Cebu City

A flourishing economy and population

Photo from Cebu Business Park Facebook page

Cebu City ranks 13th among the Philippines’ 33 highly urbanized cities in 2023 in terms of economic dynamism, government efficiency, infrastructure, resiliency, and innovation, according to data from the Department of Trade and Industry. The city also ranks eighth among the richest cities in the country, with P30.55 billion in declared assets.

All these are powered by varying industries in the city.

The IT-BPM industry, composed of information technology and business process management, is a major contributor to the Cebu City economy. Even amid the COVID-19 pandemic, the sector was able to grow its employment to 1.57 million in 2022.

Cebu is also home to a vibrant tourism industry, with its abundance of tourist destinations renowned not only in the country, but around the world. In 2022, the Department of Tourism recorded a total of 737,163 tourists visiting Cebu, comprising 685,241 domestic travelers, 51,878 foreign travelers, and 44 overseas Filipinos.

According to the 2020 census, Cebu City is home to 964,169 residents, growing with a rate of 1.08 percent from 2010. Around 28% of the population is aged 20-34, making for a young, employable population that can further drive the city’s economy forward.

A growing real estate

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With rapid economic growth comes rising opportunities for real estate. And Cebu City is no exception.

Research from real estate management company Colliers stated that Cebu is equipped to handle real estate demand even after the pandemic. In early 2022, 2,767 condominium units were sold in the area, accounting to a 67% increase from the same period last year. 5,160 units are expected to be completed annually from 2022 to 2026. 

The same research also recorded an average price of P103,900 for condominium spaces per square meter, P10,900 for residential lots per square meter, and P4 million for house and lots in terms of total contract price.

For Colliers, condominium demand in Cebu will be supported by real estate buyers who are looking to lease their units to employees in the city’s major and emerging business districts. Meanwhile, overseas Filipino workers, who are thinking of investing in residential properties, will sustain demand for house and lots in Cebu. OFWs are estimated to be at 1.96 million as of 2022.

History and the future in one

From its colorful origins to its moment of prosperity, Cebu City has proven to be an embodiment of strong and indomitable spirit. The Queen City of the South continues to rise as a major force in the Philippines – and it is showing no signs of stopping.

Cebu City, a major economic and commercial hub in southern Philippines, is a prime destination for investment. With bustling business districts, lively social scene, and world-class tourist destinations nearby, investors from local and international sectors are drawn to participate in the city’s growth.

Here’s why you should make Cebu City a top investment choice.

Growing assets

Photo from Cebu Business Park Facebook page

Cebu is the richest province in the Philippines in terms of declared assets in 2022, amounting to P235.738 billion, according to the Commission on Audit. Not only that, Cebu has held this title for eight straight years, with its assets increasing annually.

Meanwhile, Cebu City ranks eighth among the richest cities in the country, with P30.55 billion in declared assets.

All this is proof of the city’s growth and its stability.

Booming business sector

Photo from Cebu IT Park Facebook page

Cebu City’s growth is thanks to its multiple thriving industries – ranging from technology, outsourcing, manufacturing, and more.

The city is home to two business districts, the Cebu Business Park and Cebu IT Park, both of which are home to dozens of global companies developing software and hardware, such as Accenture, Lexmark International, NCR, NEC, Tech Mahindra, and others.

Many businesses abroad have also outsourced their operations in Cebu City, leading to a booming business process management or the BPM sector that’s been resilient even during the raging COVID-19 pandemic. In 2022, the sector employed a total of 1.57 million.

The city’s manufacturing industry is also one force to reckon with, spanning various sectors such as electronics, food, clothing, industrial equipment, packaging, and many more.

These industries are powered by Cebu’s skilled and talented workforce, educated by the city’s premier schools and universities such as the University of San Carlos, Cebu Normal University, University of the Philippines, and the like.

Strategic location

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Located at the center of the Philippines, Cebu ticks all the boxes in terms of accessibility.

The Mactan-Cebu International Airport, considered the second busiest airport in the country, has a capacity of at least 12.5 million passengers per year, servicing around 48,000 domestic flights and around 54,000 international flights in 2022.

Passengers are sure to have a pleasant experience at MCIA, for it received the Airport Customer Experience Accreditation for Airport Service Quality from the Airports Council International in 2023. Not only that, the gorgeous architecture of the MCIA international terminal, inspired by the sea waves that surround Cebu, was recognized by the World Architecture Festival in 2019.

Cebu City is also accessible through its many seaports. Comprising the largest shipping hub in the Visayas, they serve as a gateway for passenger, cargo, and container vessels, catering to almost 15 million passengers and 66.3 million metric tons in cargo volumes in 2022.

Rising infrastructure

Photo from Cebu-Cordova Link Expressway website

Cebu City’s development shows no signs of stopping, evident in the consistent rise in infrastructure.

Inaugurated in 2022 is the 8.9-kilometer Cebu-Cordova Link Expressway, considered the longest and tallest sea-crossing bridge in the Philippines. It connects southern Cebu to Mactan Island, providing easier access to and from the mainland and the airport.

A project that is underway is the Cebu Bus Rapid Transit, the first of its kind in the Philippines that aims to serve Cebu’s growing public transport needs. The project broke ground in 2023 and is expected to be fully operational by 2025, with proposed 17 stations traversing Cebu City and neighboring Talisay City.

Also coming soon is the Metro Cebu Expressway, another project to address current and future traffic demands in Cebu. Projected to traverse more than 50 kilometers, the expressway will serve as an alternative route from Danao City in northern Cebu to Naga City in the south.

Go-to tourist destination

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Cebu City isn’t all about just the urban life.

Amid the city’s progress is preserved heritage. Historical landmarks such as the National Museum in Cebu, the world-renowned Magellan’s Cross and Basilica Minore del Santo Niño, and more should delight any history geek.

Every city and town in Cebu also has access to the beach. Just take one bus ride and you can reach the famed beaches in Badian, Moalboal, Alcoy, Aloguinsan, and more. Got more time? Take a short boat trip and you can swim in the seas surrounding Camotes Island, Bantayan Island, or Malapascua Island. The nearby Lapu-Lapu City also has beaches if you need a simple and quick getaway.

If you want to explore above sea level, go and take in the sights of the mountains in Cebu, such as Osmeña Peak – the highest peak in the province – as well as Mount Naupa, Mount Manunggal, and the nearby Sirao Peak.

Strong real estate market

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Cebu remains to be a top choice for those looking to invest in residential properties. In fact, Metro Cebu was the second largest condominium market in the Philippines in 2022, tailing just after Metro Manila. Global research also finds Cebu’s real estate market bouncing back from the challenges of the COVID-19 pandemic in 2023, with 1,100 condominium units built in the first quarter of the year, and growing progressively beyond that.

The city’s population is also estimated at more than 1.2 million in 2023, growing from 964,169 based on the 2020 census. That makes Cebu City ripe for real estate demand, with more and more residents looking for a place to call home.

Invest in Cebu today

With the perfect mix of modernity, heritage, business, and lifestyle, Cebu City has everything one could ask for. For those looking to invest in the city, there’s no time like now.