If you go through all the “best places to live in the Philippines” lists on the internet, you are consistently going to see Cebu City rank among the top 10. Cebu City has always been known as the southern urban alternative to Manila—its breezier, more vibrant, and refreshing sister, that is.
The second-largest central urban economic center in the country is primarily known as a premier tourist destination by most, thanks to its pristine beaches, resorts, and heritage sites. But its strong local economy has attracted more than just travelers and thrill-seekers. The city has become a hot commodity for property investments, especially for young professionals, investors, and families.
Cebu City’s local economy has plenty to be proud of apart from its business tourism, from its trade and commerce industries to its information technology, real estate, and education sectors. This has also meant the rise of more residential development projects in and around the city proper.
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Cebuano Culture and Lifestyle
Culture and leisure are essential to Cebuano life. Of course, as the Philippines’ oldest city, Cebu and its residents have a strong sense of their local heritage and traditions. The city even joined UNESCO’s Network of Creative Cities as a Design City back in 2019.
This is evidenced by the city’s veneration for its historical landmarks and cultural festivities. These include the likes of Magellan’s Cross, the Sto. Niño Church, Magellan’s Shrine, and even Colon Street. Festivals like Sinulog, on the other hand, reinforce Cebu’s deep connection to its cultural roots. This even carries over to its love for the culinary arts, sports, and music, as well. There’s a reason why people keep coming back for Lechon Cebu, you know!
Just outside the city, beaches like Oslob, Sumilon, and Malapascua have had visitors coming for years. Cebu City is and always will be a seaside paradise, with island hopping, scuba diving, and more being popular gimmicks almost all year round. This is part of the reason why we can see all those beachfront condos and houses for sale around these regions.
An Epicenter for Business and Education
Recently, in May 2021, Cebu Chamber of Commerce and Industry President Felix Taguiam reported a 95% recovery rate for the city’s local economy. Yes, this is in spite of the pandemic.
Cebu City has one of the most dynamic local economies in the Philippines, ranking 6th out of 33 highly urbanized cities in the 2020 Cities and Municipalities Competitive Index report by the Department of Trade and Industry.
The city is amongst the lowest in cost of living (5th) and highest in terms of local economy structure (3rd). It also placed 7th in local infrastructure in the 2020 rankings. Cebu’s strong local economy can be partly attributed to the effects of the “Ceboom,” which was a rapid economic development undertaken in Cebu City and the Cebu Province back in the 1990s.
Meanwhile, educational institutions like the University of the Philippines Cebu, University of San Jose–Recoletos, and the University of San Carlos have all made Cebu one of the most important research capitals in all of the Philippines.
In addition, Cebu continues to be a major player in the business process outsourcing industry, too. Mixed-use development zones like the Cebu Business Park and Cebu IT Park offer more job opportunities, as well. Also contributing to its robust economy are its tourism sector, real estate industry, and the Port of Cebu, which happens to be the second-largest seaport in the nation.
High investor confidence levels and socioeconomic movement encourage the development of more condominium projects, hypermarkets, and infrastructure in the locality. Strong growth is also anticipated in 2022. These, coupled with smart local government policies and the creation of master-planned communities, have made Cebu City an ideal location for family life.
Buying Property in Cebu City
When looking at Cebu City properties, make sure to understand the local barangay. If you are looking to work near the Cebu Park District or have a more urbanized lifestyle, you might want to consider condos for sale at Avida Towers Riala and Galleria Residences. These developments are in close proximity to the Cebu Business Park, national roadways, and malls like Ayala Malls Central and Robinsons Galleria Cebu
For those who are interested in starting a new life in Cebu, affordable house and lot options in and around the city such as Bria Homes Flats Mactan and Bria Danao can have plenty to offer young families at low costs. Hospitals, marketplaces, schools, and terminals are situated near these projects, too.
For the homebuyers of today, property in prime locations with a wealth of job opportunities, transportation hubs, educational institutions, and commercial establishments are no-brainers for residential real estate. This can also be said about Cebu City. Throw in the great food, scenic beaches, and low cost of living, and nobody can really ask for more from an investment standpoint.
Now, with the addition of more outstanding economic opportunities and its continued recovery, Cebu should only maintain its status as the center for all economic activities in both the Visayas and Mindanao for the foreseeable future. As the economy grows, so does property and market value for Cebu-based property. Needless to say, more investors and home seekers should definitely keep their eye on the Queen City of the South.
To learn more about your affordable home and home loan options, and receive expert assistance throughout the entire buying process, connect with an Ohmyhome agent today.
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