Cebu City: The destination for most millennials in the Visayas

View of Cebu City’s skyline from a mid-rise building in Mandaue City taken on February 16, 2020 | CDN Digital Photo Morexette Marie B. Erram

CEBU CITY, Philippines – The continued economic growth experienced in Cebu City will likely last and benefit the members of the next generation.

Lamudi, an international real estate portal, announced this in their 2020 Real Estate Sector Outlook, in partnership with Colliers International, published on February 14, 2020.

Lamudi said the city, tagged as the Queen City of the South, is set to become the hub of young professionals from other parts of Central Visayas looking for work and real estate ownership opportunities.

“Cebu City is poised to become a hub of young professionals hailing from other areas in Central Visayas moving in to work and to invest in properties. This will also lead to the continuous shaping of the city’s urban landscape and the branching out of various industries outside of Metro Manila,” Lamudi said.

Lamudi provides real-time property listings in several countries online.

Age

In the Visayas area, the company said most active property seekers accounting for 43.98 percent of page views and 45.27 percent of leads are millennials.

Lamudi further said female young professionals or businesswomen make up the majority of searches with 52.77 percent of page views and 59.94 percent of leads.

Location

With 90 percent of page views, the report showed that Cebu City topped the list of preferred locations for those who are hoping to invest in real estate in the Visayas area.

It was followed by Bacolod City in Negros Occidental at 4.9 percent, Iloilo City at 1.8 percent, and Lapu-Lapu City at 1.7 percent.

Lamudi explained that these cities attract real estate developers due to their promise for profitability.

Purpose of investment

Most property seekers in Visayas are searching for properties for sale (54.56 percent) while the rest are looking for places to rent (45.44 percent).

Lamudi noted that while property seekers in Luzon prefer condominiums, those in the Visayas are in search of apartments.

Apartments in Visayas are the most preferred type of real estate for investors and end-users alike. Houses or horizontal residential developments came next, followed by condominiums.

Lamudi also published an earlier report – a review on Cebu’s real estate performance in 2019 – last January.

It revealed that Cebu City is the fourth most searched location for property seekers nationwide./elb