Cebu is set to remain the Philippines' largest condominium market outside Metro Manila, accounting for the biggest share of the 45,000 new condominium units planned across the Visayas and Mindanao (VisMin) between 2026 and 2029, according to property consultancy Colliers Philippines.
Cebu's Dominant Pipeline
Colliers projects Cebu will add approximately 17,000 condominium units over the four-year period, representing nearly 38 percent of VisMin's total residential pipeline. Combined with Davao, the two markets will account for more than 60 percent of the region's upcoming condominium supply.
The firm said Cebu's condominium stock is expected to expand to 108,900 units by end-2029 from 92,270 units at the end of 2025, reinforcing the province's position as the country's premier condominium market outside the capital region. The pipeline includes about 7,000 units in 2026, 2,000 each in 2027 and 2028, and another 6,000 units in 2029.
Strong Fundamentals Despite Supply Growth
Despite the sizeable pipeline, Colliers noted that market fundamentals remain strong as demand continues to be supported by buyers in the affordable and mid-income segments.
“Outside of Metro Manila, Cebu and Davao remain the largest condominium markets,” Joey Bondoc, director and head of research at Colliers Philippines, said, noting that national developers continue expanding into emerging VisMin cities such as Iloilo, Cagayan de Oro and Bacolod.
VisMin recorded a net take-up of 7,650 condominium units in 2025, underscoring sustained buyer demand despite elevated interest rates and global economic uncertainties. Bondoc said Cebu continues to outperform most provincial markets, supported by strong end-user demand, overseas Filipino (OFW) remittances, infrastructure investments and a resilient local economy.
Faster Absorption and High Sales
Colliers said Cebu's condominium market has maintained an inventory life of about three years, significantly lower than Metro Manila's 6.8 years, indicating faster absorption of available units. Approximately 86 percent of condominium units launched in Cebu have already been sold, reflecting healthy market demand.
OFWs continue to play a major role in supporting residential sales. Data from the Bangko Sentral ng Pilipinas showed that 17.1 percent of remittance-receiving households allocated funds for real estate purchases in the first quarter of 2026, the highest proportion recorded since the central bank began tracking how remittances are spent.
Leisure-Oriented Developments Attract Buyers
The consultancy also noted particularly strong demand for leisure-oriented condominium developments in Cebu, especially in Mactan, where resort-style residential projects continue to attract both local and foreign buyers. Projects such as Sheraton Cebu Mactan Resort–The Residences, The Villas at Aruga and Amisa Condominium have benefited from growing investor preference for developments that combine residential and tourism-related uses.
Colliers expects foreign buyers to play a larger role in sustaining demand as international tourism continues to recover and major infrastructure projects improve connectivity across Cebu and other key destinations. Several leisure-oriented condominium developments have already recorded strong take-up rates, with annual price appreciation ranging from six percent to eight percent, making them attractive investment assets.
Horizontal Market Also Strong
Beyond vertical developments, Cebu's horizontal residential market has remained one of the country's strongest performers. Across the Visayas and Mindanao, house-and-lot developments have posted an average take-up rate of about 92 percent, with demand largely driven by end-users. This has supported sustainable annual price growth of between two percent and six percent, according to Colliers.
“The house-and-lot market is primarily an end-user market, making price appreciation more sustainable rather than speculative,” Bondoc said.
Lot-only developments have emerged as another bright spot, posting average take-up rates approaching 90 percent across the Visayas and Mindanao. Residential lot prices have been increasing by about seven percent to 13 percent annually, the fastest among residential segments, as buyers seek larger spaces within master-planned communities while positioning for long-term capital appreciation.
Outlook and Resilience
Bondoc said buyers continue to favor residential lots because of their stronger value appreciation and flexibility for future development. Colliers added that developers are ramping up expansion outside Metro Manila through both vertical and horizontal projects, citing sustained price appreciation across major provincial markets as evidence of healthy underlying demand.
“We continue to see price appreciation in key localities outside of the capital region and we are optimistic that these areas will remain viable for residential development beyond 2026,” the company said.
Despite concerns that geopolitical tensions could affect overseas remittances and investor sentiment, Colliers expects Cebu's residential market to remain resilient, supported by infrastructure expansion, tourism recovery and continued economic growth.
