subdivisions and condominium corporations that exist outside Metro Manila.
Overall, the Southern islands offer various reasons for you to stay. Whether you’re looking to build a new career, rear a growing family, or enjoy your golden years, places such as Cebu and Davao serve as great starting points to jumpstart a new chapter of your life.
Visit the South today and discover the exciting opportunities that lie in its beautiful islands.
Sources: Reuel Mark Delez, Teemu Väisänen, Marmar0222, and ZackShire51 via Wikimedia Commons; https://nro11.neda.gov.ph; https://www.cebu.gov.ph; https://www.davaocity.gov.ph; https://www.coa.gov.ph
