PROPERTY HOTSPOT. Photo shows the Cebu City skyline taken from the Cebu Business Park, home to various commercial properties. According to property finder Lamudi, Cebu City was the top real estate hotspot outside of Metro Manila in 2020. (Photo courtesy of Jun Nagac)
CEBU CITY – Cebu City remained the top property hotspot outside of Metro Manila last year, property finder Lamudi said in its latest report.
Among the major cities outside the capital, property seekers looked mostly in Cebu City to rent and buy properties.
In its report "Hotspots Unwrapped: 2020's Most Popular Locations", Cebu City attracted most of buyers, seeking for properties outside the capital region, hogging most of the interest with 26.56 percent, mostly renters.
"Cebu commands a very active market, accounting for 26.56 percent of pageviews for provincial cities," Lamudi said.
This is a big difference from the next hotspot Davao City, which only had 8.29 percent of overall page views for provincial cities.
"The popularity of (Cebu as a) location may be credited to the fact that it’s among the top choices of businesses setting up shop in provinces. For this reason, properties become more attractive to different kinds of homebuyers," Lamudi said.
Provincial cities have seen an increase in interest as well this year, the property finder said.
Interestingly, the majority of cities included in the list are near the capital region.
According to Lamudi, there has been a gradual movement of going outside Metro Manila, saying property prices are relatively more affordable and there is more land yet to be developed.
Lamudi said people look for residences in less densely populated locations, accommodating physical distancing requirements.
The overseas demand for Philippine estate also continued to be strong in 2020. The most active section of the market in these overseas locations are the millennials.
Those aged 25 to 34 represent 30.58 percent of pageviews. Interestingly, the most motivated are the generations older, 45 to 54, accounting for 28.60 percent of the leads.
Millennials abroad may be looking for property for their family as investment options and sources of passive income, or for possible employment opportunities locally; while the older generations consider investing in real estate for retirement.
Albeit the challenges the real estate industry faced amid the pandemic, it managed to rise above the crisis.
"Hotspots that have been popular for years managed to withstand the health emergency’s blows, as emerging locations reached in-demand standing," Lamudi said.
With all that happened throughout the year, it is “safe to say” the industry finished strong in 2020, it said.
"This puts the sector in a better position to take on 2021, especially as optimism and confidence brew over the news of vaccination.," it added. (PNA)
