Cebu's residential landscape shifts towards vertical living

Cebu's residential landscape is undergoing a structural shift as condominiums surpass subdivisions to become the dominant housing type, reflecting the region's rapid urbanization and evolving consumer preferences.

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According to real estate consultancy KMC Savills, condominiums now make up 63 percent of Cebu's total residential stock, up sharply from less than half a decade ago, data presented by Alex Samuel, KMC Savills' director for consultancy and valuation, showed.

Subdivisions account for the remaining 37 percent catering mostly to value-conscious buyers seeking units below the ?3.6 million VAT-exempt threshold.

"The acceptance of vertical living has grown alongside the fast-paced urbanization of Metro Cebu," Samuel said at the recently held Subdivision Housing and Developers Association-Central Visayas Housing Summit.

"Developers have recognized the potential in the upper markets, while affordable condominiums have become financially unviable due to rising land costs."

Midto high-end developments are now driving the condominium market, with upscale and luxury projects nearly neck-and-neck, accounting for 44 percent and 45 percent of supply, respectively.