POSTED IN: Local Industry Snapshots
By: Ehda M. Dagooc The Freeman | August 14, 2020
CEBU, Philippines — The proactive stance of Cebu-based developers, in crafting attractive offers on properties, made Cebu the most resilient market for residential products amid the COVID-19 induced slowdown.
Janlo de los Reyes, an expert at American commercial real estate services firm Jones Lang LaSalle Incorporated (JLL), said among other property markets in the Philippines, Cebu soared high in terms of sustained sales during the COVID-19 season.
In an online market overview held Wednesday, August 12, 2020, De Los Reyes said while Metro Manila and Davao suffered sales decline in sales of real estate products, Cebu registered uptick in sales performance.
Based on their assessment, Cebu’s encouraging story is influenced by developers’ attractive offering, such as generous flexible payment terms, and discounts.
He said real estate performance in general suffered a profound decline across the country, however Cebu maintained sustained position.
JLL’s market overview, assured that while the market is taking a downward spiral, there are pockets of bright spots moving forward, such as the government’s continuous spending on infrastructure, among other promising indicators.
However, delayed completion of projects in both commercial and residential segments could affect the delivery of units in the next few months or even up to next year, depending on the development of home quarantine rules.