Cebu: Why Live Here?
There are many reasons why you should live in Cebu. Cebu has a lot going for it when it comes to real estate development, and it is not just because of the beaches, although that is always a big plus. The main thing going for Cebu is strategic location. It is literally in the center of the Visayan region, flanked by Leyte, the Negros Islands, and Bohol, which shields it from the worst of the typhoons. It is long and narrow, hence the many beaches, it has rugged mountains, extensive plains for agriculture, no volcanoes, a wide diversity of animal and plant life, and outside the area of any major fault line. It is no wonder that it is the second most developed area in the Philippines, second only to Metro Manila. It does not take a rocket scientist to figure out that real estate is bound to follow the boom experienced in Luzon.
It has. Experts have been predicting it for years as the region gained more popularity with foreign and local investors following the increased stability of the national government beginning in 2010. As far back as 2012, real estate revenues grew by nearly 19%. By early 2014, the National Economic Development Board reported processing permits for 1,760 residential and commercial projects worth approximately PhP8.98 Billion. With money pouring into the region, and future projects in the pipeline, it inevitable that even more real estate developers would turn its attention to residential and commercial properties.
Currently, Cebu is host to more than 20 information technology parks and 9 economic zones, and that is not including construction projects still in progress. These economic havens draw on the highly competent local labor pool, which has lower wage standards than the workforce does in Metro Manila due to the lower costs of living in Cebu. Positive real estate development added to the locals’ natural fluency in English (many speak and understand it better than the national language), friendly disposition, and capacity for learning makes the region very attractive as an ASEAN base for multinational as well as local companies. In 2014, about 65,000 locals found registered as direct employees of BPO and IT companies alone, a huge jump from the 1,200 or so employees in these sectors in 2000. Exports are also on the rise, averaging a 20% more annual growth than any other province in the last five years.
With so much economic activities going on, the local governments had to match it with massive overhauls of the infrastructure. Better roads, more efficient communication systems, and a reliable supply of power and water are key components that are still inadequate to handle the load the region has to bear, which some experts believe is holding back economic expansion even more rapid than the present furious pace.
Aside from business opportunities, Cebu is the ideal region for an aggressive tourism program. With its abundance of natural resources within relatively easy reach of major malls in the city center, it attracts many foreign visitors that want to experience nature at its best, but not at the expense of modern conveniences. Cebu is also emerging as the top contender for the best medical tourist spots in the country. Many of the best hospitals and medical professionals in the country are right there in the metro.
There is no question that there are many benefits to living in Cebu. There are even more benefits for owning investment residential and commercial property in Cebu now, before property values go up any higher.