Cebu Condos

By: Stef Anub - Lead Broker, Philippine Realty Group

// posted October 14th, 2012

Cebu Condominiums

Intro

Everyone of us wants a nice place to call home, and so we work hard everyday trying to fulfill that dream, no matter how costly it can get. We prefer the security and the prestige of having our very own places to live.

Of course, many people have preferences over their kind of residence. Some may want to have a small and simple home for a small family, but others want large rooms, large spaces, and large houses to accommodate bigger families (or even just to show off).

For example, some people want to be near the countryside and be away from the crowds every time they go home, while others want to be inside the city and experience the buzz and excitement of nightlife and shopping. Still others want a retirement home beside a beach, or on mountainous areas to be near nature everytime they go on vacations. Whatever kind of residence you want to live in, it is wise to research before buying that dream house.

The article below will give readers a primer on buying condo unit in the Philippines, with a special interest in Cebu City. It also offers tips and suggestions when you are in the process of scouting for a Cebu Condo.

About Cebu City

Cebu is the second largest city in the Philippines and named as the Queen City of South. Why consider Cebu as an investment destination? Its economy is rapidly growing and it is proved capability with an outstanding economic track record. The city is very accessible for it holds the second largest international flight next to Manila and it has been a major trade center boasting the country’s largest port. Cebuanos are warm and competent and highly educated people, its labor force is oriented towards non-agricultural professions and is one of the most productive in the country. Cebu's flexibility is admirable it's the center of commerce and industry as well as a tourism gateway.

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Cebu City, known as the Queen City of the South, is the second biggest city in the Philippines and the oldest city, being the first Spanish settlement in the country. It is situated in the Central Visayas region of the Philippines, and has a robust economy and a very progressive development second only to Manila. Plus, it is also one of the country's top tourist destinations.

What Cebu has to Offer?

Many people choose to visit Cebu because of its cultural heritage and its tourist attractions, as well as business opportunities. Others see Cebu as a thriving center for potential employment, and so they migrate from the provinces and choose to live semi-temporarily in Cebu to earn a living. Either way, Cebu has the best of both worlds: both historical and economic value.

Cebu City, despite its vintage reputation, is surprisingly very progressive: it has one of the biggest shipping ports in the country. In fact, 80% of the country's shipping companies are located in the city. Having this kind of industry generates a lot of jobs and secondary businesses in the city.

Cebu also has the second largest international airport in the country, and services flights in and out of the Philippines. Because, it is a large commercial hub outside of Metro Manila, Cebu City continues to play an important role in Philippine business and trade industry within the regions of Visayas and Mindanao.

What makes Cebu a tourist haven for locals and foreigners is the proximity of beaches and resorts. Cebu is near the island of Mactan, which has rows and rows of beach resorts that are frequented mostly by foreigners, generating tourism jobs and revenues for local citizens. The island of Cebu itself is rich with nature attractions, and so no wonder that people come here and do business in the city, as well as making permanent residency in this city.

Top 5 Facts

Cebu is the Tourism Gateway for the Central and Southern Philippines.
Cebu's labor force is oriented towards non-agricultural lines and is one of the most productive in the country.
It is the second largest city and fastest growing economy in the Philippines.
Cebu is base to over 80% of inter-island shipping capacity in the Philippines.
Cebu has one of the best records for peace & order in the country.

Condominiums in Cebu

Staying at a Cebu condo is recommended for people who travel into the city. Because Cebu is a major tourist attraction in its own right, and since there are many tourists who flock to Cebu every now and then, it makes sense to purchase a condo unit as a temporary residence, or even a permanent place to stay. This is true especially for foreign businessmen, entrepreneurs, and expatriates, who might want the luxury and convenience of a condominium.

Opting to stay in a condo in Cebu, whether rented or owned, offers convenience when working inside the city, or travelling around the province. Two of the main draws in purchasing a condo unit or renting it is that it is inexpensive and practical. Compared to living in a hotel, condos help you save money in the long run.

There are many condos in Cebu that are high in quality. These condos will give you the opportunity to experience luxury and clean living in the city, at a cheaper price. The kind of condo you want to live in will depend on your preferences, and there are many condos in the city that suit many individual tastes.

For those who want to be near with nature, there are condos located near beach resorts in Lapu-lapu City and in Mactan Island. Depending on the location of the condo, beaches can either be a walk away or a five-minute drive away from your home.

Cebu condos are typically located near shopping malls,department stores, and places of convenience where you can shop for your daily needs. These condos are designed towards convenience for the occupants. Plus, residents can go to diners, restaurants, and entertainment centers which are only a couple of minutes' drive away.

How To Purchase a Condo Unit?

How does one avail of a Cebu condo if one does not have cash? Well, there are several ways you can own a condo unit in Cebu. You can purchase a condo unit through in-house financing provided by the condo developer. If you prefer, you can also avail of home financing from banks, or, if you have the cash, you can pay for a condo unit outright, usually at big discounts.

Another way to buy a condo unit is through the Pag-ibig Housing Loan, which is provided by the government's Home Development Mutual Fund. If you are a Pag-ibig member, you can avail of this, but you need to have at least 24 months of member's contribution (or P4,800). If you are an employee and have been paying contributions, you know that half of that contribution is shouldered by your company, while you pay the other half. Voluntary and self-employed members pay their monthly contributions in full. This kind of house financing service is also available to Overseas Filipino Workers (OFW). For further information about the Pag-ibig Housing Loan, you may contact us.

Consider a Few Things First

While it's important to have your own place to stay, the time spent researching and comparing Cebu condos can be a harrowing and tiresome experience. Diligent searching of condos is a must since you are investing a lot of your hard-earned money into something that should be permanent. Always take time, consider the prices, check out the locations, see the amenities available, consult with the developer, and other stuff that will lead you to make the best decision possible. Do not be impulsive and settle for the first one you've laid your eyes on. Instead, go and see other choices available and compare thoroughly.

Aside from those considerations, you may want to check out the build of the building. Is it made with the best materials possible? Is it built to last? Is it built to withstand natural calamities? You may want to ask the developer about its construction or the materials used. Doing so may further arm you with information to make an informed decision.

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