If you’re looking for an affordable condo in Cebu for sale, financial experts believe that having a monthly income between P15,000 and P20,000 will be enough to pay for an economic unit. A salary within that range could allow you to pay a monthly amortization between P5,000 and P7,000. This goes against the popular belief that you should wait to earn more before being able to have your own property.
Samuel Lao, the Philippine Association of Real Estate Boards Inc. National chairman, said that Filipinos who are in their 20s are in a prime position to buy real estate. Those who remain hesitant should know that the Housing and Land Use Regulatory Board (HLURB) expects to receive more development applications for the rest of 2018.
This indicates a bigger supply of projects with a socialized housing component, which requires property companies to designate at least 20% of units under a low-priced range, according to Lao. When choosing among different projects, however, be aware that a bigger budget enables you to have more options.
Property prices in Cebu are likely to be more competitive once HLURB provides licenses to sell for real estate developers. In the first half of this year, the agency approved the sale of 16 condominium projects in the province.
You only need to focus on how to increase your income to afford your desired property. This will be easier considering that the province has a strong economy and a booming tourism sector, which could help people who want to increase their earnings. In case you’re not in a hurry to have your own unit, a pre-selling project serves as the best choice for young professionals.
Property developers in Cebu no longer just cater to rich or high-salaried individuals when marketing their projects, as they realize that people in their 20s make up a significant portion of the working class. How much are you willing to spend on a condo unit?