Rich local families boost demand for luxury homes

CEBU, Philippines – While Cebu continues to enjoy the growing interest of foreign nationals choosing Cebu as a second home destination, the affluent local market are likewise buying properties for vacation houses.

Niche property broker specialist Marie Fe Acusar said that interest for luxury properties, such as seaside and mountain resort homes, actually comes from the local market.

"Aside from having a vacation house somewhere in the province, wealthy Cebuanos buy vacation homes as extension of their houses," said Acusar, who has been marketing and promoting luxury properties over the years.

She said the luxury property segment is a niche market that Cebu is beginning to attract not only wealthy foreigners, but also the affluent local families.

One of the most popular luxury properties in demand right now are the resort homes, although some also prefer luxury living in the mountain side, she said.

The myriad of activities that can be done in seaside living is the top selling point why the global buyers get a unit or more, regardless of price, "just to enjoy luxurious living."

Wealthy Filipinos are also doing the same. In fact, one family for instance takes an entire floor of a resort home project, in order to have a resort address.

"There is certainly a market for luxury properties in Cebu, but location is crucial for this type of niche market," said Acusar, who is now commissioned as the director for broker relation of the newly launched Sheraton Cebu Mactan Resort, developed by Apple One Mactan Inc., and to be managed by Starwood Hotels & Resorts Worldwide.

Depending on the unit size and number of bedrooms, a branded residential address, for instance is priced from P10 million to P25 million and higher.

Price is not usually a problem for the affluent and luxury living lovers, said Acusar. What is important is the location and inclusive amenities.

There is a market for high-end living in Cebu, she reiterated, in fact, "it is gaining ground."

Likewise, developer Filinvest Land Inc., also confirmed the high potential of Cebu to draw in more affluent condominium buyers.

FLI senior vice president and Visayas and Mindanao cluster head Tristan Las Mariñas announced recently that the company will embark into building luxury residential projects in Cebu.

Las Mariñas said that although Cebu's market is still dominated by the middle-end residential condo buyers, there is always and in fact a growing market for luxurious condominium living. (FREEMAN)