Cebu takes off as second-home destination

CEBU, Philippines - Even with less promotion here and abroad, Cebu has taken off as the “second home” destination both for Filipinos and foreigners.

Cebu Investments and Promotions Center (CIPC) managing director Joel Mari S. Yu said Cebu has arrived in terms of positioning as “second-home” destination, considering the fast turn-over of residential products not only in the urban areas in the province, but also in the outskirts or countryside.

According to Yu, Cebu has benefited from the previous programs launched by the Department of Tourism (DOT), the “Live Your Dream” campaign, which was aimed to encourage Filipinos working and residing in other countries, as well as foreigners not just to visit the Philippines, but to make the country as their “second home.”

Although, the program was not sustained due to changed of leadership, Yu said Cebu has slowly reaping the results of the campaign, also attributing the developers’ and brokers’ support for the positioning in joining the promotion to make Cebu as “second home” choice in last few years.

Led by the strong interest from OFWs (Overseas Filipino Workers) from all over the country, the Cebu’s real estate, especially the residential segment has been selling like “hot cakes.”

Yu said this phenomenon of residential real estate boom, will continue as millions of OFWs are now smarter, and putting their hard-earned money in good investment instruments, like real estate.

 According to Yu, there are only two places in the Philippines that have a grip on OFWs real estate investment—Manila and Cebu. While, Manila is also considered as “saturated,” Cebu is a better alternative for “home” investment option.

Yu echoed other economists’ outlook that Cebu’s real estate sector is far from experiencing a bubble.

Yu said that it is not only the “Pinoys” from other provinces, or those working abroad want to have a home in Cebu, but also wealthy foreigners who are lured to the tropical and charming ambiance of Cebu which is an “urban resort.”

Five years down the road, investments in real estate is seen to double or triple in value, Yu said.

In order to sustain its economic growth, Cebu has to invite more people from other provinces to live here.

For this reason, CIPC recently announced its plan to craft an effective program to lure non-Cebuanos to invest and make Cebu as their top second-home destination, to intensify the attractiveness of Cebu in this area.

Though, Cebu is on this track already, it has to strengthen its promotion in order to cope with the robust growth, Yu said  adding that Cebu should move on capitalizing intensively its attractive livability, which offers a very wide range of living facilities from condominiums, full-service apartments, townhouses, and stand-alone residential units.

 â€œAll rich people in Manila have properties in Tagaytay. We should [further] convince people in Manila and in Visayas and Mindanao to make Cebu as their second home,” Yu said.

Cebu as a tropical island that has over 700 kilometers coastline, with average temperature of 22 to 23 degrees celsius  a storm-free island paradise—assuring year-round swimming and golfing weather, endless potential for other leisure activities  while access is made convenient by an international airport and sea port is good enough to attract both local and foreign property investors.

 Besides, he said Cebu is considered as among the safest cities in Asia as attested by low crime rates and high crime resolution statistics.

It is expected that with this development, in the near term, Cebu is seen as a place follow the steps of Paris, Hawaii, Spain, and other famous second home destinations in the world, while property developers now are the right building infrastructure to support this.  (FREEMAN)